1. Chapter 2 Income, Benefits, and Taxes

2. Slide 2 What Are the Sources of Earned Income? 2-1 Earned Income and Benefits A wage is pay for each hour worked. o Minimum wage – lowest rate by law o Overtime – 1½ times regular rate A salary is pay for each month or year worked. A tip is a gift of money for a service. A commission is a set fee or percentage of a sale.

3. Slide 3 Minimum Wage Laws 2-1 Earned Income and Benefits

4. Slide 4 What Is Self-Employment? 2-1 Earned Income and Benefits Self-employment is working for yourself. An entrepreneur is someone who is self- employed and owns a business. o Lifestyle businesses o Venture businesses

5. Slide 5 What Are Employee Benefits? 2-1 Earned Income and Benefits Benefits are forms of pay other than salary or wages. Pay without work Education Perks Insurance/HSAs Retirement plans Profit-sharing plans Stock option plans

6. Slide 6 Success Skills Teamwork Set clear goals and create a plan. Define the duties of each team member. Identify how success will be measured. Identify problems the team may face. Have regular meetings. Build on the strengths of team members. Recognize accomplishments. 2-1 Earned Income and Benefits