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My Pay, My Money

My Pay, My Money. What is money?. Before money there was barter (trading) Governments print money to make buying easier Gold coins are worth something since people like gold Paper money is worth something since we all agree on its value.

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My Pay, My Money

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  1. My Pay, My Money

  2. What is money? • Before money there was barter (trading) • Governments print money to make buying easier • Gold coins are worth something since people like gold • Paper money is worth something since we all agree on its value

  3. Always remember: Money is not the goal, we simply think that money can give us what we want.

  4. Inflation: The tendency of prices to rise

  5. The overall price of things tend to go up about 2-3% each year • If your wage does not go up – it has actually gone down

  6. Over many years this change in price can be drastic

  7. Payment methods • Hourly • Salary • Piecework • Commission • Contract • Tips

  8. Pay Periods • Weekly • Bi-weekly • Monthly • Semi-monthly

  9. Deductions: Money that is subtracted from your pay before you get it • Gross Income: Your pay before deductions • Net Income: Your pay after deductions (what your pay check actually is)

  10. Types of government deductions: • Federal Income Tax • Provincial Income Tax • Canada Pension Plan (approx. 5%) • Employment Insurance (approx. 2%)

  11. Other deductions: • Pension/ investment • RRSP • RESP • Dental Benefit • Medical Benefit * • Life Insurance • Disability Insurance • Union Dues • Charitable Donations

  12. Most benefits are a kind of insurance • Most employers pay part of their employees benefits • Benefits can save you thousands of dollars • Benefits become even more important when you have a family

  13. Income tax: • There are 2 kinds of income tax – federal and provincial • They each set their own rates (as a % of income) • The less money you earn, the lower the percentage of tax you will pay

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