SHOW ME The MONEY Just how much did

SHOW ME The MONEY Just how much did you know about how people get paid?

Salary • A set amount of money earned by an employee per year or other fixed length of time

Paycheck • Your total pay for a specific time period minus deductions and taxes • Salaried employees usually can expect the same amount of pay each pay period

Wages • Employee earnings that are paid by the hour, day, or item • Piecework is work for which wages are based on the number of items of pieces produced

Commission • A fixed percentage or amount of profit given to an employee in exchange for making a sale • A bonus is a sum of money paid to an employee in addition to regular pay

Tips • Money given to an employee by customers in exchange for a service • Workers who receive tips often aren’t paid a significant hourly wage

Fair Labor Standards Act • One of may federal laws regulating employment • Set of standards governing employee payment and compensation (including minimum wage) • Equal pay provision • Used to prevent discrimination against women, minorities, and older workers

Minimum Wage • The lowest hourly rate an employer may legally pay most workers. • US = $5. 15/hour • OH = $5. 15/hr, $6. 85/hr • Sub minimum wage can be applied to full-time students, employees who are younger than 20, and employees who are developmentally disabled

Overtime • According to FLSA, for a job that pays hourly wages, overtime is any work in excess of 40 hours per week • Compensation is usually at least 1. 5 times regular rate of pay • Salaried workers do not receive overtime

Employment Classifications • Full-time: Employees hold wage or salary jobs at least 35 hours per week, regardless of pay status • Part-time: Less that 35 hours per week. May not receive benefits • Temporary: Short-term assignments. May be paid by an employment agency • Contract: Employees hired for a specific period of time for a specific purpose.

Benefits • Compensation other than pay • Usually only available to full-time employees • Insurance (health and life) • Savings and retirement • Paid holidays, vacation, maternity leave, education, adoption/childcare.

Vested • After a certain length of service • Allows employees access to employer contributions to savings and retirement accounts.