1. Unit 1: The Job 1.1 Hourly Pay

2. 1.1 HOURLY PAY What kind of jobs are hourly? What kind of jobs are hourly? What does that mean? What does that mean? You make a set amount for each hour you work You make a set amount for each hour you work

3. 1.1 HOURLY PAY Cinema job: $7.50 / hour Cinema job: $7.50 / hour Ex. 1: work 10 hours = $ ? Ex. 1: work 10 hours = $ ? 7.50 (10) = $75.00 7.50 (10) = $75.00 Ex. 2: work 20 hours = ? Ex. 2: work 20 hours = ? 7.50 (20) = $150.00 7.50 (20) = $150.00

4. 1.1 HOURLY PAY Ex. 3: work 30 ½ hours = ? Ex. 3: work 30 ½ hours = ? 7.50 (30.5) = $228.75 7.50 (30.5) = $228.75 Ex. 4: work 3 ¼ hours at $8.45 per hour Ex. 4: work 3 ¼ hours at $8.45 per hour 8.45 (3.25) = $27.4625 but… 8.45 (3.25) = $27.4625 but… Money has 2 places, so $27.46

5. 1.1 HOURLY PAY Ex. 5: work 4 ¾ hours at $9.20 per hour Ex. 5: work 4 ¾ hours at $9.20 per hour 9.20 (4.75) = $39.928 but… 9.20 (4.75) = $39.928 but… $39.93 $39.93

6. Unit 1: The Job 1.2 Overtime Pay

7. 1.2 OVERTIME PAY With hourly pay, how can you make extra money? With hourly pay, how can you make extra money? Overtime & holidays Overtime & holidays Most work weeks are 40 hours Most work weeks are 40 hours (This is called straight pay) Anything over that = OT and extra $$$ (This is called straight pay) Anything over that = OT and extra $$$ Holidays are bonuses, also 2/10 Holidays are bonuses, also 2/10

8. 1.2 OVERTIME Usual rate for overtime (ot) is “time and a half” or 1 ½ (1.5) times your normal working rate Usual rate for overtime (ot) is “time and a half” or 1 ½ (1.5) times your normal working rate Usual holiday rate is time and a half or “double” 3/10 Usual holiday rate is time and a half or “double” 3/10

9. 1.2 OVERTIME For the following examples, use time and a half: For the following examples, use time and a half: Ex. 1: rate is $10/hour, ot= 8 hrs. How much did you make for these 8 hours of overtime? Ex. 1: rate is $10/hour, ot= 8 hrs. How much did you make for these 8 hours of overtime? 8[ 10 (1.5)] = $120.00 8[ 10 (1.5)] = $120.00 Ex. 2: rate is $12.50/hour, ot = 15 hrs Ex. 2: rate is $12.50/hour, ot = 15 hrs 15 [ 12.50 (1.5)] = $281.25 4/10 15 [ 12.50 (1.5)] = $281.25 4/10

10. 1.2 OVERTIME Ex. 3: You work 45.5 hours at $8.50 per hour. What is your Total pay? Ex. 3: You work 45.5 hours at $8.50 per hour. What is your Total pay? straight time pay + overtime pay = total pay 1. Straight time: 40 hours at $8.50 = $340.00 2. Overtime: 5.5 hours at time and a half = 5.5 [ 8.50 ( 1.5) ] = $70.125 (or $70.13) 3. Total: $340.00 + $70.13 = $410.13 5/10

11. 1.2 OVERTIME For the next examples, use double time: For the next examples, use double time: Ex. 4: rate is $12/hour, work 6 holiday hours. How much did you make for these overtime hours? Ex. 4: rate is $12/hour, work 6 holiday hours. How much did you make for these overtime hours? 6 [ 12 (2) ] = $144.00 6/10 6 [ 12 (2) ] = $144.00 6/10

12. 1.2 OVERTIME Ex. 5: rate is $16.25/hr work 4 ½ hours holiday (double) Ex. 5: rate is $16.25/hr work 4 ½ hours holiday (double) 4.5 [ 16.25 (2) ] = $146.25 4.5 [ 16.25 (2) ] = $146.25 Ex. 6: You work 52 hours at $7.50. Total pay? Ex. 6: You work 52 hours at $7.50. Total pay? 40 (7.50) = $300.00 40 (7.50) = $300.00 12 [ 7.50 (2)] = $180.00 12 [ 7.50 (2)] = $180.00 Total = $480.00 7/10 Total = $480.00 7/10

13. 1.2 OVERTIME Ex. 7: You make $9.50 an hour. You worked 55 hours. Overtime is paid at time and a half. What is your total pay for the week? Ex. 7: You make $9.50 an hour. You worked 55 hours. Overtime is paid at time and a half. What is your total pay for the week? 40 (9.50) = $380.00 (straight pay) 40 (9.50) = $380.00 (straight pay) 15 [ 9.50(1.5)] = $213.75 (ot) 15 [ 9.50(1.5)] = $213.75 (ot) Total pay = $593.75 8/10 Total pay = $593.75 8/10

14. 1.2 OVERTIME Ex. 8: You worked a total of 65 hours. The extra hours came on the 4 th of July holiday weekend. Your hourly rate is $9.25. What is your total pay for the week? Ex. 8: You worked a total of 65 hours. The extra hours came on the 4 th of July holiday weekend. Your hourly rate is $9.25. What is your total pay for the week? 40 ( 9.25) = $370.00 40 ( 9.25) = $370.00 25 [ 9.25(2)] = $462.50 25 [ 9.25(2)] = $462.50 Total pay = $832.50 9/10 Total pay = $832.50 9/10

15. Unit 1: The Job 1.5 Salary

16. 1.5 SALARY What kind of jobs are salary? What kind of jobs are salary? What does that mean? What does that mean? You make a set amount for each pay period, not dependent on actual time worked 2/13 You make a set amount for each pay period, not dependent on actual time worked 2/13

17. 1.5 SALARY Divided into “pay periods” Divided into “pay periods” “annual” salary “annual” salary 12 months = 1 year 12 months = 1 year 52 weeks = 1 year 52 weeks = 1 year BI weekly = every 2 weeks BI weekly = every 2 weeks SEMI annually = ½ so 2 times a year 3/13 SEMI annually = ½ so 2 times a year 3/13

18. 1.5 SALARY Number of pay periods per year for the following phrases: Number of pay periods per year for the following phrases: MONTHLY = 12 MONTHLY = 12 SEMI-MONTHLY = 24 SEMI-MONTHLY = 24 WEEKLY = 52 WEEKLY = 52 BIWEEKLY = 26 4/13 BIWEEKLY = 26 4/13

19. 1.5 SALARY Ex. 1: Teachers are paid 11 times a year. If annual salary is $66,000 each year, how much do they get each pay period? Ex. 1: Teachers are paid 11 times a year. If annual salary is $66,000 each year, how much do they get each pay period? How many pay periods? 11 Annual salary = 66,000 =$6000 # of pay periods per year 11 5/13

20. 1.5 SALARY Ex. 2: $5000 a month salary. Paid each week. How much each pay period? Ex. 2: $5000 a month salary. Paid each week. How much each pay period? 1. ANNUAL salary: 5000(12)=60,000 1. ANNUAL salary: 5000(12)=60,000 2. WEEKLY salary: 2. WEEKLY salary: 60,000 = $1153.85 60,000 = $1153.85 52 52 ** IF YOU SKIP STEP 1…WRONG!!! 6/13 6/13

21. 1.5 SALARY If you tried to do 5000/4 you would be missing all the months that have 5 weeks. If you tried to do 5000/4 you would be missing all the months that have 5 weeks. 12 months, but 52 weeks!!! 7/13 12 months, but 52 weeks!!! 7/13

22. 1.5 SALARY Ex. 3: Annual salary is $51,234.00. (A) What is the weekly salary? (B) What is the biweekly salary? (C) What is the monthly salary. Ex. 3: Annual salary is $51,234.00. (A) What is the weekly salary? (B) What is the biweekly salary? (C) What is the monthly salary. ALWAYS USE THE ANNUAL SALARY!!! 8/13 ALWAYS USE THE ANNUAL SALARY!!! 8/13

23. 1.5 SALARY (A) WEEKLY: Annual is $51,234.00 (A) WEEKLY: Annual is $51,234.00 51,234.00 = $985.27 51,234.00 = $985.27 52 9/13 52 9/13

24. 1.5 SALARY (B) BIWEEKLY: Annual is $51,234.00 (B) BIWEEKLY: Annual is $51,234.00 51, 234.00 = $1970.54 51, 234.00 = $1970.54 26 26 **52 weeks in a year, 26 is ½ NOT semi-monthly which would be 24 pay periods a year!!! 10/13

25. 1.5 SALARY (C) MONTHLY: Annual is $51,234.00 (C) MONTHLY: Annual is $51,234.00 51, 234.00 = $4269.50 51, 234.00 = $4269.50 12 12 **Be careful. Budgeting important fewer pay checks you get. 11/13

26. 1.5 SALARY Ex. 4: If the weekly salary is $455.56, find the annual salary. Ex. 4: If the weekly salary is $455.56, find the annual salary. 455.56 (52) = $23,689.12 455.56 (52) = $23,689.12 Ex. 5: If the biweekly salary is $639.39, find the annual salary. Ex. 5: If the biweekly salary is $639.39, find the annual salary. 639.39 (26) = $16,624.14 12/13 639.39 (26) = $16,624.14 12/13

27. Unit 1: The Job 1.6 Commission

28. 1.6 COMMISSION What kind of jobs are commission? What kind of jobs are commission? What does that mean? What does that mean? Your money is based on a percentage of how much you sell 2/12 Your money is based on a percentage of how much you sell 2/12

29. 1.6 COMMISSION First, you need to know how to convert percents to decimals… First, you need to know how to convert percents to decimals… Remember your alphabet Remember your alphabet d p, going from percent to decimal means going to the d p, going from percent to decimal means going to the LEFT LEFT Per cent is per 100…2 zeros so 2 places 3/12 Per cent is per 100…2 zeros so 2 places 3/12

30. 1.6 COMMISSION Let’s try some. Change each percent to a decimal: Let’s try some. Change each percent to a decimal: 3 % 10 % 7 ½ % 8 ¼ % 125 % 0.78 % 0.03 0.10 0.075 0.0825 1.25 0.0078 4/12

31. 1.6 COMMISSION Ex. 1: Many real estate agents only make money when they sell a house. If a house sells for $350,000.00 and their commission rate is 5 %, how much did they make? Ex. 1: Many real estate agents only make money when they sell a house. If a house sells for $350,000.00 and their commission rate is 5 %, how much did they make? 350,000 (0.05) = $17,500 5/12 350,000 (0.05) = $17,500 5/12

32. 1.6 COMMISSION Ex. 2: Commission rate is 2 ½%. The agent sold two houses, one selling for $365,000 and the other for $225,500. How much money did the agent make on both sales? Ex. 2: Commission rate is 2 ½%. The agent sold two houses, one selling for $365,000 and the other for $225,500. How much money did the agent make on both sales? 1. Total sales = 1. Total sales = $365,000 + $225,500 = $590,500 $365,000 + $225,500 = $590,500 2. Commission on total sales= 2. Commission on total sales= $590,500 ( 0.025) = $14,762.50 6/12 $590,500 ( 0.025) = $14,762.50 6/12

33. 1.6 COMMISSION Some companies give a salary (small) plus a commission rate. Some companies give a salary (small) plus a commission rate. Ex. 3: Salary is $2500 plus 3% commission on sales. If they sold $4000 worth of stuff, how much did they make total? Ex. 3: Salary is $2500 plus 3% commission on sales. If they sold $4000 worth of stuff, how much did they make total? 1. Commission: 4000(0.03) =$120.00 1. Commission: 4000(0.03) =$120.00 2. Total: 2500 + 120 = $2620.00 7/12 2. Total: 2500 + 120 = $2620.00 7/12

34. 1.6 COMMISSION Ex. 4: Their salary is $875.00 with a 6 ½ % commission rate. If their sales totaled $32,500.00, how much did they make total? Ex. 4: Their salary is $875.00 with a 6 ½ % commission rate. If their sales totaled $32,500.00, how much did they make total? 1. Commission: 1. Commission: 32,500 (0.065) = $2112.50 32,500 (0.065) = $2112.50 2. Total: 2. Total: 875 + 2112.50 = $2987.50 8/12 875 + 2112.50 = $2987.50 8/12

35. 1.6 COMMISSION Some companies will give you the best of both worlds. Some companies will give you the best of both worlds. You will get whichever is higher: your salary or commission You will get whichever is higher: your salary or commission (at least you are guaranteed a minimal income) 9/12 (at least you are guaranteed a minimal income) 9/12

36. 1.6 COMMISSION Ex. 5: Guaranteed $175/week or Ex. 5: Guaranteed $175/week or 6 3/4% of sales…whichever is higher. Sales were $1200.00. Which do you want, salary or commission? 6 3/4% of sales…whichever is higher. Sales were $1200.00. Which do you want, salary or commission? COMMISSION: COMMISSION: 1200 ( 0.0675) = $81.00 1200 ( 0.0675) = $81.00 $81.00 or $175.00? 10/12 $81.00 or $175.00? 10/12

37. 1.6 COMMISSION Ex. 6: Same as last slide, how much would your sales have to total to make more than $175.00? Ex. 6: Same as last slide, how much would your sales have to total to make more than $175.00? 0.0675(sales) > $175.00 0.0675(sales) > $175.00 0.0675x > 175.00 0.0675x > 175.00 675x > 1750000 675x > 1750000 x > $2592.59 x > $2592.59 SO…at least $2592.60 11/12 SO…at least $2592.60 11/12