General Mathematics – Salary, Wages, Sequences & Series

Vocabulary flashcards covering salary computations, statutory deductions, inflation and pricing concepts, and arithmetic & geometric sequences/series from the General Mathematics lecture.

Wages

Payments made by an employer to an employee, typically calculated on an hourly or daily basis.

Hourly Wage

The amount of money earned for each hour worked.

Daily Wage

The amount of money earned for each day worked.

Salary

Fixed regular income, usually paid monthly or semi-monthly regardless of hours worked.

Annual Salary

The total amount of money earned from salary over one year.

Monthly Salary

Fixed earnings each month; calculated as Annual Salary ÷ 12.

Daily Salary

Fixed earnings per working day; calculated as Monthly Salary ÷ 24 working days.

Semi-monthly Salary

Fixed earnings paid twice a month, not exceeding 16 days between payments.

Take-Home Pay

Another term for net income—the amount an employee actually receives after all deductions.

Overtime Pay

Additional pay earned for hours worked beyond the standard 8-hour workday.

Commission Income

Income added as a percentage of sales made.

Piecework Earnings

Earnings based on the number of items or products completed.

Gross Income

Total earnings before any deductions; includes base salary, overtime, commission, and piecework pay.

Net Income

The amount left after all deductions are subtracted from gross income.

Deductions

Amounts subtracted from gross income (e.g., SSS, GSIS, Pag-IBIG, PhilHealth, withholding tax).

SSS (Social Security System)

Private-sector program providing retirement, disability, sickness, and death benefits; contributions based on a schedule.

GSIS (Government Service Insurance System)

Public-sector program for retirement, disability, sickness, and death benefits; 9 % employee + 12 % employer contributions.

Pag-IBIG Fund

Benefit covering housing loans, savings, and calamity loans for all employees; standard contribution ₱200 (2 % of ₱10,000).

PhilHealth

Healthcare and hospitalization coverage for all employees; 5 % of monthly salary shared equally (2.5 % EE, 2.5 % ER).

Withholding Tax

Tax deducted after other statutory contributions, based on the employee’s salary bracket.

Inflation

The general increase in prices over time.

Rate of Inflation

((Current Price − Old Price) ÷ Old Price) × 100.

Mark-Up

The difference between the selling price and the cost price of a product.

Cost Price

The original price or expense incurred to produce or purchase an item.

Selling Price

The price at which a product is sold to customers.

Mark-Up Rate Formula

((Selling Price − Cost Price) ÷ Cost Price) × 100.

Value Added Tax (VAT)

A 12 % tax added to the price of goods and services.

VAT Base Price Formula

Base Price = Inclusive Price ÷ 1.12; VAT = Inclusive Price − Base Price.

Arithmetic Sequence

A sequence in which each term after the first differs from the previous term by a constant amount.

Common Difference

The fixed amount added to each term to get the next term in an arithmetic sequence.

Arithmetic Series

The sum of the terms of an arithmetic sequence.

Geometric Sequence

A sequence in which each term after the first is obtained by multiplying the preceding term by a fixed non-zero number.

Common Ratio (r)

The fixed factor by which successive terms are multiplied in a geometric sequence.

Geometric Series

The sum of the terms of a geometric sequence.

EE (Employee)

Abbreviation used for an employee in contribution tables and formulas.

ER (Employer)

Abbreviation used for an employer in contribution tables and formulas.

Taxable Income

Gross income used as the base for calculating income tax after allowable deductions.

12 Working Months

Standard assumption of 12 salary periods in a year for payroll calculations.

24 Working Days

Standard assumption of 24 payable working days in a month for daily salary computation.

8 Working Hours

Standard length of a regular workday before overtime applies.