Chapter 2: Calculating Employee Pay

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1 Chapter 2: Calculating Employee Pay

2 Learning Objectives After studying this chapter, you will be able to: Identify various pay period options Distinguish between salaries and wages Define overtime pay Determine employee pay using multiple methods Calculate incentives, commissions, and bonuses Establish the Payroll Register 2

3 Defining Pay Periods and Workweeks Employers can choose to pay workers on many different schedules Most common pay periods are weekly, bi-weekly, semi-monthly, and monthly 3

4 Defining Pay Periods and Workweeks Lags may exist between dates worked and receiving paycheck Example: this weekly pay period runs Monday through Sunday: Pay Date: Check received on 7/18 Pay Period: pays for hours worked Monday 7/7 through Friday 7/11 4

5 Defining Pay Periods and Workweeks Defining the workweek Any consecutive seven-day period Can differ from calendar week Can specify time (week starts 8:00 AM through Tuesday at 7:59 AM) Warning! The workweek must be consistent from one week to another. It may only be altered if the change is intended to be permanent, and if it is not made in order to circumvent overtime requirements. Workweek used to determine overtime pay 5

6 What type of pay period is being used? Jason receives 2 paychecks every month, each of which compensates him for half of the current month. Larry receives 52 paychecks every year. Drew began working on Monday, 9/15. He receives his 1 st paycheck on Wednesday, 9/24 and 2 nd paycheck on Wednesday, 10/8. The 2 nd paycheck was twice as large as the first and every paycheck after the 10/8 check compensates Drew for the same period of time. 6

7 What type of pay period is being used? Jason receives 2 paychecks every month, each of which compensates him for half of the current month. Larry receives 52 paychecks every year. Drew began working on Monday, 9/15. He receives his 1 st paycheck on Wednesday, 9/24 and 2 nd paycheck on Wednesday, 10/8. The 2 nd paycheck was twice as large as the first and every paycheck after the 10/8 check compensates Drew for the same period of time. semimonthly weekly Bi-weekly 7

8 Wage-Determination Issues Compliance with the Equal Pay Act of 1963 State minimum wages; may be significantly higher than the federal level (higher wage prevails) Employee time cards Track hours worked for those paid on an hourly basis Increasing numbers of alternative timekeeping methods exist, including electronic and biometric Salaried employees may also be required to complete time cards 8

9 Equal Pay Act Enacted mainly to protect female employees May not pay lower wages to employees of the opposite gender for a similar job Allows pay disparity under certain circumstances, such as the existence of: A seniority system A merit system A system based on quantity or quality of output Other non-gender-based systems 9

10 Comparing Salaries & Wages Salary typically paid as an annual amount Wage typically paid on an hourly basis Note! Alternative base wages may also be used, such as daily wage rates, and rate based on employee output. 10

11 Calculating Overtime Pay Two methods to calculate overtime pay Add regular wages to overtime wages Add regular wages for total hours plus pay earned for the overtime hours worked 11

12 Calculating Overtime Pay Worked 45 hours this week at a regular rate of $12/hr Method 1 Regular Pay: 40 hrs x $12 = $480 Overtime Pay: 5 hrs x $18 = $ 90 ($12 x 1.5 = $18) Gross Pay = $570 Method 2 Total hours: 45 hrs x $12 = $540 Overtime hrs: 5 hrs x $ 6 = $ 30 Gross Pay = $570 12

13 Calculating Pay Examples Paul is paid $11.50/hour. Last week he worked 35 hours. What is his pay? Maryanne earns a salary of $40,000. What is her gross pay on a weekly basis? Bill earns $14.75/hour and overtime wages of $22.50/hour. Last week Bill worked 46 hours. Calculate his gross pay using both methods. 13

14 Calculating Pay Examples Paul is paid $11.50/hour. Last week he worked 35 hours. What is his pay? 35 hours x $11.50 = $ Maryanne earns a salary of $40,000. What is her gross pay on a weekly basis? $40,000 / 52 = $

15 Calculating Pay Examples Bill earns $14.75/hour and overtime wages of $22.50/hour. Last week Bill worked 46 hours. Method 1 40 x $14.75 = $590 6 x $22.50 = $135 $590 + $135 = $725 Method 2 46 x $14.75 = $ x $ 7.75 = $ $ $46.50 = $725 15

16 Converting to Hourly Rates Non-exempt salaried employees must be paid for overtime hours worked Greater than 40 hrs/week (regardless of nights/weekends) Salary must be converted to an hourly rate to calculate earned overtime pay Employees paid < $23,600 per year ($455 per week) are nonexempt. 16

17 Weekly Wage Conversions Four-step process to convert weekly wage to an hourly rate and calculate total gross pay Tip! If an employee receives a biweekly wage, begin the conversion process by dividing the biweekly wage by 2. 17

18 Weekly Wage Conversions Employee earns $820/week and works 44 hours Step 1: $820 / 40 = $20.50 Step 2: $20.50 x 1.5 = $30.75 Step 3: 4 hrs x $30.75 = $123 Step 4: $820 + $123 = $943 18

19 Annual Salary Conversions Five-step process to convert annual salary to an hourly wage and calculate gross pay Tip! If an employee receives a monthly or semimonthly salary, begin the conversion process by multiplying either the monthly salary by 12 months, or the semi-monthly salary by

20 Annual Salary Conversions Annual Salary of $58,000, works 48 hours in a week and is paid 1.5 times regular wage for over 40 hours Step 1: $58,000 / 52 weeks = $1,115.38/week Step 2: $1, / 40 hours = $27.88/hour Step 3: $27.88 x 1.5 = $41.82/hour Step 4: $41.82 x 8 = Step 5: $1, = $1,

21 Commissions, Bonuses, & Incentives Commission A percentage of each sale Bonus Planned or unplanned additional amount Incentive Plan Pay for increased productivity 21

22 Paying Commissions May be only form of earned income or earned in conjunction with other salary Commission calculation example If the employer offers overtime, the OT rate would be $22.50 (1.5 x 15) 22

23 Awarding Bonuses Discretionary Bonus Unplanned, not contingent on specific goal Not considered part of regular pay Non-discretionary Bonus Planned, paid on meeting a specific metric Considered part of regular pay Must be combined with regular hourly wages to determine overtime pay 23

24 Incentive Plans Rewards employee for performance and loyalty Cash (may be paid in lump sum) Profit-sharing Stock Options Additional vacation days Sabbaticals Tip! For FLSA, cash paid is considered a nondiscretionary bonus; therefore, a component of regular pay. 24

25 Alternative Pay Considerations Self-employment income Tipped employees Employees paid for piecework 25

26 Self-Employment Income Revenue claimed minus expenses incurred Must track total income to pay appropriate taxes 26

27 Tipped Employees Covered by FLSA Receives a specified amount in tips per month Tip credit Employees receive special minimum wage Employers must inform employees of using tip credit Tip pool All employee tips added together, then divided among employees Warning! Under no circumstance may an employer retain an employee s tips. 27

28 Tipped Employees Tipped Employees Overtime Calculations Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Regular Earnings = Regular Hourly Rate x Regular Hours Worked Hourly tip Credit = Minimum Wage Regular Hourly Rate Overtime Hourly Rate = (Min Wage x Overtime Factor) Hourly Tip Credit Overtime Earnings = Overtime Hourly Rate x Overtime Hours Worked Total Tip Credit = Total Hours Worked x Hourly Tip Credit Total Earnings = Regular Earnings + Overtime Earnings + Total Tips Meredith is paid $3/hour, receives $310 in tips, and worked a 44 hour week. She receives 1.5 times regular hourly rate for overtime. 28

29 Earnings for Tipped Employees Step 1: Regular Rate x Regular Hours worked = Regular Earnings. $3 x 40 = $120 Step 2: Minimum Wage Regular Rate = Hourly Tip Credit = $4.25 Step 3: (Min Wage x Overtime Factor) Hourly Tip Credit. (7.25 x 1.5) - $4.25 = $6.63 (OT Hourly Rate) Step 4: OT Hourly Rate x OT Hours Worked = OT earnings $6.63 * 4 = $26.52 Step 5: Total Hours worked x Hourly Tip Credit = Total Tip Credit 44 x $4.25 = $187 Step 6: Total Pay = Regular Earnings + Overtime Earnings + Tips $120 + $ = $

30 Piecework Systems Based on output; fixed amount per unit FLSA minimum wage requirements apply Must determine hourly rate for piecework employee 30

31 Piecework Systems.06/unit, completed 8,528 units, worked 48 hours Step 1: $.06 x 8,528 = $ Step 2: $ / 48 = $10.66 Step 3: $10.66 x.5 = $5.33 Step 4: $5.33 x 8 = $42.64 Step 5: $ $42.64 = $

32 Payroll Register Shows each employee s pay for a single period 32

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