Gross Earnings, Wages and Salaries Chapter 6: Payroll Section 6.1.

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Presentation transcript:

Gross Earnings, Wages and Salaries Chapter 6: Payroll Section 6.1

Calculating gross earnings: Gross Pay = # of hours worked x hourly rate Overtime Earnings for over 40 hours per week: Typically “time and a half” Gross Pay = regular pay + overtime pay (up to 40 hr) (time above 40 hr)

Example: Joseph works the following hours. His regular rate is $9.70 per hour and time and a half for hours over 40 per week. Find his gross earnings: DayMonTuesWedThursFriSat # hours

Overtime Premium method of calculating Gross Pay: EX: Tabitha worked 40 regular hours and 10 overtime hours this week. If her regular pay is $12.50 per hour, find her gross earnings.

Sometimes O.T. is calculated daily! (over 8 hours per day) EX: Luke is paid $11.20 per hour and time and a half for all hours over 8 worked per day. Find his gross earnings for the following week: DayMonTuesWedFri # hours101258

Other Premium Payment Plans: Double Time Shift Differential Split-Shift Premium Compensatory (Comp) Time

Pay Period Vocab Monthly: 12 paychecks per year. Semimontly: two per month = 24 paychecks per year. Biweekly: every 2 weeks = 26 paychecks per year. Weekly: 52 paychecks per year.

Example 1. Glen receives a weekly salary of $834. Find: Annual earnings: Monthly earnings: Semimonthly earnings: Biweekly earnings:

O.T. for salaried employees: Divide pay to find the hourly wage, then multiply by 1.5 for “time and a half.” EX: Elinor has a normal workweek of 35 hours and is paid $ each week. What are her gross earnings in a week in which she works 41 hours?