Chapter 1 Gross Pay 1 1 Hourly Pay
- Slides: 27
Chapter 1 Gross Pay
1. 1 Hourly Pay and Salary
Gross Pay for Hourly-Rate Employees • Employees– Those who work for others • Employers– The person or company an employee works for • Hourly Rate– Certain amount for each hour worked • Gross Pay– Total amount of money paid to an employee
Hourly x Number of Pay Hours Worked A. B. C. D. = Gross Pay $7. 50 x 46 hrs = $16. 25 x 25 hrs = 8 hrs x 5 days = 40 hrs x $18. 75= 8+6+7+6+5= 32 hrs x $9 =
Gross Pay for Salaried Employees • Salary– Fixed amount of money for each time period worked • Pay per x Number of Time Periods Worked = Gross Pay
• Pay Periods – Weekly-52 - Bi Weekly-26 – Monthly 12 - 2 x per Month-24 – Yearly/Annually-1 – Semiannually-2 E. $680 x 2 wks = F. $540 x 52 wks =
1. 2 Average Pay
Simple Averages • Average– A. B. C. D. Single number used to represent a group of numbers ($18 + $58 + $32) / 3= ($2, 400+$3, 200+$1, 500+$1, 700)/4 $264/38 ($35, 800+$47, 000)/2=
Averages in Grouped Data E. 5 x $12 = $60 2 x $9 = $18 + $11 $89/8= F. ($280 + $315 + $424 + $265)/ 4 =
Unknown Items in a Set of Data G. 68+80+75+79= 77 x 5= 385 -302 = H. 4 x 86 = 420 -344 =
1. 3 Regular and Overtime Pay
Recording Hours Worked • How do you clock in? – Magnetic Strip Card – Time Sheet – Computer Log-In
Overtime and Overtime Pay Rates • Overtime– Time worked beyond the regular working day or week • Time-and-a-half pay– x 1. 5 • Double time–x 2
1. 5 x Regular Pay Rate = Time-and-a-half rate (don’t round) 2 x Regular pay rate = Double-time rate A. 1. $7. 51 x 1. 5 = $7. 51 x 2 = 2. $8. 76 x 1. 5 = $8. 76 x 2 = 3. $13. 67 x 1. 5 = $13. 67 x 2 = B. $11. 25 x 1. 5 = $11. 25 x 2 =
Regular and Overtime Wages • S 1: Find the regular & overtime hours worked • S 2: Find the overtime pay rate • S 3: Find the regular pay • S 4: Find the overtime pay • S 5: Add regular and overtime pay
C. Regular 8 + 6 + 8 = Overtime 1. 75 + 0. 5 = $13. 69 x 1. 5 = 38 x $13. 69 = 2. 25 x 20. 535 = $520. 22 + $46. 20 =
D. Regular 40 Overtime 45. 3 – 40 = $17. 50 x 1. 5 = $17. 50 x 40 = $26. 25 x 13. 4 = $700 + $351. 75 =
1. 4 Commission • Straight Commission. An amount for each item sold or a percent of the dollar value of sales Quantity sold x rate of = commission A. $1. 30 x 74 = B. $0. 075 x 1, 200
Sales x Rate of commission = commission C. 0. 15 x $9, 500 = D. $2870 + $3, 150 + $3, 940 = $9, 960 x 0. 15 =
Commission Based on Quota • Fixed amount is called quota • Have to meet quota before receive commission E. $2, 890 -$2, 000 = $890 x 0. 03 = $26. 7 + $125 = F. $29, 700 - $15, 000 = $14, 700 x 0. 07 = $1, 029 + $2, 300 = $3, 329
Graduated Commission • Rate of commission increases as the sales increases G. $100, 000 x 0. 03 = $120, 000 - $100, 000 = $20, 000 x 0. 05 = $3, 000 + $1, 000 = H. $112, 000 - $85, 000 = $85, 000 x 0. 15 = $27, 000 x 0. 18= $4, 860 + $12, 750 =
Rate of Commission on Sales Rate of = Amount of / Sales Commission I. $448 / $6, 400 = J. $3, 240 / $54, 000 =
1. 5 Other Wage Plans
Piece-Rate Employees • Paid by the number of pieces you produce Number of Pieces x Piece Rate = Gross Pay Produced A. 7+6+9+8+5 = 35 x $18 = B. 56 + 44 – 6 = 94 x $1. 20 =
Per Diem Employees • Per Diem – – By the Day Per Diem Rate x Number of Days = Gross Pay C. $425 x 180 = D. $20 x 57 =
Tip Employees • Tip – Amount of $ given to someone for services provided Tip Percent x Total Bill = Tip Amount Tip Per Unit x Number of Units = Tip Amount
E. 1. $10. 20 x 0. 15 = 2. $10. 20 + $1. 53 = F. 1. $7. 60 x 0. 15 = 2. $7. 60 + $1. 14 =
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