In more detail
With tiers of 5% to $10,000, 8% to $50,000 and 10% above, $60,000 of sales earns $500 + $3,200 + $1,000 = $4,700, just as with tax brackets each slice uses its own rate.
Glossary
Finance
Commission
A commission is pay calculated as a percentage of the sales a person makes, either flat or in tiers that change with volume.
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See also
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Glossary
Net pay
Net pay, or take-home pay, is what you receive after taxes and deductions are subtracted from your gross pay.
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Glossary
Marginal tax rate
The marginal tax rate is the rate applied to the next dollar of income, as opposed to the average rate across all your income.