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Monday 20 August 2018

types of income

Salary
Example: Teacher
A fixed amount of money for a full year of work, some of the advantages you get are getting holiday pay, sick pay and sometimes you can get bonuses, but there are disadvantages like you get no extra pay for working over time.

wages

Example: A panel better
An agreed hourly rate for an agreed number of hours per week, additional hours means extra money but the pay is fixed to time, not effort, so could lack incentive.

Casual

Example: A kiwifruit packer 
An agreed hourly rate is paid when the employee is required, part-time work may suit some people but you don't get paid during the holidays and it is difficult to budget and it is not permanent.

piecework

Example: A machinist
A fixed amount is paid for each piece of work completed, and you can choose the time you work but it is very difficult to budget.

Commission

Example: A real estate salesperson 
There are two meanings to a commission the first one is Basic wages plus a percentage of the value of goods sold and the second one a percentage of the value of goods sold some of the advantages of being on a commission is that the more you sell the more you earn and the job is usually permanent, disadvantages is that it is hard to budget and success depends on the popularity of the product.

Who is an employer?

A person or organization that employs people.
What is an income?
Money received, especially on a regular basis, for work or through investments.
Who is an employee?
A person employed for wages or salary, especially at non-executive level
What is primary employment?
Primary jobs involve getting raw materials from the natural environment
What is secondary employment?
Secondary jobs involve making things 
What is self-employment?
The state of working for oneself as a freelance or the owner of a business rather than for an employer.

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