The incredible shrinking paycheck

What is a paycheck?

• It's a report that descirbes your credit history

• It's a type of currency

• A check for your salary or your wages

• A lottery ticket

What is GST

• It's a type of bankruptcy tax that takes 97% of your paycheck

• It's a tax for health insurance that takes 79% of your paycheck

• It's an insurance that takes 7.78% of your paycheck

• It's a federal income tax that takes about 15% of your paycheck

What is PST?

• PST is a type of credit rating

• PST is a provincial income tax that takes about 10.8% of your salary

• PST is an enviornmental tax that takes around 6.8% of your salary

• PST is the amount of days that have passed since your last paycheck

What is CPP?

• CPP is a tax that working Canadians pay towards pension plans, which takes about 5.7% off your salary to a max of $3,499.80 a year

• CPP is a tax that unemployed Canadians must pay to the government. It takes about 36% off your salary

• CPP is not a real thing

• CPP is a tax that everyone over the age of 18 pays to the government to restore the enviornment

What is EI?

• EI is a type of electronic device

• EI is an insurance to help those who have been laid off

• EI is a payment paid to all working Canadians for their service

• EI is a military tax that Canada requries you to pay

What is vacation pay?

• It's when an employer pays you to go on a vacation

• It's a payment when an employer sends you on a work trip

• It's the payment you recieve when you go on stress leave

• It's the payment you recieve when you take your vacation days

What is a pay period?

• It's a period credit card companies give you to pay your credit card debt back

• It's a period your employer gives you to leave the company

• There's 4 types of periods and they determine what day you're paid

• It's a period to determine when you are taxed

What is gross pay?

• Gross pay is how much you earn a year

• Gross pay is the amount of money you tell your family

• Gross pay is not a real thing

• Gross pay is just another word for net pay

What is net pay?

• It's the name of the taxes on your paycheck

• It's your salary after all deductions have been made

• It's your salary

• It's the number you tell all your friends

How do you calculate your salary?

• Add your pay periods to your salary

• It's the same thing as gross pay

• Divide your salary by your taxes

• Times your paycheck by the amount of pay periods you have