C H A P T E R 1 Earning and managing money Syllabus topic — FM1 Earning and managing money Calculate payments from a salary Calculate wages using hourly rate, overtime rates and allowances Calculate annual leave loading and bonuses Calculate earnings based on commission, piecework and royalties Determine deductions and calculate net pay Evaluate a prepared budget 1.1 Salary and wages Salary 1.1 Salary is a payment for a year’s work which is then divided into equal monthly, fortnightly or weekly…
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