Piecework, Royalties and Income from the Government

What is piecework, royalties and income from the government

Piecework is a fixed payment for work completed. This includes jobs such as electricians, clothes seamstresses, etc. Advantages include an incentive to work harder as income increases with more work completed, and often includes flexible hours and workplaces. Disadvantages include no permanent employment, no sick leave or holiday pay and may not include superannuation.

Royalties are a payment for the use of intellectual property such as a book or song, calculated as a percentage of the revenue received from its use. Thee advantages and disadvantages are similar to piecework.

Income from the government can include things such as pensions, allowances, and benefits. The requirements for this payment differ based on certain criteria.

What is piecework and royalties?

The videos below explain how piecework and royalty payments work and example questions.

Part 1

Part 2

How to calculate a piecework problem

The following video explains how to calculate a problem involving piecework.

How to calculate a royalty problem

The following video explains how to calculate a problem involving royalties.