Earning money
Calculate wages, salaries, commission, piecework, and taxation to find net income.
Number · MST-11-03
Sub-topics
Wages and salaries
Calculate weekly, fortnightly and hourly pay from an annual salary, and gross pay including overtime at time-and-a-half or double time and weekend and public holiday penalty rates.
Commission and other income
Calculate earnings from flat-rate and sliding-scale commission, piecework income, and combined retainer plus commission arrangements; compare commission-based income with a salaried alternative.
Taxation
Calculate taxable income from gross income and deductions, find PAYG tax withheld using a tax table, calculate the Medicare levy, and determine whether a tax return results in a refund or a payment owing.