1. Skill 1: Wages

2. Vocabulary
The amount of money paid each hour is called the hourly rate.
The money that is received each payday is called the wages.

3. Examples; wages
Ernie works 40 hours at an hourly rate of $8.25. Find Ernie’s wages for the week. Wages = (Hourly Rate) x (Hours) Wages = (8.25) x (40) Wages = $330.00
Annie works for an hourly rate of $ Find Annie’s wages for a week where she works for 37 hours. Wages = (Hourly Rate) x (Hours) Wages = (10.50) x (37) Wages = $388.50

4. Practice: Skill #1
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Complete Skill #1 Practice

5. Skill 2: Annual Wages

6. Vocabulary
The amount of money earned during a full year is called annual wages.

7. Estimating Annual Wages
There are 52 weeks in a year.
People take vacation, sick days, ect. Estimate 50 work weeks.
A full work week is 40 hours.
Therefore, (50 weeks) x (40 hours) = 2000 hours per year.

8. Examples; annual wages
Estimate the annual wages for Jill if she earns $8.50 per hour. Annual Wages = (Hourly Rate) x (2000) Annual Wages = (8.50) x (2000) Annual Wages = $17, per year
Harry earns $9.75 per hour. Estimate his annual wages. Annual Wages = (Hourly Rate) x (2000) Annual Wages = (9.75) x (2000) Annual Wages = $19, per year

9. Practice: Skill #2
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Complete Skill #2 Practice

10. Skill 3: Time Worked

11. Examples; time worked
Manny arrived at work at 7:00 a.m. He left for lunch and 12:00 noon. He returned at 1:00 and worked until 3:00 p.m. Find the number of hours Manny worked and his wages for the day if he earns $12.30 per hour. Morning Hours: (Later time) – (Earlier time) = 12:00 – 7:00 = 5 hr 0 min Afternoon Hours: (Later time) – (Earlier time) = 3:00 – 1:00 = 2 hr 0 min Total Hours: (5 hr, 0 min) + (2 hr, 0 min) = 7 hours 0 minutes. Wages = (Hourly Rate) x (Hours) = ($12.30) x (7) Wages = $86.10

12. Examples; time worked
Ralph worked 3 hours and 45 minutes in the morning and 4 hours and 30 minutes in the afternoon. Find the amount of time Ralph worked and his wages for the day if he earns $8.25 per hour. Total Time = (Morning) + (Afternoon) = (3 hr, 45 min) + (4 hr, 30 min) = 7 hr, 75 minutes Total Time = 8 hours and 15 minutes Wages = (Hourly Rate) x (Hours) = ($8.25) x (8.25) Wages = $68.06

13. Practice: Skill #3
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14. Skill 4: Overtime

15. Vocabulary
Overtime is hours worked over 40 hours per week. People get paid more money on overtime.
Time and a half means 1.5 the regular hourly rate.
Double time means twice the regular hourly rate

16. Examples; overtime
Sarah earns $7.00 per hour. What are her overtime rates? Time and a Half: (Hourly Rate) * (1.5) = (7)*(1.5) = $10.50 per hour at time and a half rate Double Time: (Hourly Rate) * (2) = (7)*(2) = $14.00 at double time rate

17. Practice: Skill #4
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18. Skill 5: Regular Wages Plus Overtime

19. Find Total Wages Step 1: Find Overtime Hours
Step 2: Find Regular Wages
Step 3: Find Overtime Rate
Step 4: Find Overtime Wages
Step 5: Regular Wages + Overtime Wages = Total Wages

20. Examples; total wages
Dolly worked 44 hours at an hourly rate of $6.75. She was paid time and a half for her overtime. What were her total wages?
Overtime Hours = (Hours) - (40)
= (44) - (40) = 4 hours overtime
Regular Wages = (Hourly Rate) x (Hours)
= $6.75 x 40 = $270.00
Overtime Rate = (Hourly Rate) x (1.5)
= ($6.75) x (1.5) = $10.13
Overtime Wages = (Hourly Rate) x (Hours)
= ($10.13) x (4) = $40.52
Total Wages = (Regular Wages) + (Overtime Wages)
= ($270) + ($40.52) = $310.52

21. Examples; total wages
Harry worked 46 hours at an hourly rate of $8.25. He was paid double time for his overtime. What were his total wages?
Overtime Hours = (Hours) - (40)
= (46) - (40) = 6 hours overtime
Regular Wages = (Hourly Rate) x (Hours)
= $8.25 x 40 = $330.00
Overtime Rate = (Hourly Rate) x (2)
= ($8.25) x (2) = $16.50
Overtime Wages = (Hourly Rate) x (Hours)
= ($16.50) x (6) = $99.00
Total Wages = (Regular Wages) + (Overtime Wages)
= ($330) + ($99) = $429.00

22. Practice: Skill #5
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Complete Skill #5 Practice

23. Skill 6: Tips

24. Examples; total income
Alice is a server and earns $6.65 an hour. In one week she earned $350 in tips while she worked for 40 hours that week. Find her total income for the week.
Regular Wages = (Hourly Rate) x (Hours)
= $6.65 x 40 = $266.00
Total Income= (Regular wages) + (Tips)
= ($266) + ($350) = $616.00

25. Examples; total income
Alan is a musician and earns $7.85 an hour. In one week he earned $250 in tips while he worked for 43 hours that week. Find his total income for the week.
Regular Wages = (Hourly Rate) x (Hours)
= $7.85 x 40 = $314.00
Overtime Rate = (Hourly Rate) x (1.5)
= (7.85) x (1.5) = $11.78
Overtime Wages = (Overtime Rate) x (Overtime Hours)
= ($11.78) x (3) = $35.34
Total Income= (Regular wages) + (Overtime wages) + (Tips)
= ($314) + ($35.34) + ($250) = $599.34

26. Practice: Skill #6
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27. Skill 7: Piecework

28. Vocabulary
When one gets paid according to the number of units of work that is completed is called piecework.

29. Examples; total income
Carl works at a garment factory and sews buttons on shirts. For each shirt he completes that passes inspection, he earns $0.64. How much does he earn for 200 good shirts?
Wages = (Piece Rate) x (# of Pieces)
= $0.64 x 200
= $128.00

30. Examples; total income
Gina stitches pants. She made 12 pairs on Monday, 8 on Tuesday, 14 on Wednesday, 18 on Thursday, and 10 on Friday. Suppose she earns $5.79 for each pair of pants. How much money did she earn during this week?
# of Pieces = (M) + (T) + (W) + (Th) + (F) =
= 62 pants for the week
Wages = (Piece Rate) x (# of Pieces)
= $5.79 x 62
= $358.98

31. Practice: Skill #7
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Complete Skill #7 Practice

32. Skill 8: Rounding Money

33. Examples; rounding money
Round $ to the nearest cent. $
= $
Since 7 ≥ 5, we round the 5 up to 6
= $135.66

34. Examples; rounding money
Round $7.892 to the nearest dime.
Round to the nearest tenth.
= $7.892
Since 9 ≥ 5, we round the 8 up to 9
= $7.90

35. Examples; rounding money
Round $40.48 to the nearest dollar.
Round to the ones place.
= $40.48
Since 4 < 5, we leave the 0 a 0
= $40.00

36. Practice: Skill #8
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37. Skill 9: Salary

38. Vocabulary
Payment of a fixed amount of money at regular intervals is called salary.

39. Regularity of Payments
How often Paid
Pay Periods per Year 52
Weekly 26
Biweekly 24
Semimonthly 12
Monthly 6
Bimonthly 4
Quarterly 2
Semiannually 1
Annually

40. Examples; salary
Abe is paid a salary of $15,500 semiannually. How much does he earn in one year.
Semiannually means twice per year
= (Salary per pay period) x (# of pay periods)
= ($15,500) x (2)
= $31,000 per year

41. Examples; salary
Jay earns a salary of $28,000. He gets paid biweekly. How many pay periods are there? How much does he earn each pay period.
Biweekly means 26 times per year
= (Salary per year) ÷ (# of pay periods)
= ($28,000) ÷ (26)
= $1, per year

42. Practice: Skill #9
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43. Skill 10: Percent and Decimals

44. Vocabulary
Percent means part per one hundred. To work through percent problems you need to change the percent to a fraction or a decimal.

45. Examples; percent to decimal
Change the percentage to a decimal. 8%
= 08. % (move decimal 2 places to the left)
= 0.08
9.5%
= 09.5% (move decimal 2 places to the left)
= 0.095
67%
= 67.% (move decimal 2 places to the left)
= 0.67

46. Practice: Skill #10
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47. Skill 11: Commission

48. Vocabulary
Percentage is calculated by multiplying a percent by a number.
Payment based on percentage of total sales is called a commission.

49. Examples; commission Commission = (Sales) x (Commission Rate)
Mr. James sells $24,000 worth of computer equipment. His rate of commission is 1.8%. What is his commission on the sale?
Commission = (Sales) x (Commission Rate)
= (24,000) x (0.018)
= $432.00

50. Examples; commission Commission = (Sales) x (Commission Rate)
Mrs. Henry sells used cars one week she sold four cars worth a total of $59,750. Her rate of commission is 2.23%. What is his commission on her sales?
Commission = (Sales) x (Commission Rate)
= (59,750) x (0.0223)
= $

51. Practice: Skill #11
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52. Skill 12: Salary Plus Commission

53. Vocabulary
On some occasions people get a small salary and earn a bonus of commission on what they sell, salary plus commission.

54. Examples; salary plus commission
Trish sells shoes at a department store. She earns a weekly salary of $175. Also, she gets 3% on all of her sales. Last week she sold $2,248 worth of shoes. How much did she earn last week?
Commission = (Sales) x (Commission Rate)
= (2,248) x (0.03)
= $67.44
Total Earnings = (Salary) + (Commission)
= (175) + (67.44)
= $242.44

55. Examples; salary plus commission
Tim sells computers at Best Buy. He earns a weekly salary of $150. Also, he gets 9.25% on all of his sales. Last week he sold $5,785 worth of computers. How much did he earn last week?
Commission = (Sales) x (Commission Rate)
= (5,785) x (0.0925)
= $535.11
Total Earnings = (Salary) + (Commission)
= (150) + (535.11)
= $685.11

56. Practice: Skill #12
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57. Skill 13: Net Pay

58. Vocabulary
The full earnings one gets on a paycheck is called the, gross pay.
Money that is withheld from the gross pay are called, deductions.
Net pay is the amount of money a worker receives after deductions are subtracted from the gross pay.

59. Examples; salary plus commission
Dean earned $ The following deductions were taken out of his paycheck: federal tax, $46.43; state tax, $19.78; Social Security tax, $22.32; Medicare, $5.22; and dues, $5.00. Find his total deductions and his net pay.
Deductions = (Taxes) + (Medicare) + (Dues)
=(46.43) + (19.78) + (22.32) + (5.22) + (5)
= $98.75
Net Pay = (Gross Pay) - (Deductions)
= (360.56) - (98.75)
= $261.81

60. Examples; salary plus commission
Diane earned $ The following deductions were taken out of her paycheck: federal tax, $57.34; state tax, $21.87; Social Security tax, $18.23; and Medicare, $6.15. Find his total deductions and his net pay.
Deductions = (Taxes) + (Medicare) + (Dues)
=(57.34) + (21.87) + (18.23) + (6.15) + (0)
= $103.59
Net Pay = (Gross Pay) - (Deductions)
= (589.89) - (103.59)
= $486.30

61. Practice: Skill #13
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