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• GROSS EARNINGS

  • THE TOTAL AMOUNT OF INCOME OVER A SPECIFIC TIME
• NET EARNINGS - THE REMAINING AMOUNT, IF ANY, AFTER ALL DEDUCTIONS ARE APPLIED

  SOME PEOPLE CALL IT “TAKE-HOME PAY”
• Compensation

  is a way to provide monetary value to employees
• Salary

  a fixed amount paid to an employee for a specific pay period
• wages - an amount paid per hour of work rendered
• formula for salary: S=AS divided by P
• Social Security System (SSS)
• Social Security System - covers the private sector employees
• PhilHealth - covers a proportion of the medical expenses of an employee
• what is GSIS?

  Government Service Insurance system
• GSIS - covers the government workers
• Income Tax - amount of money that the government requires people to pay according to their income