Unit 1 The Job 1 1 Hourly Pay

Unit 1: The Job 1. 1 Hourly Pay

1. 1 HOURLY PAY n What kind of jobs are hourly? n What does that mean? n You make a set amount for each hour you work

1. 1 HOURLY PAY n Cinema job: $7. 50 / hour n Ex. 1: work 10 hours = $ ? 7. 50 (10) = $75. 00 n Ex. 2: work 20 hours = ? 7. 50 (20) = $150. 00

1. 1 HOURLY PAY n Ex. 3: work 30 ½ hours = ? 7. 50 (30. 5) = $228. 75 Ex. 4: work 3 ¼ hours at $8. 45 per hour 8. 45 (3. 25) = $27. 4625 but… Money has 2 places, so $27. 46 n

1. 1 HOURLY PAY n Ex. 5: work 4 ¾ hours at $9. 20 per hour 9. 20 (4. 75) = $39. 928 but… $39. 93

Unit 1: The Job 1. 2 Overtime Pay

1. 2 OVERTIME PAY With hourly pay, how can you make extra money? n Overtime & holidays n Most work weeks are 40 hours (This is called straight pay) Anything over that = OT and extra $$$ n Holidays are bonuses, also 2/10 n

1. 2 OVERTIME n Usual rate for overtime (ot) is “time and a half” or 1 ½ (1. 5) times your normal working rate n Usual holiday rate is time and a half or “double” 3/10

1. 2 OVERTIME n For the following examples, use time and a half: n Ex. 1: rate is $10/hour, ot= 8 hrs. How much did you make for these 8 hours of overtime? 8[ 10 (1. 5)] = $120. 00 n Ex. 2: rate is $12. 50/hour, ot = 15 hrs 15 [ 12. 50 (1. 5)] = $281. 25 4/10

1. 2 OVERTIME n Ex. 3: You work 45. 5 hours at $8. 50 per hour. What is your Total pay? straight time pay + overtime pay = total pay 1. Straight time: 40 hours at $8. 50 = $340. 00 2. Overtime: 5. 5 hours at time and a half = 5. 5 [ 8. 50 ( 1. 5) ] = $70. 125 (or $70. 13) 3. Total: $340. 00 + $70. 13 = $410. 13 5/10

1. 2 OVERTIME n For the next examples, use double time: Ex. 4: rate is $12/hour, work 6 holiday hours. How much did you make for these overtime hours? n 6 [ 12 (2) ] = $144. 00 6/10 n

1. 2 OVERTIME n n n Ex. 5: rate is $16. 25/hr work 4 ½ hours holiday (double) 4. 5 [ 16. 25 (2) ] = $146. 25 Ex. 6: You work 52 hours at $7. 50. Total pay? 40 (7. 50) = $300. 00 12 [ 7. 50 (2)] = $180. 00 Total = $480. 00 7/10

1. 2 OVERTIME Ex. 7: You make $9. 50 an hour. You worked 55 hours. Overtime is paid at time and a half. What is your total pay for the week? n 40 (9. 50) = $380. 00 (straight pay) n 15 [ 9. 50(1. 5)] = $213. 75 (ot) n Total pay = $593. 75 8/10 n

1. 2 OVERTIME n Ex. 8: You worked a total of 65 hours. The extra hours came on the 4 th of July holiday weekend. Your hourly rate is $9. 25. What is your total pay for the week? 40 ( 9. 25) = $370. 00 n 25 [ 9. 25(2)] = $462. 50 n Total pay = $832. 50 n 9/10

Unit 1: The Job 1. 5 Salary

1. 5 SALARY n What kind of jobs are salary? n What does that mean? n You make a set amount for each pay period, not dependent on actual time worked 2/13

1. 5 SALARY Divided into “pay periods” n “annual” salary n 12 months = 1 year n 52 weeks = 1 year n BI weekly = every 2 weeks n SEMI annually = ½ so 2 times a year 3/13 n

1. 5 SALARY Number of pay periods per year for the following phrases: n MONTHLY = 12 n SEMI-MONTHLY = 24 n WEEKLY = 52 n BIWEEKLY = 26 n 4/13

1. 5 SALARY n Ex. 1: Teachers are paid 11 times a year. If annual salary is $66, 000 each year, how much do they get each pay period? How many pay periods? 11 Annual salary = 66, 000 =$6000 # of pay periods per year 11 5/13

1. 5 SALARY Ex. 2: $5000 a month salary. Paid each week. How much each pay period? n 1. ANNUAL salary: 5000(12)=60, 000 n 2. WEEKLY salary: 60, 000 = $1153. 85 52 ** IF YOU SKIP STEP 1…WRONG!!! n 6/13

1. 5 SALARY n If you tried to do 5000/4 you would be missing all the months that have 5 weeks. n 12 months, but 52 weeks!!! 7/13

1. 5 SALARY n Ex. 3: Annual salary is $51, 234. 00. (A) What is the weekly salary? (B) What is the biweekly salary? (C) What is the monthly salary. n ALWAYS USE THE ANNUAL SALARY!!! 8/13

1. 5 SALARY n (A) WEEKLY: Annual is $51, 234. 00 n 51, 234. 00 = $985. 27 52 9/13

1. 5 SALARY n (B) BIWEEKLY: Annual is $51, 234. 00 n 51, 234. 00 26 = $1970. 54 **52 weeks in a year, 26 is ½ NOT semi-monthly which would be 24 pay periods a year!!! 10/13

1. 5 SALARY n (C) MONTHLY: Annual is $51, 234. 00 n 51, 234. 00 = $4269. 50 12 **Be careful. Budgeting important fewer pay checks you get. 11/13

1. 5 SALARY n Ex. 4: If the weekly salary is $455. 56, find the annual salary. n 455. 56 (52) = $23, 689. 12 n Ex. 5: If the biweekly salary is $639. 39, find the annual salary. n 639. 39 (26) = $16, 624. 14 12/13

Unit 1: The Job 1. 6 Commission

1. 6 COMMISSION n What kind of jobs are commission? n What does that mean? n Your money is based on a percentage of how much you sell 2/12

1. 6 COMMISSION First, you need to know how to convert percents to decimals… n Remember your alphabet n d p, going from percent to decimal means going to the n LEFT n Per cent is per 100… 2 zeros so 2 places 3/12 n

1. 6 COMMISSION n Let’s try some. Change each percent to a decimal: • 3% • 0. 03 • 10 % • 0. 10 • 0. 075 • 7½% • 0. 0825 • 8¼% • 1. 25 • 125 % • 0. 0078 4/12 • 0. 78 %

1. 6 COMMISSION n Ex. 1: Many real estate agents only make money when they sell a house. If a house sells for $350, 000. 00 and their commission rate is 5 %, how much did they make? n 350, 000 (0. 05) = $17, 500 5/12

1. 6 COMMISSION n Ex. 2: Commission rate is 2 ½%. The agent sold two houses, one selling for $365, 000 and the other for $225, 500. How much money did the agent make on both sales? 1. Total sales = $365, 000 + $225, 500 = $590, 500 n 2. Commission on total sales= $590, 500 ( 0. 025) = $14, 762. 50 n 6/12

1. 6 COMMISSION n Some companies give a salary (small) plus a commission rate. n Ex. 3: Salary is $2500 plus 3% commission on sales. If they sold $4000 worth of stuff, how much did they make total? 1. Commission: 4000(0. 03) =$120. 00 2. Total: 2500 + 120 = $2620. 00 7/12 n n

1. 6 COMMISSION Ex. 4: Their salary is $875. 00 with a 6 ½ % commission rate. If their sales totaled $32, 500. 00, how much did they make total? n 1. Commission: 32, 500 (0. 065) = $2112. 50 n 2. Total: 875 + 2112. 50 = $2987. 50 8/12 n

1. 6 COMMISSION n Some companies will give you the best of both worlds. n You will get whichever is higher: your salary or commission n (at least you are guaranteed a minimal income) 9/12

1. 6 COMMISSION Ex. 5: Guaranteed $175/week or 6 3/4% of sales…whichever is higher. Sales were $1200. Which do you want, salary or commission? n COMMISSION: 1200 ( 0. 0675) = $81. 00 n $81. 00 or $175. 00? 10/12 n

1. 6 COMMISSION n Ex. 6: Same as last slide, how much would your sales have to total to make more than $175. 00? n 0. 0675(sales) > $175. 00 0. 0675 x > 175. 00 675 x > 1750000 x > $2592. 59 SO…at least $2592. 60 n n 11/12