Pay Periods and Hourly Rates

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Presentation transcript:

Pay Periods and Hourly Rates 6.2 Vocabulary Pay Periods and Hourly Rates

Pay Periods Weekly = 52 paychecks per year Bi-weekly = every 2 weeks; 26 paychecks per year Semi-monthly = 2 times per month; 24 paychecks per year Monthly = 1 time per month; 12 paychecks per year

Pay Rates Over time hours = extra hours Time-and-a-half = 1 ½ x hourly rate Double-time pay = 2 x hourly rate Gross pay = hourly pay + over time pay

Commissions, Royalties, and Piecework Pay 6.3 Vocabulary Commissions, Royalties, and Piecework Pay

Vocabulary Commission or royalty = pay based on the amount of sales they make. Some employees are paid on commission/royalty instead of hourly wage Example: Real estate agents receive a commission based on the cost of the house they sell. They may earn 8% of the sale of a $305,000 house. 305,000 x 0.08 = $24,400 commission

Vocabulary Piecework Rate = workers are paid according to the amount of items they produce. Some employees are paid at a piecework rate instead of an hourly rate and sometime are paid a combination of hourly and piecework rate. Example Some jobs in farming, manufacturing, and journalism.

Example #1 Adrianna wrote a textbook for high school students. She receives a 10% royalty based on the total sales of the book. The book sells for $47.95 and 17,000 copies were sold last year. How much did Adrianna receive in royalty payments for last year?

Example #2 Allison sells cosmetics from door-to-door. She is paid a monthly commission. She receives 11% of her first $900 in sales and 17% of the rest of her sales. Last month she sold $1,200 worth of cosmetics. How much commission did she earn last month?