https://padlet.com/divithbhandari/think en-us 2021-05-04 01:31:57 UTC 2021-08-17 04:57:40 UTC hello@padlet.com divithbhandari https://padlet.com/divithbhandari/think/wish/1666364291 22 x 20 = 440
440 + 44 = 484]]> 2021-08-02 04:44:29 UTC https://padlet.com/divithbhandari/think/wish/1666364291 divithbhandari https://padlet.com/divithbhandari/think/wish/1666374020 yes]]> 2021-08-02 04:54:33 UTC https://padlet.com/divithbhandari/think/wish/1666374020 divithbhandari https://padlet.com/divithbhandari/think/wish/1681587466 Young people starting out in their first job are often confused about their entitlements and how the $ amount paid by their employer into their Bank Account every payday is arrived at. This week the Finance Weekly Finterest Feature puts the spotlight on your payslip.

It's important to know your type of employment because pay rates, leave and other entitlements are different. The three main types of employees are:

- Full time permanent - where you work a 35 – 40 hour week and are entitled to sick leave, annual leave and long service leave.
- Permanent part time - where you work reduced hours but are still entitled to a proportional amount of sick leave, annual leave and long service leave.
- Casual - where you work shifts as required by the employer. Casual wages may attract a loading (higher rate of pay per hour) because casual workers are not entitled to sick leave annual leave or long service leave.

The next thing you need to be aware of is that Gross Pay is the amount you earn before any deductions are subtracted from your pay. Gross Pay can take the form of a salary or wage.

If you receive a salary, this is based on a yearly amount which is divided by 52 to determine your weekly pay. You are paid a fixed amount each payday. Employees on salaries generally don't receive overtime for working extra hours.

If you receive wages, you are paid an amount for each hour that you work, so your Gross Pay could be different each week. According to your contract or reward, you can be paid penalty rates (for example double time) if you work overtime (extra hours) during the week.

Some employees also receive a loading which is an extra payment made to compensate for some unfavourable aspect of their job, for example shift work or remote location.

Deductions are subtracted from your Gross Pay. Taxation is a legislated deduction and is always deducted from your pay. Private voluntary deductions such as Insurance premiums, union dues and salary sacrifice payments may also be taken from your Gross Pay.

What's left over after all the deductions are subtracted from your Gross Pay is your Net Pay, or take home pay.

The information on your payslip includes the name of the employee and employer, date of payment, Gross Pay before tax, amount deducted for tax, any other private deductions, Superannuation contributions (paid by your employer) and Net Pay.

At the end of the financial year your employer provides you with a Group Certificate which gives detail of your total gross earnings and taxation deduction over the year.

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