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# What is the major reason people

work?
skills? To meet new and exciting
people?
NO to make money!!!
Focus: How to calculate different types
of pay?
Chapter 8 section 2

Compelling Why!
If you are to receive a salary, do you
know how to calculate your gross pay
for each pay period?
What kind of information do you need?
Hourly Workers?

## Are you entitled to overtime?

How do you calculate OT?

WAGES
First 40 hours is at regular pay
rate.
Anything over 40 hours is at 1.5
overtime.

## Hourly wage example

Jim worked 45 hours last week
He makes \$8.90 an hour
What is his gross pay?

## Regular pay 40*8.9 = 356.00

Overtime pay 5*(1.5*8.9) = 66.75
Total gross pay
356.00 + 66.75 = \$422.75

## Now you try

Hourly
wage
example
Judy worked 52 hours last week
He makes \$11.90 an hour
What is his gross pay?

## Regular pay 40*11.90 = 440.00

Overtime pay 11*(1.5*11.90)
(1.5*11.90) = 17.85
17.85*12 = 214.20
Total gross pay
440.00 + 214.20 = \$654.20

SALARY
Exempt employees - No matter how many
hours you work, you get paid the same
amount each pay period.
52 weeks in a year
If paid every two weeks
26 pay
periods
If paid twice a month 24 pay periods
If paid once a month
12 pay periods

Salary
Seans salary is \$42,500 a year
What is Seans gross pay if he gets paid

every two
weeks

bi- monthly

Once a
month

\$42,500/26

\$42,500/24

\$42,500/12

\$1,634.62

\$1,770.83

\$3,541.67

Commission
Incentive to works because
pay is directly related to
the amount of work a
person does
Ie. Sales person and
Production workers

## Commission Car Sales Person

earns 9% commission for each
car sold
Sold 2 cars
Car 1 - \$21,790
Car 2 - \$25,650
How much does the
Salesperson earn?

\$21,790
+ 25,650
47,440
x _ .09
\$4,269.60

Base + incentive
Jill works at Best Buy and has a biweekly salary of \$1,000.
She earns 3% of the merchandise
she sells.
She sold \$6,000 in merchandise this
pay period.
What is Jills gross pay?
\$1,000 + (.03 x 6000)
\$1,000 + 180 = \$1,180.00

Incentive Plans
Profit sharing

## Workers receive a share of the

companys profits.

Performance Bonuses

## Companies pay bonuses to workers

who increase the quantity or quality
of their work.

Bell work

## Besides pay what

other expectations do
you have from your
employer when you get
a full-time job.

Fringe benefits
wages and salary
Can cost a company 20% to 40% of a
employees salary to provide benefits
ie an employee is paid \$40,000
This employees fringe benefits could
cost between \$8,000 and \$16,000 a
year

## Common fringe benefits

Life, health, dental, disability insurance

## Employers may also contribute

Paid Vacations
Personal Illness, and bereavement days
Absences for the birth of a child

Graphic Organizer

Employee Compensation
INCENTIVE
PLANS
Bonuses
Stock options
Profit sharing
BENEFITS
Health insurance Retirement plan
Paid vacations
Convenience benefits
PAYMENT
Salary
Overtime
Hourly wages Commission
Chapter 8 Beginning a New Job

## THOSE REQUIRED BY LAW

Unemployment compensation

Workers compensation

Social Security

Convenience
Benefits
Services that make
workers lives easier
flexible work hours
fitness center
On-site childcare
What can you think
of?

Cafeteria Plan
Not a benefit but a
policy that lets
employees chose
the benefits they
want.

ie an employee may
choose disability
insurance over
vacation time.