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Salaries

Salaries. Marlon Brando (actor). “Never confuse the size of your paycheck with the size of your talent.”. Salaries. Annual Salary Set Salary No overtime Benefits Vacation. Hourly Pay Salary changes every week Overtime pay Benefits for full time No vacation. Average Salaries.

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Salaries

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  1. Salaries

  2. Marlon Brando (actor) • “Never confuse the size of your paycheck with the size of your talent.”

  3. Salaries • Annual Salary • Set Salary • No overtime • Benefits • Vacation • Hourly Pay • Salary changes every week • Overtime pay • Benefits for full time • No vacation

  4. Average Salaries • Carpenter - $52,880 • Garbage Man - $37,100 • High School Teacher - $61,470 • Financial Analyst - $93,760 • Police Officer - $55,580 • Fire Fighter - $48,140 • Dentist - $169,340 • Pediatrician - $159,390 Massachusetts Department of Labor website

  5. Pay Periods Page 300, 2-10 • Weekly • 52 Paychecks → Annual Salary ÷ 52 • Bi-Weekly • 26 Paychecks → Annual Salary ÷ 26 • Semi-Monthly • 24 Paychecks → Annual Salary ÷ 24 • Monthly • 12 Paychecks → Annual Salary ÷ 12

  6. Christina is paid biweekly. Her annual salary is $37,000. What is her biweekly salary, rounded to the nearest cent? → Biweekly = 26 paychecks Biweekly Salary = annual salary ÷ # of paychecks = $37,000 ÷ 26 = 1423.0769 = $1,423.08

  7. Mr. Varello is paid semimonthly. His annual salary is $64,333. What is his semimonthly salary, rounded to the nearest cent? → Semimonthly = 24 paychecks Salary = annual salary ÷ # of paychecks = $64,333 ÷ 24 = 2680.5416 = $2,680.54

  8. Manny is paid semimonthly. His semimonthly salary is $1,239. What is his annual salary? How many paychecks does Manny get? → 24 paychecks How much is each paycheck for? → $1,239 How much does Manny receive per year? →24 paychecks x $1,239 = $29,736

  9. Classwork • Please do problems 2-10 in your notebook on page 300 of the textbook. Show all work.

  10. Hourly Rate

  11. Think about this… Sarah has been offered a new job as an assistant manager in a shoe department. She will work 54 hours each week and earn $15 an hour. For this work schedule and rate of pay, is it possible for Sarah’s gross pay for one month to be at least $3,650?

  12. Regular Time • Typical work week is 40 hours • Workers receive regular pay for up to 40 hours per week • To calculate pay for regular hours: • Wage = (hourly rate) x (number of hours worked)

  13. Example: • Maureen works at a local Chicken King Restaurant. Her regular hourly wage is $9.70. If she regularly works 40 hours per week, what is her regular weekly pay? • Weekly Pay= (hourly rate) x (number of hours) = (9.70) x (40) = 388 Maureen makes $388 per week

  14. Try it… • Mark Willow works as a customer service representative and is paid $9.10 per hour. He worked 38 hours lat week. What was his gross pay? • Gross pay = (hourly rate) x (number of hours) = (9.10) x (38) = 345.8 Mark earned $345.80 last week

  15. Overtime • Hours worked in a week greater than 40 • Usually pays 1.5 times hourly rate • “Time and a half” • How many hours of overtime for: • 45 hours? • 54 hours? • 38 hours?

  16. Example: • Janice earns $10 per hour. If her regular hours are 40 hours per week, and she receives time-and-a-half overtime, find her total pay for a week in which she works 45 hours. • Total Pay = Regular Pay + Overtime Pay

  17. Calculating Pay • Regular Pay (Reg. Hrs) x (Hrly Rate) (40 hours) x ($10) = $400 • Overtime Pay (OT hrs)x(hrly rate)x(1.5) (5 hrs) ($10) (1.5) = $75 Reg Pay = $400 OT Pay = $75

  18. Example: • Janice earns $10 per hour. If her regular hours are 40 hours per week, and she receives time-and-a-half overtime, find her total pay for a week in which she works 45 hours. • Total Pay = Regular Pay + Overtime Pay • Total Pay = $400 + $75 = $475

  19. Try it… • Kenny Walker works as a shopping mall security guard and is paid $7.50 an hour. He is paid time-and-a-half for all hours over 40. Find his gross pay when he works 46 hours a week. • Gross Pay = Reg. Pay + OT Pay = $300 + $67.50 = $367.50

  20. Think about this… Sarah has been offered a new job as an assistant manager in a shoe department. She will work 54 hours each week and earn $15 an hour. For this work schedule and rate of pay, is it possible for Sarah’s gross pay for one month to be at least $3,650? Yes, gross pay would be: $3,660

  21. Classwork • Page 301, numbers 12-21 • For double time, multiply by 2 instead of 1.5

  22. Homework Answers • 2) Yoko is paid semimonthly. How many fewer paychecks does she receive in a year compared to someone who is paid weekly? • 28 paychecks

  23. Homework Answers • 3) Sean is paid biweekly. His annual salary is $42,500. What is his biweekly salary to the nearest cent? • $1,634.62

  24. Homework Answers • 4) Cynthia’s semimonthly salary is $1,371.50. What is her annual salary? • $32,916

  25. Homework Answers • 5) Baseball player Alex Rodriguez earned $27,708,525 in 2007. He played in 158 games. What was his salary per game to the nearest thousand dollars? • $175,370.41 • $175,000

  26. Homework Answers • 6) Ceil gets paid biweekly. Her biweekly salary is $1,763.28. What is her annual salary? • $45,845.28

  27. Homework Answers • 7) John’s weekly salary is $478.25. His employer is changing the pay period to semimonthly. • What is John’s annual salary? • $24,869 • What will John’s semimonthly salary be? • $1,036.21

  28. Homework Answers • 8) Ralph earns $72,000 annually and is paid semimonthly. Alice also earns $72,000 but is paid biweekly. • How many more paychecks does Alice get? • 2 paychecks • What is the difference between Ralph and Alice’s paycheck? • $230.77

  29. Homework Answers • 9) Beth’s annual salary was $38,350. This year she received $46,462. Beth is paid biweekly. • What was her biweekly salary last year? • $1,475 • What is Beth’s biweekly salary this year? • $1,787 • How much more does Beth receive? • $312

  30. Homework Answers • 10) Justin is a golf pro. He works eight months per year, and is paid $76,000. During the winter months, he teaches golf privately and earns another $12,500. What is his average salary based on his yearly earnings? • $7,375

  31. Homework Answers • 12) Hector works in a gas station and earns $8.60 per hour. Last week he worked 29 hours. What was his gross pay? • $249.40

  32. Homework Answers • 13) Eddie works at a Beep-N-Kleen car wash. He earns $8.40 per hour. Last week he worked x hours. What was his gross pay? • $8.40x

  33. Homework Answers • 14) Lynn makes $9 an hour. Last week she worked 43 hours. • What was her regular gross pay? • $360.00 • What was her overtime pay? • $40.50 • What was her total pay? • $400.50

  34. Homework Answers • 15) Amy works 20 per week. She earns $8.10 per hour and receives double-time for working on Sundays. Next week, she will work 20 regular hours and 8 hours on Sunday. What will her total pay be? • $291.60

  35. Homework Answers • 16) Tom earns $12.50 per hour. He regularly works 40 hours a week and receives time-and-a-half for overtime. Last week he worked 42 hours. How much did he make? • $537.50

  36. Homework Answers • 17) Pedro works 35 regular hours per week. He earns $9.20 per hour and time-and-a-half for overtime. Last week he worked 41 hours and received a gross pay of $305.80, which was incorrect. How much is he owed? • $99.00

  37. Homework Answers • 18) Colby and Cheryl work in different supermarkets. Colby earns $8.90 an hour and is paid time-and-a-half for overtime. Cheryl earns $7.10 an hour and is paid double time. Who earns more for one hour of overtime? • Cheryl by 85 cents

  38. Homework Answers • 19) Ron earns x dollars per hour. He works 40 hours per week. What is his annual salary? • 52 (40x)

  39. Homework Answers • 20) Michael earns $10 an hour. He works 40 hours per week. How many overtime hours would he need to work for his overtime pay to be greater than he regular pay? • 27 hours

  40. Homework Answers • 21) Jim worked 40 hours last week plus 8 overtime hours. His gross pay was $1,248. • What was his hourly rate? • $24 • What was his overtime hourly rate? • $36

  41. Algebraic Expressions and Salaries

  42. Algebraic Expressions • Equations involving 1 or more variables • Can use any letter to represent a variable • Similar to what we have been doing.

  43. Example 1 Christina is paid biweekly. Her annual salary is $37,000. What is her biweekly salary, rounded to the nearest cent? Biweekly Salary = Annual Salary = # of Paychecks = $37,000 26

  44. Example 1 - Algebraic Christina is paid biweekly. Her annual salary is $Y. What is her biweekly salary, rounded to the nearest cent? Biweekly Salary = Annual Salary = # of Paychecks = $Y 26

  45. Example 2 Manny is paid semimonthly. His semimonthly salary is $1,239. What is his annual salary? Annual Salary = Semimonthly salary = # of Paychecks = (salary ) (# of paychecks) = ($1,239) (24) = $29,736 $1,239 24

  46. Example 2 - Algebraic Carlos earns x dollars biweekly. Express his annual salary algebraically. Annual Salary = Biweekly salary = # of Paychecks = (Biweekly salary ) (# of paychecks) = ($x) (26) = 26x $x 26

  47. CHECK YOUR UNDERSTANDING Alex is paid semimonthly. His annual salary is y dollars. Express his semimonthly salary algebraically. Annual Salary = $Y Paid Semimonthly Semimonthly Salary = What does this mean? Alex makes $Y per year Alex gets 24 paychecks What does this mean?

  48. Example 3 • Maureen works at a local Chicken King Restaurant. Her regular hourly wage is $9.70. If she regularly works 40 hours per week, what is her regular weekly pay? • Weekly Pay= (hourly rate) x (number of hours) = (9.70) x (40) = 388 Maureen makes $388 per week

  49. Example 3 - Algebraic Roger regularly works h hours per week at a rate of d dollars per hour. Express his annual salary algebraically. • Weekly Pay= (hourly rate) x (number of hours) = ($d) (h hours) = d • h dollars per week Annual Salary = (weekly salary) (52) = 52dh

  50. Example 4 • Janice earns $10 per hour. If her regular hours are 40 hours per week, and she receives time-and-a-half overtime, find her total pay for a week in which she works 45 hours. • Total Pay = Regular Pay + Overtime Pay • Total Pay = (40)($10) = $475 + (5)($10)(1.5)

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