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  • CHAPTER SUMMARY - Salaries and Wages

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    San Jose Tarlac
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    Gross earnings are the total amount earned before taxes and deductions, while net earnings are the amount after subtracting total deductions like taxes and loans. Deductions are amounts withheld for necessary expenses. The document defines key terms like gross earnings, net earnings, deductions, wage, income, and benefits and provides equations to calculate the relationship between total earnings, deductions, and net earnings.

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    Gross earnings are the total amount earned before taxes and deductions, while net earnings are the amount after subtracting total deductions like taxes and loans. Deductions are amounts withheld for necessary expenses. The document defines key terms like gross earnings, net earnings, deductions, wage, income, and benefits and provides equations to calculate the relationship between total earnings, deductions, and net earnings.

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    7 views1 page

    CHAPTER SUMMARY - Salaries and Wages

    Uploaded by

    San Jose Tarlac
    Gross earnings are the total amount earned before taxes and deductions, while net earnings are the amount after subtracting total deductions like taxes and loans. Deductions are amounts withheld for necessary expenses. The document defines key terms like gross earnings, net earnings, deductions, wage, income, and benefits and provides equations to calculate the relationship between total earnings, deductions, and net earnings.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    CHAPTER SUMMARY

    •Gross Earnings - is the amount eearned by any person before subtracting the
    taxes,benefits,loans,and other any deductions.

    •Net Earnings - is the amount earned by any person from the gross earnings less the total
    deductions.

    •Deductions - is the amount held by any authority as a form of payment for some necessary dues
    like taxes,loans etc.

    The equations relating gross earnings,deduction and net earnings is given below:

    E=D+N

    N=E-D

    D=E-N

    Where:

    E - is the total earnings

    N - is the net earnings

    D - is the total deductions

    •Wage - a fixed regular payment,typically paid on a daily or weekly basis made by an employer
    to employee.

    •Income - money earned by working or through investments.

    •Benefits - a payment or gift made by an employer,the state,or an insurance company.

    1.Retirement Benefits

    The minimum retirement pay is given by:

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