Earning an Income Review. Hours worked Joe starts work at 2:15 PM, and he gets off work at 6:20 PM. He has no break. How long did he work? – 2:15 to 6:15.

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Presentation transcript:

Earning an Income Review

Hours worked Joe starts work at 2:15 PM, and he gets off work at 6:20 PM. He has no break. How long did he work? – 2:15 to 6:15 is 4 hours – 6:15 to 6:20 is 5 minutes Joe worked 4 hours, 5 minutes Method: Count hours, then count minutes

Example Sally works from 6:20 AM, to 1:10 PM with no breaks. How long did she work? 6:20 to 12:20 6 hours Hint: Use your finger to count hours 12:20 to 1:10 is 50 minutes 50 minutes

Question #1 Tex starts work at 1:40 PM and gets off work at 7:25 PM. If he has no breaks, how many hours does he work for?

Decimal hours Sometimes it is useful to know what a time is in decimal hours (eg 6.5 hours rather than 6 hours 30 minutes) To change time into decimal hours, simply divide the minutes by 60 and add the hours Decimal hours = + hours

Example If someone works 2 hours and 23 minutes, what is this in decimal hours? Decimal hours = + hours = + 2 = = 2.38

Question #2 Convert 6 hours and 39 minutes into decimal hours

Hourly Pay To determine how much someone earns, you multiply the number of hours they worked by their rate of pay. If you know how much someone earned, you can determine their rate of pay by dividing the amount they earned by the number of hours they worked

Example 1 Fred gets paid $8.25 per hour. If he works 24 hours in a week, how much did he earn? 8.25 x 24 = $198

Example 2 Joe got paid $1500 for a job which took him 60 hours to complete, if Joe got paid by the hour, what would his hourly rate be? 1500 ÷ 60 = $25/hr

Question #3 George earns $26 per hour. If he works 25 hours, how much does he earn?

Question #4 One week Suzy gets paid $ and Joe gets paid $3000. If Joe worked 40 hours and Suzy worked 34 hours, who earns more per hour?

Overtime If you work more than 8 hours in BC you earn overtime of time and a half, this means you earn your regular wage plus half your regular wage, so if you earned $20/hr, your overtime rate would be $30 ( ) per hour. To calculate your overtime rate you add 50% to your wage.

Example Ivan earns $25 per hour. What would his overtime rate be (if he gets time and a half for overtime) 50% of 25: 25 x 50 ÷ 100 = = 37.5 Hint: You can also determine overtime wages by multiplying by 1.5 (25 x 1.5 = 37.5)

Question #5 Betty gets paid $23.50 per hour. What is her overtime rate?

Commission Some people are paid by commission, they get a percentage of whatever they sell as their wage.

Example Susan gets paid a 4% commission on all cars she sells, if she sells a car for $7000 how much does she earn? 4% of $7000: 7000 x 4 = ÷ 100 = $280 Hint: You could also have determined 4% of $7000 by multiplying 7000 x 0.04 = 280

Question #6 Jane earns a 3% commission on all houses she sells. She sells a house for $123,000. How much commission does she earn?

Piecework Some people are paid for each item they produce. To determine how much they earn multiply the amount they are paid per item by the number of items they produce If you know how much they earned, you can determine how many items they produced by dividing the amount earned by the rate of pay per item

Example 1 Mike gets paid $7 for each sheet of dry wall he hangs, if he hangs 50 sheets in a day, how much does he earn? 7 x 50 = $350

Example 2 Mike gets paid $7 for each sheet of dry wall he hangs, if he earns $364 in a day, how many sheets did he install? 364 ÷ 7 = 52

Question #7 Jim installs software on a company’s computers for $15 per computer. If he earns $1440, how many computers did he install software on?

Question #8 Misha plants trees for 8 cents a tree, if he plants 4526 trees in a day, how much does he earn?

Tips Some employees earn tips on top of their wages.

Example Bill gets paid $8 per hour and earns tips on top of this. He worked a 5 hour shift where his customers bills totaled $874 and each customer left (on average) a 14% tip. How much does Bill earn? 8 x 5 = $40 in wages 874 x 0.14 = $ in tips $40 + $ = $162.36

Question #9 Sara gets paid $10/hr and earns tips on top of this. If she works a 6 hour shift where her customers bills totaled $960 and on average left 12% tips. How much did Sara earn?

Converting Between Pay Periods Weekly pay – Paid Every Week (52 times a year) Biweekly pay – Paid Every 2 Weeks (26 times a year) Semi-monthly pay – Paid 2 times a month (24 times a year) Monthly pay – Paid once a month (12 times a year) Annual pay – Amount earned in a year

Example 1 If you get paid $2500 biweekly, how much do you earn weekly? 2500 every two weeks 2500 ÷ 2 = 1250 per week

Example 2 If you get paid $2340 monthly, how much do you earn per week? To convert between monthly and weekly pay: Change the monthly pay into annual pay then convert the annual pay into weekly pay x 12 = per year ÷ 52 = 540 per week

Example 3 If you get paid $1650 biweekly, how much do you earn semi-monthly? Paid $1650 every 2 weeks 1650 ÷ 2 = 825 per week 825 x 52 = annually ÷ 12 = 3575 monthly 3575 ÷ 2 = semi-monthly

Question #10 Jim gets paid $1800 semi-monthly, how much does he earn weekly?

Gross, Taxable and Net Income Gross Income: Amount earned Taxable Income: Amount you pay taxes on (Gross Income minus union dues, RRSPs and Pension contributions) Net Income: Amount you get paid (Taxable Income minus deductions(CPP, EI, Federal/Provincial Tax))

Question #11 Kat earns $2500 per month. If she pays union dues of $400 per month what is her monthly taxable income?

Deductions Deductions are the difference between Gross and Net Pay. Some deductions are before tax (Union dues, RRSP and Pension Contributions) Some deductions ARE tax (CPP, EI, Federal and Provincial Income Tax) Others are after tax (contributions toward the company coffee plan, camp costs etc.)

Example Joe earns gross pay of $2000 biweekly and has $460 taken off in deductions. What percentage of his pay is taken off in deductions? 460 ÷ 2000 = 0.23 x 100 = 23%

Question #12 Jane earns $600 weekly and has $50.85 deducted in Federal Tax. What percentage of her gross earnings is this?

Question #13 Brian earns $23 per hour. He works 40 hours per week. What is his annual gross pay?

Question #14 Ben takes a contract to paint a house, he will be paid $1500 for the job, and he must provide all the supplies. If Ben spends $400 in paint, and $150 on other supplies, and he works on the job for 45 hours. How much per hour is he earning?