1. Annual Wage / Salary How much a person is paid in a year Wages & Salaries 12 months in a year 52 weeks in a year

2. £12 428 ÷ 52 = £ 239 Weekly wage = Example 1 : A shop assistant gets paid £12 428 a year. How much is her weekly wage. Wages & Salaries Number of weeks in a year

3. £1 100 x 12 = £ 13 200Annual Salary = Example 2 : A mechanic gets paid £1 100 a month. A bus driver gets paid £260 a week. Who gets the better annual salary. Wages & Salaries Mechanic : Bus Driver : £260 x 52 = £ 13 520Annual Salary = Bus driver has better annual wage Months in a year Weeks in a year

4. Example 2 : Rachael earned an annual salary of £ 20 000 last year. She receives a 10% rise this year. What is her new salary. Salaries & Overtime 0.1 x £20 000 = £ 2 000Rise : New salary :£20 000 + £2 000 = £ 22 000 10% as a decimal= 10 ÷100= 0.1

5. Example 3 : Kerr earned an annual salary of £ 18 000 last year. He receives a 4% rise this year. What is his new salary. Salaries & Overtime 0.04 x £18 000 = £ 720 Rise : New salary : £18 000 + £720 = £ 18 720 4% as a decimal = 4 ÷ 100= 0.04

6. Overtime :When you do extra work above your basic hours. Time Sheets & Overtime You get a better hourly rate for overtime. Write down the two common rates of overtime Double time (x2) Time and a half (x1.5)

7. 5 x £16 = £80.005 hours overtime is = Example 2 : Jordan the gardener works a basic 40 hours a week. He does 5 hours overtime at ‘double time’ on Saturday. His hourly rate is £8 per hour. Work out his overtime pay and then his total pay. Time Sheets & Overtime 40 x £8 = £320.0040 hours basic time is = Total pay is = £320 + £80 = £400 Overtime Rate =£8 x 2= £16.00 per hour

8. Salaries & Overtime Time and a half To calculate ‘time and a half’ overtime Time can be described as the whole thing or 1 Half of time can be described as So…….. time and a half can be described as 1.5 Therefore to calculate time and a half we ……… ……… Multiply by 1.5 0.5

9. 4 x £9 = £36.004 hours overtime is = Example 3 : Tim the shop assistance works a basic 30 hours a week. He does 4 hours overtime at ‘time and a half’ on Sunday. His hourly rate is £6 per hour. Work out his overtime pay and then his total pay. Time Sheets & Overtime 30 x £6 = £180.0030 hours basic time is = Total pay is = £36 + £180 = £216.00 Overtime rate =1.5 x £6= £9.00

10. Commission Piecework What is piecework?? …. A payment for a number of items made, or tasks completed Money earned based on how much you sell. Usually expressed as a percentage. Write some people who get commission Car sales person Double glazing sales person Commission :

11. Commission Piecework Example 2: Nicola is paid £3.75 for every 20 worms she brings to the local bait shop How much is she paid for bringing back 140 worms? 140 ÷ 20 = 7 To find out how many ‘lots of 20 worms’ she has brought back thereforePayment = 7 x £3.75 = £26.25

12. Example 1 : Bob sells car. He is paid a commission of 5% on any cars he sells. Last week he sold £ 20 000 worth of cars. How much commission was he paid ? Commission 0.05 x £20 000 = £ 1 000Commission : Converting 5% to a decimal = 5 ÷ 100 = 0.05

13. Gross Pay:What you are paid by the employer. Salaries & Overtime Tax National Insurance Deductions:Taken off your wages. Net Pay:Your take home pay. Pension

14. Example 3 : Calculate the Net wage for this payslip : Salaries & Overtime 739.15 207.76 531.39 Net pay = Total income - Deductions

15. Simple Interest Just working out percentages Simple Interest I have £400 in the Bank. At the end of each year I receive 7% of £400 in interest. How much interest do I receive after 1 years? How much do I now have? 7% as a decimal = 7 ÷ 100 = 0.07 Then interest earned 0.07 x £400 = £28 Amount in bank £400 + £28 = £428

16. Simple Interest Just working out percentages Simple Interest I have £1200 in the Bank. I receive 10% p.a. in interest. How much interest do I receive if I take my money out after 3 months.

17. Simple Interest Just working out percentages Simple Interest Stuart invested £4000 in the building Society with an interest rate of 5% p.a. How much does he have after 6 years? 5% as a decimal = 5 ÷ 100 = 0.05 Interest earned after 1 year = 0.05 x £4000 = £200 Interest earned after 6 years = 6 x £200 = £1200