Chapter 1 Gross Pay 1 1 Hourly Pay
![Chapter 1 Gross Pay Chapter 1 Gross Pay](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-1.jpg)
![1 -1 Hourly Pay Employees – People who work for others Employer – The 1 -1 Hourly Pay Employees – People who work for others Employer – The](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-2.jpg)
![To figure hourly pay Gross Pay – the total amount of money that an To figure hourly pay Gross Pay – the total amount of money that an](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-3.jpg)
![Recording Hours Worked… l Many companies pay people based on a quarter or a Recording Hours Worked… l Many companies pay people based on a quarter or a](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-4.jpg)
![What is meant by Overtime? (Getting extra pay for extra work) l There are What is meant by Overtime? (Getting extra pay for extra work) l There are](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-5.jpg)
![To calculate gross pay with overtime hours: If the employee works more than 40 To calculate gross pay with overtime hours: If the employee works more than 40](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-6.jpg)
![Try these… l Tom worked 45 hours and earns $10. 00 an hour. How Try these… l Tom worked 45 hours and earns $10. 00 an hour. How](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-7.jpg)
![$ 624. 00 $ 1, 160. 00 Try these… l l l $ 579. $ 624. 00 $ 1, 160. 00 Try these… l l l $ 579.](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-8.jpg)
![Overtime is calculated based on hours worked in 2 ways… 1. 2. Hours worked Overtime is calculated based on hours worked in 2 ways… 1. 2. Hours worked](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-9.jpg)
![Example on #2 option Karen gets paid $12. 40 and hour plus time and Example on #2 option Karen gets paid $12. 40 and hour plus time and](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-10.jpg)
![1 -2 Salaried Employees l l l Salaried employees are paid a fixed amount 1 -2 Salaried Employees l l l Salaried employees are paid a fixed amount](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-11.jpg)
![1 -2 Salary – When people get paid a stated amount per year and 1 -2 Salary – When people get paid a stated amount per year and](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-12.jpg)
![1 -3 Commission – there are 3 types Commission – is a fee or 1 -3 Commission – there are 3 types Commission – is a fee or](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-13.jpg)
![1. Straight Commission Straight commission – when sales people are ONLY paid commission…. they 1. Straight Commission Straight commission – when sales people are ONLY paid commission…. they](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-14.jpg)
![Straight Commission Examples… EX. Earl Brown sells greeting cards and is paid a straight Straight Commission Examples… EX. Earl Brown sells greeting cards and is paid a straight](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-15.jpg)
![Straight Commission Examples…(con’t) EX. Terri Smith is paid a straight commission of 5% on Straight Commission Examples…(con’t) EX. Terri Smith is paid a straight commission of 5% on](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-16.jpg)
![2. Commission based on a quota Commission based on quota – The amount of 2. Commission based on a quota Commission based on quota – The amount of](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-17.jpg)
![Commission (con’t) Brain Teaser… Clark is a salesperson that works on straight commission, however, Commission (con’t) Brain Teaser… Clark is a salesperson that works on straight commission, however,](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-18.jpg)
![Salary plus commission…. Ex: Sue is a salesperson that works on salary plus 8% Salary plus commission…. Ex: Sue is a salesperson that works on salary plus 8%](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-19.jpg)
![3. Graduated Commission - when salespersons rate of commission increases as their sales increase. 3. Graduated Commission - when salespersons rate of commission increases as their sales increase.](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-20.jpg)
![Graduated Commission (con’t) Bob works on a graduated commission listed below; he sold $7, Graduated Commission (con’t) Bob works on a graduated commission listed below; he sold $7,](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-21.jpg)
![1. Straight Commission Exercises… Tom sells Elite Coupon books for $20, for every book 1. Straight Commission Exercises… Tom sells Elite Coupon books for $20, for every book](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-22.jpg)
![2. Commission Based on Quota Exercises… Tom is a car sales person. Every month 2. Commission Based on Quota Exercises… Tom is a car sales person. Every month](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-23.jpg)
![Commission Based on Salary and Quota Exercises… Tom is a car sales person. Every Commission Based on Salary and Quota Exercises… Tom is a car sales person. Every](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-24.jpg)
![Graduated commission exercises… Tom is a car sales person. Every month he makes $200 Graduated commission exercises… Tom is a car sales person. Every month he makes $200](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-25.jpg)
![Homework… l Page 5 #7 and 8 only- will be graded tomorrow. Homework… l Page 5 #7 and 8 only- will be graded tomorrow.](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-26.jpg)
![2 -2 Finding Gross Pay l l Gross pay is earned by employees who 2 -2 Finding Gross Pay l l Gross pay is earned by employees who](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-27.jpg)
![Please get out… l l l Calculator Pen/Pencil Notebook w/dividers in it and paper Please get out… l l l Calculator Pen/Pencil Notebook w/dividers in it and paper](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-28.jpg)
![In summary…commission is the more you sell, the more money you make. A. Sales In summary…commission is the more you sell, the more money you make. A. Sales](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-29.jpg)
![Solving for a Variable… Typically we figure commission as _____ X ____% = $ Solving for a Variable… Typically we figure commission as _____ X ____% = $](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-30.jpg)
![1 -4 Other Wage Plans 1. Piece-rate employees - Some employees are paid for 1 -4 Other Wage Plans 1. Piece-rate employees - Some employees are paid for](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-31.jpg)
![1 -4 Other Wage Plans 2. Per Diem Employees – Per diem means per 1 -4 Other Wage Plans 2. Per Diem Employees – Per diem means per](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-32.jpg)
![1 -4 Other Wage Plans 3. Tip Employees – Some people get paid a 1 -4 Other Wage Plans 3. Tip Employees – Some people get paid a](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-33.jpg)
![l Look at page 24 and put on your white boards the answers to l Look at page 24 and put on your white boards the answers to](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-34.jpg)
![1 -5 Finding Average Pay l l Average – a single number used to 1 -5 Finding Average Pay l l Average – a single number used to](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-35.jpg)
![Grouping Data l l A number or rate can occur more than once in Grouping Data l l A number or rate can occur more than once in](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-36.jpg)
![Finding an Unknown Item… l l If one item in a group or set Finding an Unknown Item… l l If one item in a group or set](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-37.jpg)
![What is a Percent or Percentage? l A percentage is a mathematical way of What is a Percent or Percentage? l A percentage is a mathematical way of](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-38.jpg)
![What is a Percent or Percentage? 20% - a percent is a representation of What is a Percent or Percentage? 20% - a percent is a representation of](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-39.jpg)
- Slides: 39
![Chapter 1 Gross Pay Chapter 1 Gross Pay](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-1.jpg)
Chapter 1 Gross Pay
![1 1 Hourly Pay Employees People who work for others Employer The 1 -1 Hourly Pay Employees – People who work for others Employer – The](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-2.jpg)
1 -1 Hourly Pay Employees – People who work for others Employer – The person or company and employee works for. Hourly Rate - a certain amount of money a person is paid per hour they work. EX: A worker at Mc. Donald’s makes $7. 35 and hour for every hour they work.
![To figure hourly pay Gross Pay the total amount of money that an To figure hourly pay Gross Pay – the total amount of money that an](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-3.jpg)
To figure hourly pay Gross Pay – the total amount of money that an employee is paid…this is also called total earnings. Multiply # of hours worked by $ pay per hour l Joe earns $8. 90 per hour and works 26 hours this week, his gross pay is 8. 90 x 26 = $231. 40 l Sue earns $14. 60 per hour and works 22 ½ hours this week, her gross pay is l $14. 60 x 22. 5 = $328. 50
![Recording Hours Worked l Many companies pay people based on a quarter or a Recording Hours Worked… l Many companies pay people based on a quarter or a](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-4.jpg)
Recording Hours Worked… l Many companies pay people based on a quarter or a tenth of an hour… – – For example…if a company pays based on the quarter or every 15 minutes, you might be docked a quarter hour of pay if you are 3 -4 minutes late. For example…if a company pays based on the tenth, you will be docked 1/10 if you are 3 -4 minutes late…. you are docked based on 6 minute increments.
![What is meant by Overtime Getting extra pay for extra work l There are What is meant by Overtime? (Getting extra pay for extra work) l There are](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-5.jpg)
What is meant by Overtime? (Getting extra pay for extra work) l There are two methods to calculate overtime: 1. 2. l l Any hours worked more than 40 hours a week. Any hours over a stated amount of hours per day. Most people are paid time and ½ for every overtime hour worked. To calculate overtime pay: – – Pay per hour x 1. 5 x number of overtime hours. Then add overtime pay to regular pay.
![To calculate gross pay with overtime hours If the employee works more than 40 To calculate gross pay with overtime hours: If the employee works more than 40](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-6.jpg)
To calculate gross pay with overtime hours: If the employee works more than 40 hours: 1. 2. 3. 4. 5. Take 40 x $rate per hour to find regular pay. Calculate OT hours = Take number of hours worked – 40 Calculate OT rate = $rate per hour x 1. 5 Multiply the OT rate x OT hours = OT pay Add OT pay to regular pay = gross pay
![Try these l Tom worked 45 hours and earns 10 00 an hour How Try these… l Tom worked 45 hours and earns $10. 00 an hour. How](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-7.jpg)
Try these… l Tom worked 45 hours and earns $10. 00 an hour. How much is his gross pay for the week? 1. 2. 3. 4. 5. 40 x $10. 00 = $400 …this is his regular pay 45 – 40 = 5 OT hours $10. 00 x 1. 5 = $15. 00 which is his OT rate $15. 00 x 5 = $75. 00…this is his OT pay His gross pay is $400 + $75. 00 = $475. 00
![624 00 1 160 00 Try these l l l 579 $ 624. 00 $ 1, 160. 00 Try these… l l l $ 579.](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-8.jpg)
$ 624. 00 $ 1, 160. 00 Try these… l l l $ 579. 00 Sue worked 48 hours and earns $12. 00 an hour. How much is her gross pay for the week? Joel worked 52 hours and earns $20. 00 an hour. How much is his gross pay for the week? Lori worked 45 ½ hours and earns $12. 00 an hour. How much is her gross pay for the week?
![Overtime is calculated based on hours worked in 2 ways 1 2 Hours worked Overtime is calculated based on hours worked in 2 ways… 1. 2. Hours worked](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-9.jpg)
Overtime is calculated based on hours worked in 2 ways… 1. 2. Hours worked over 40 hours a week. Hours worked over a stated amount (usually 8) a day. a) This is paid EVEN if the total hours worked in a week is less than 40…it is based on a daily number of hours worked.
![Example on 2 option Karen gets paid 12 40 and hour plus time and Example on #2 option Karen gets paid $12. 40 and hour plus time and](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-10.jpg)
Example on #2 option Karen gets paid $12. 40 and hour plus time and ½ for any hours worked more than 8 a day. Last week she worked the following: M – 6, T – 12, W – 8, TH – 8, F – 10 What was her gross pay? Reg Hours = 38 Reg Pay = 38 x $12. 40 = $471. 20 OT Hours = 6 OT Pay =6 x 1. 5 x $12. 40 = $111. 60 Gross Pay = $471. 20 + $111. 60 = $582. 80 1.
![1 2 Salaried Employees l l l Salaried employees are paid a fixed amount 1 -2 Salaried Employees l l l Salaried employees are paid a fixed amount](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-11.jpg)
1 -2 Salaried Employees l l l Salaried employees are paid a fixed amount of money for each time period…. their paycheck doesn’t change. Ex: Tom is paid $400 per week, how much does Tom make in a month? $400 * 4 = $1, 600
![1 2 Salary When people get paid a stated amount per year and 1 -2 Salary – When people get paid a stated amount per year and](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-12.jpg)
1 -2 Salary – When people get paid a stated amount per year and this is paid in equal amounts per paycheck. Negatives: l Doesn’t matter how many hours you work per week Positives: l Security of getting a good paycheck.
![1 3 Commission there are 3 types Commission is a fee or 1 -3 Commission – there are 3 types Commission – is a fee or](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-13.jpg)
1 -3 Commission – there are 3 types Commission – is a fee or percentage of interest paid for sales made. A commission may be an amount for each item sold, or it may be a percent of the dollar value of sales. This is usually paid to salespeople as an incentive to sell more.
![1 Straight Commission Straight commission when sales people are ONLY paid commission they 1. Straight Commission Straight commission – when sales people are ONLY paid commission…. they](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-14.jpg)
1. Straight Commission Straight commission – when sales people are ONLY paid commission…. they don’t get paid a salary or wage per hour worked. They can also be paid per item sold. To Calculate = %Rate of commission x quantity sold = $commission pay
![Straight Commission Examples EX Earl Brown sells greeting cards and is paid a straight Straight Commission Examples… EX. Earl Brown sells greeting cards and is paid a straight](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-15.jpg)
Straight Commission Examples… EX. Earl Brown sells greeting cards and is paid a straight commission of $0. 75 on each box of cards he sells. During March, he sold 145 boxes. Find his commission. $0. 75 x 145 = $108. 75
![Straight Commission Examplescont EX Terri Smith is paid a straight commission of 5 on Straight Commission Examples…(con’t) EX. Terri Smith is paid a straight commission of 5% on](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-16.jpg)
Straight Commission Examples…(con’t) EX. Terri Smith is paid a straight commission of 5% on her sales. During September, her sales were $32, 000. What was her commission? 5% (OR. 05) x $32, 000 = $1, 600. 00 Get your white boards, a marker and do #A – C on page 15. . then show answers to Mrs. P.
![2 Commission based on a quota Commission based on quota The amount of 2. Commission based on a quota Commission based on quota – The amount of](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-17.jpg)
2. Commission based on a quota Commission based on quota – The amount of sales a salesperson must sell before they make any money for commission. (Salespersons may also be paid a salary in addition to commission. ) Ex: Clark is a salesperson that works on straight commission, however, before he makes any money, he must reach a quota of $3, 000. 00 in sales. Last month he sold $5, 900. 00 worth of goods and gets paid a commission rate of 5%. What was his gross income? $5, 900. 00 - $3, 000. 00 = $2, 900. 00 x. 05 = $ 145
![Commission cont Brain Teaser Clark is a salesperson that works on straight commission however Commission (con’t) Brain Teaser… Clark is a salesperson that works on straight commission, however,](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-18.jpg)
Commission (con’t) Brain Teaser… Clark is a salesperson that works on straight commission, however, before he makes any money, he must reach a quota of $3, 000. 00 in sales. Last month he sold $2, 900. 00 worth of goods and gets paid a commission rate of 5%. What was his gross income?
![Salary plus commission Ex Sue is a salesperson that works on salary plus 8 Salary plus commission…. Ex: Sue is a salesperson that works on salary plus 8%](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-19.jpg)
Salary plus commission…. Ex: Sue is a salesperson that works on salary plus 8% commission, however, she has a quota to reach of $4, 000. 00 before she makes any commission money. Last month she sold $10, 000. 00 in sales and she earns a salary of $500 a month. What was her gross pay? $10, 000. 00 - $4, 000. 00 = $6, 000. 00 x. 08 = $480 (commission) $480 + $500 (salary) = $980. 00 Using your white boards, # E & F on page 16 show answers to Mrs. P. . 00
![3 Graduated Commission when salespersons rate of commission increases as their sales increase 3. Graduated Commission - when salespersons rate of commission increases as their sales increase.](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-20.jpg)
3. Graduated Commission - when salespersons rate of commission increases as their sales increase. Ex: The rate may be 3% on the first $12, 000 of sales, 4% on the next $6, 000 and sales over $18, 000…graduated commission can also be on the number of units sold. Look at Example # 4 on page 16. .
![Graduated Commission cont Bob works on a graduated commission listed below he sold 7 Graduated Commission (con’t) Bob works on a graduated commission listed below; he sold $7,](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-21.jpg)
Graduated Commission (con’t) Bob works on a graduated commission listed below; he sold $7, 450. 00 worth of goods this month, what was his gross income? l 3% on first $3, 000 l 5% on second $2, 000 l 7% on anything over $5, 000
![1 Straight Commission Exercises Tom sells Elite Coupon books for 20 for every book 1. Straight Commission Exercises… Tom sells Elite Coupon books for $20, for every book](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-22.jpg)
1. Straight Commission Exercises… Tom sells Elite Coupon books for $20, for every book he sells he makes $5 profit. How much money does he make if he sells 30 books? 30 * 5 = $150 Tom sells Elite Coupon books for $20, he makes 15% profit on all the books he sells. How much money does he make if he sells 30 books? 30 * 20 = $600 *. 15 = $90
![2 Commission Based on Quota Exercises Tom is a car sales person Every month 2. Commission Based on Quota Exercises… Tom is a car sales person. Every month](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-23.jpg)
2. Commission Based on Quota Exercises… Tom is a car sales person. Every month he makes $200 on every car he sells after he sells one car. This month he sold 15 cars, how much money did he make in commission? 15 – 14, 14 * 200 = $2, 800 Tom is a car sales person. Every month he makes 5 % of his total sales above $10, 000. This month he sold $65, 000 worth of cars. How much did he make in commission? ? 65, 000 – 10, 000 = 55, 000, 55, 000 *. 05 = $2, 750
![Commission Based on Salary and Quota Exercises Tom is a car sales person Every Commission Based on Salary and Quota Exercises… Tom is a car sales person. Every](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-24.jpg)
Commission Based on Salary and Quota Exercises… Tom is a car sales person. Every month he makes a salary of $200 and $200 on every car he sells after he sells one car. This month he sold 15 cars, how much money did he make in commission? 15 – 14, 14 * $200 = $2, 800 + $200 = $3, 000 Tom is a car sales person. Every month he makes a salary of $200 and 5% of his total sales above $10, 000. This month he sold $65, 000 worth of cars. How much did he make in commission? ? $65, 000 – $10, 000 = $55, 000, $55, 000 *. 05 = $2, 750 + $200 = $2, 950. 00
![Graduated commission exercises Tom is a car sales person Every month he makes 200 Graduated commission exercises… Tom is a car sales person. Every month he makes $200](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-25.jpg)
Graduated commission exercises… Tom is a car sales person. Every month he makes $200 on the first 10 cars he sells and $300 on every car sold above 10. This month he sold 15 cars, how much money did he make in commission? 10 * $200 = $2, 000, (15 – 10). . 5 * $300 = $1, 500 $2, 000 + $1, 500 = $3, 500 Tom is a car sales person. Every month he makes 10% on the first $40, 000 cars he sells and 15% on any sales above that. This month he sold $75, 000 worth. How much money did he make in commission? $40, 000 *. 10 = $4, 000, (75, 000 – 40, 000). . $35, 000 *. 15 = 5, 250. $4, 000 + $5, 250 = $9, 250
![Homework l Page 5 7 and 8 only will be graded tomorrow Homework… l Page 5 #7 and 8 only- will be graded tomorrow.](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-26.jpg)
Homework… l Page 5 #7 and 8 only- will be graded tomorrow.
![2 2 Finding Gross Pay l l Gross pay is earned by employees who 2 -2 Finding Gross Pay l l Gross pay is earned by employees who](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-27.jpg)
2 -2 Finding Gross Pay l l Gross pay is earned by employees who are paid by the hour and you calculate it by multiplying the pay per hour by the number of hours worked. Ex: $8. 50 x 20 hours worked = $170. 00
![Please get out l l l Calculator PenPencil Notebook wdividers in it and paper Please get out… l l l Calculator Pen/Pencil Notebook w/dividers in it and paper](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-28.jpg)
Please get out… l l l Calculator Pen/Pencil Notebook w/dividers in it and paper Textbook Workbook White board, marker and rag
![In summarycommission is the more you sell the more money you make A Sales In summary…commission is the more you sell, the more money you make. A. Sales](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-29.jpg)
In summary…commission is the more you sell, the more money you make. A. Sales x ___% = Commission OR B. # of units sold x Money made per unit = $Commission
![Solving for a Variable Typically we figure commission as X Solving for a Variable… Typically we figure commission as _____ X ____% = $](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-30.jpg)
Solving for a Variable… Typically we figure commission as _____ X ____% = $ _____ Sales com. Rate com. Money But what if you didn’t know com rate, but know commission $? Sue sold $56, 000 and makes 5%, how much commission did she make? Sue made $2, 800. 00 in commission on $56, 000 in sales, what was her commission rate?
![1 4 Other Wage Plans 1 Piecerate employees Some employees are paid for 1 -4 Other Wage Plans 1. Piece-rate employees - Some employees are paid for](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-31.jpg)
1 -4 Other Wage Plans 1. Piece-rate employees - Some employees are paid for each item or product successfully made. l Ex: Tom makes $70 for each bike he makes, if he makes 40 bikes, he makes $2, 800. 00, but what if 2 of the bikes were defective? l 40 -2 = 38 l 38 * $70 = $2, 660. 00 l Look on page 21 #A and B
![1 4 Other Wage Plans 2 Per Diem Employees Per diem means per 1 -4 Other Wage Plans 2. Per Diem Employees – Per diem means per](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-32.jpg)
1 -4 Other Wage Plans 2. Per Diem Employees – Per diem means per day…some employees are paid for every day they work…. these are usually part time or temporary employees…also known as temp help. l l l Ex: Shawn Taylor worked 5 days last week as a temp computer operator. His per diem rate is $120. How much money did Shawn make last week? $120 x 5 = $600. 00 gross pay for the week Look at page 22 # C and #D
![1 4 Other Wage Plans 3 Tip Employees Some people get paid a 1 -4 Other Wage Plans 3. Tip Employees – Some people get paid a](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-33.jpg)
1 -4 Other Wage Plans 3. Tip Employees – Some people get paid a tip or gratuity for the service they provide. This is usually a percentage of the bill or it can be a dollar amount per item. Ex: A waiter gets 15% of the bill A skycap gets $1. 00 per bag handled. l Look at page 23 # E and #F
![l Look at page 24 and put on your white boards the answers to l Look at page 24 and put on your white boards the answers to](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-34.jpg)
l Look at page 24 and put on your white boards the answers to questions #10 - 13 l 10. 11. 12. 13. l l l $68 $2, 090. 00 $5, 700 $477. 75
![1 5 Finding Average Pay l l Average a single number used to 1 -5 Finding Average Pay l l Average – a single number used to](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-35.jpg)
1 -5 Finding Average Pay l l Average – a single number used to represent a group of numbers. Simple Average – found by adding several numbers and dividing the sum by the number of items added…. also called the mean. Ex: Monica earned the following for the 3 days she worked…$18, $58, $32. What was her average earnings? $36. 00 Look at page 27 # B and page 28 #C and #D
![Grouping Data l l A number or rate can occur more than once in Grouping Data l l A number or rate can occur more than once in](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-36.jpg)
Grouping Data l l A number or rate can occur more than once in a set of data. When that happens, you can find the sum quickly by grouping the common numbers. Ex: The Smith Company has 8 employees. Five of the employees earn $9 an hour, two earn $7 an hour, and 1 earns $13 an hour. What is the average amount per our that these employees are paid? l 5*$9 = $45. 00 l 2*$7 = $14. 00 l 1*$13 = $13. 00 l $72. 00 / 8 = $9. 00
![Finding an Unknown Item l l If one item in a group or set Finding an Unknown Item… l l If one item in a group or set](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-37.jpg)
Finding an Unknown Item… l l If one item in a group or set of data is unknown, you may have to find the unknown item. Averages are used often in finding the value of the unknown or missing item. EX: Sue has a 90 average, if 3 of her 4 class grades are 98, 89, 90, what is her 4 th classes grade? l 90*4 = 360…. . 360 – 98 -89 -90=83
![What is a Percent or Percentage l A percentage is a mathematical way of What is a Percent or Percentage? l A percentage is a mathematical way of](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-38.jpg)
What is a Percent or Percentage? l A percentage is a mathematical way of expressing a number. The number being expressed can be considered a fraction, a part of a whole or an amount in comparison to one hundred. The word "percent" is short for the longer "percentage, " and means "per one hundred. " Percent numbers are expressed in many different ways and many forms, and can be computed in a variety of ways. They are often accompanied by a percentage sign.
![What is a Percent or Percentage 20 a percent is a representation of What is a Percent or Percentage? 20% - a percent is a representation of](https://slidetodoc.com/presentation_image/1085a35a2a9db7dfce9f3def16fdd0ce/image-39.jpg)
What is a Percent or Percentage? 20% - a percent is a representation of a portion of a whole…it is always based on an entire amount of 100% of something. l A percent is known as a ratio amount of something else. For example, if you have 3% of $100. 00, you now have $3. 00. To get this number divide the percentage into the whole number. So, for this equation, it would have been 3/100.
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