Unit 4 Getting Paid for Your Work

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1 Unit 4 Getting Paid for Your Work Jan 30 9:41 PM Section Wages and Salary There are several methods of earning income. What are they? Jan 30 9:43 PM 1

2 What types of jobs get paid by hourly wage? What types of jobs get paid by salary? Jan 30 9:56 PM What types of jobs get paid by tips? What types of jobs get paid by contracts? Jan 30 10:00 PM 2

3 What types of jobs get paid by piecework? What types of jobs get paid by commission? Jan 30 10:01 PM Journal You have a summer job at the local restaurant as a server. The owner presents three choices for your income. a. $14 per hour (no tips) b. $10 per hour (plus tips) c. salary of $320 per week Which option would you choose and why? What aspects of the job should you consider before choosing an option? Jan 30 10:17 PM 3

Overtime and Premium Shift Pay Sometimes employees have to work extra hours in addition to their regular hours. Overtime usually begins when they work more than 40 hours in one week.

4 Overtime and Premium Shift Pay Sometimes employees have to work extra hours in addition to their regular hours. Overtime usually begins when they work more than 40 hours in one week. Overtime pay must be at least 1.5 times the employee's regular rate of pay. When employee's work shifts that are undesirable to most people, i.e. overnights, they receive extra amount of money per hour for these shifts. Jan 30 10:20 PM Ex. Alyson works at a local donut shop. Her regular pay is $10.00 per hour and she earns a a shift premium of $1.00 per hour for hours worked between 12:00 a.m. and 8 a.m.. Alyson gets 1.5 times the regular rate of pay for overtime hours worked above 40 hours per week. Alsyon's time schedule is: Feb 7 8:28 PM 4

5 a. What is Alyson's overtime rate of pay? b. What is Alyson's premium shift rate of pay? c. Calculate Alyson's regular hours. Feb 7 8:49 PM d. Calculate Alyson's premium hours. e. Calculate Alyson's overtime hours. Feb 7 8:51 PM 5

f. What is Alyson's gross pay for this week? Feb 7 8:51 PM Ex. Crystal is working at a fish plant for the summer. She makes $12 per hour and she earns a shift premium of $2.

6 f. What is Alyson's gross pay for this week? Feb 7 8:51 PM Ex. Crystal is working at a fish plant for the summer. She makes $12 per hour and she earns a shift premium of $2.00 per hour for hours worked between 12 a.m. and 8 a.m. She gets 1.5 times the regular pay for overtime hours worked above 40 hours per week. Her weekly time schedule is: Feb 7 8:54 PM 6

7 a. What is Crystal's overtime rate of pay? b. What is Crystal's premium shift rate of pay? c. Calculate Crystal's regular hours. Feb 7 8:58 PM d. Calculate Crystal's premium hours. e. Calculate Crystal's overtime hours. Feb 7 9:00 PM 7

8 f. What is Crystal gross pay for the week? Feb 7 9:01 PM Calculating Gross Wages Recall that there are 52 weeks in one year. Therefore, someone gets paid 52 times in one year if they get paid weekly, they get payed 26 times in one year if they get paid bi-weekly, or they get paid 12 times in one year if they get paid monthly. We are going to look at hourly gross pay (rate X hours worked) and salaried gross pay (set amount). Feb 13 9:50 PM 8

9 When given the hourly rate and the number of hours worked, you calculate the gross pay by multiplying the rate of pay by the total number of hours worked. This is usually for a one week or a two week period. Ex. An employee works 20 hours a week at $12/hour. If they are paid weekly, what is the gross pay for the week? What would be the gross pay if they get paid bi-weekly? Feb 13 9:57 PM Ex. If Jane works for 25 hours one week and 30 hours the next week, what would be her gross pay if she makes $18.50/hour? Feb 13 10:01 PM 9

10 Ex. Hannah is a hairstylist who works for a base hourly wage of $12. She works 35 hours per week and receives $ in tips for the week. Calculate her gross pay. Feb 13 10:02 PM Ex. Seth is paid $12.50 per hour for 40 hours a week. If he works more than 40 hours per week, he makes time and a half. If Seth worked 52 hours this week, what would his gross earnings be? Feb 13 10:04 PM 10

11 Ex. Joshua is a waiter at the local restaurant and is paid an hourly wage of $10 plus tips. Joshua earns 6% of the tips received in a shift. During his shift on Tuesday, $1500 in total was received in tips. Calculate Joshua's gross pay for Tuesday if he worked a 8 hour shift. Feb 13 10:05 PM Ex. John works 48 hours per week at an hourly rate of $16 per hour. After 40 hours he receives time and a half. John calculated his income using the following method: Is John's gross pay correct? If not, identify the step in which the error ocurred and determine John's correct gross pay. Feb 13 10:07 PM 11

12 For employees that earn a salary, we calculate the gross pay by taking the salary and dividing it by however many pay periods there are in a year. This would depend on when the employee gets paid, either weekly (52 pay periods), bi-weekly (26 pay periods), semi-monthly (24 pay periods), or monthly (12 pay periods). Ex. If an employee's annual salary is $ and they are paid bi-weekly, what is their gross pay? Feb 13 10:13 PM Ex. Clara's annual salary is $ If she gets paid semi-monthly, what is her gross pay? Feb 13 10:17 PM 12

13 Ex. Sam's annual salary is $ If he gets paid weekly, what is his gross pay? Feb 13 10:18 PM 13

Getting Paid for Your Work. Suggested Time: 15 Hours

Getting Paid for Your Work. Suggested Time: 15 Hours Getting Paid for Your Work Suggested Time: 15 Hours Unit Overview Focus and Context In this unit, various methods for calculating income, such as piecework and commission, as well as hourly, monthly and