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Your Reward for Hard Work Your paycheck should reflect your gross income. Why is it important to know how to calculate y

Your Reward for Hard Work Your paycheck should reflect your gross income. Why is it important to know how to calculate your gross income?. Lesson Objective Calculate straight-time pay. Content Vocabulary. hourly rate. hourly rate A fixed amount of money for each hour you work.

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Your Reward for Hard Work Your paycheck should reflect your gross income. Why is it important to know how to calculate y

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  1. Your Reward for Hard Work Your paycheck should reflect your gross income. Why is it important to know how to calculate your gross income?

  2. Lesson Objective Calculate straight-time pay. Content Vocabulary • hourly rate hourly rate A fixed amount of money for each hour you work. straight-time pay The total amount of money you earn for a pay period at the regular hourly rate. gross income The total amount you are paid during a pay period. • straight-time pay • gross income

  3. Lesson Objective Calculate straight-time, overtime, and total pay. Content Vocabulary • overtime pay overtime pay Extra pay for hours worked beyond the regular number of hours. time and a half An overtime pay rate of 1½ times the regular hourly rate. double time An overtime pay rate of twice the regular hourly rate. • time and a half • double time

  4. Lesson Objective Calculate the total hours on a weekly time card. Content Vocabulary • weekly time card weekly time card A daily record of the time you report to work and the time you depart.

  5. Lesson Objective Compute total pay on a piecework basis. Content Vocabulary • piecework piecework A worker receives a specified amount of money for each item of work completed.

  6. Lesson Objective Determine salary per pay period. Content Vocabulary • salary salary A fixed amount of money earned on a regular basis.

  7. Lesson Objective Calculate straight commission and determine gross pay. Content Vocabulary • commission commission The amount of money paid for selling a product or service. commission rate A specified amount of money paid for each sale or a percent of the total value of sales. straight commission Pay that consists only of money earned from sales. • commission rate • straight commission

  8. Lesson Objective Compute total graduated commission. Content Vocabulary • graduated commission graduated commission Pay based on a different rate of commission for each of several levels of sales.

  9. Summary Hourly Pay Straight-Time Pay = Hourly Rate x Hours Worked Weekly Time Card Overtime Pay = Overtime Rate x Overtime Hours Worked Salary A salary is a fixed amount of money that you earn on a regular basis. Types of Pay Piecework Pay You may be paid by the item of work completed. • Types of Commissions • Straight commission • Graduated commission Pay Cycles You can calculate your gross income if you know the frequency of your payment cycle.

  10. ALGEBRA Sarah Ortiz works as a line worker in a factory. She earns $12.30 per hour. Last week she earned $430.50 straight-time pay. Find the number of hours worked by Sarah last week. • 25 • 25½ • 30 • 35

  11. Marshall Hopkins works as a medical technician. He earns $18.50 per hour for 40 hours and time and a half for overtime over 40 hours. If he worked 11 hours overtime, what is his total pay? • $943.50 • $950.50 • $1,045.25 • $1,100.25

  12. ALGEBRA Suri Ho earns $23.45 per hour. She starts work on Tuesday through Saturday at 8:00 am and takes an hour lunch break every day. If she ends work at 5:00 pm Tuesday through Friday, how late must she work on Saturday to have a total pay of $891.11 for the week? • 3:00 PM • 3:30 PM • 4:00 PM • 4:30 PM

  13. Tim Jackson installs stripes, stickers, and cover snaps on jet skis. He is paid $15 per stripe, $10 per sticker, and $25 per cover snap. Last week, Jackson installed 20 stripes, 11 stickers, and 4 snaps. What was his total pay for the week? • $420 • $450 • $500 • $510

  14. José Penga was hired at an annual salary of $25,430. What is his biweekly salary? • $978.08 • $985.50 • $1,059.58 • $1,075.80

  15. Denise Robertson sells office supplies in the southeast region of the U.S. She earns a straight commission of 7% of all products purchased. What is her commission on sales of $5,690.85? • $375.50 • $398.36 • $411.90 • $450.85

  16. Last year, Maxwell Ackroyd sold a $1,700,000 apartment complex and earned a 3.5% commission. He also sold a $5,400,000 shopping center and a $7,300,000 commercial air field and earned a 2.2% commission. What was his total commission? • $158,900 • $234,500 • $338,900 • $456,000

  17. ALGEBRA Tonya Solberg sells lawn mowers. She is guaranteed a minimum salary of $1,500 per month plus 9.5% commission on total sales. How much in total sales does Tonya need in order to have a gross pay for the month of $3,250? • $17,500.00 • $18,350.75 • $18,421.05 • $19,382.45

  18. Mary Vincent sells computer supplies. She is paid a 7% commission on the first $15,000 worth of sales, 9% on the next $6,500, and 11.5% on all sales over $21,500. What is her commission on $24,300 worth of sales? • $1,957 • $1,985 • $2,309 • $2,475

  19. Bruce Gould is paid $7.50 per hour with time-and-a-half for all hours over 8 per day. He also earns commission of 5.4% on all sales. Last week Bruce worked 9 ½ hours each day Monday through Friday. His total sales for the week were $8,300. What is his gross pay? • $749.50 • $809.40 • $832.58 • $1,540.25

  20. End of Chapter 1 Gross Income

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