vocabulary

Job: one person's tasks in one particular work situation - Special Education Teacher at Courtland

Career: the combined total of all events in our lives, from the time we are born until we die, including education, work, family

Occupation: general name for a type of work that people do in many different ways in many different places - Teacher can include Kindergarten, highschool and all different subjects

Gross monthly income: total personal income before deductions

Deductions: money subtracted from gross income and forwarded to the government includes income tax, employment insurance and Canada Pension Plan

Income tax: a percentage of income that is given over to the government to pay for schools, services, health care

Mortgage: a loan taken by a person to buy a home

Rent: money paid monthly to a person who owns a property that you are using for accommodation or business

Net income: personal income after all deductions

Expense: a financial cost, fee or charge

Fixed monthly expenses: expenses that don't change from month to month i.e. rent

Variable monthly expenses: expenses that change from month to month such as groceries

Balance: The amount remaining after all deductions and expenses have been subtracted from gross income.

Credit: a positive dollar amount on budget sheet, which often indicates income

Debit: a negative dollar amount on budget sheet, which often indicates an expense

Pay Stub Terms

Net Pay: your take home pay, same as net income - after deductions

YTD: Year to Date - your total income or deductions from the beginning of the year ( or your first date of employment) up until present

E.I. - Employment Insurance - premiums paid to the government deducted from your gross income - provides short term financial relief for persons who have lost their jobs or are temporarily unable to work

CPP - Canada Pension Plan - deducted from gross income - money is collected from workers and employers and paid back with interest to the workers when they retire and no longer have employment income

SIN - Social Insurance Number - nine digit number legally needed to work in Canada

RRSP - Registered Retirement Savings Plan - money deducted sometimes from your paycheck, invested to collect interest to prepare for retirement

Health Benefits - a portion of benefits paid for by the employee and by the employer to cover employee for dental care, hospital care, prescriptions, eye glasses