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C2: Income (Chapter 2)

C2: Income (Chapter 2). By the end of this lesson, students will be able to:. Describe various methods of earning income (With examples) Identify and list jobs that commonly use different methods of earning income.

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C2: Income (Chapter 2)

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  1. C2: Income (Chapter 2)

  2. By the end of this lesson, students will be able to: • Describe various methods of earning income (With examples) • Identify and list jobs that commonly use different methods of earning income. • Determine, from a time schedule, the total time worked in hours and minutes, including time and a half and/or double time. • Determine gross pay for hourly wage, hourly wage plus tips, overtime, commission, base plus commission. • Explain why gross pay and net pay are not the same. • Determine CPP, EI and income tax deductions for a given gross pay. • Determine net pay when given deductions. • Identify and correct errors in a solution to a problem that involves gross or net pay. • Describe the advantages and disadvantages for a given method of earning income.

  3. 2.1 Wages and Salaries

  4. Ways to Earn an Income • Hourly wage: when someone is paid a rate for hours worked • Hourly wage and tips: when someone is paid per hour, but also may receive money from customers. • Salary: Fixed amount earned, usually stated per year. • Piecework: when someone is paid a set rate for an amount produced. • Commission: an amount, usually a percentage, paid to someone for a business transaction. • Contract: a legal agreement that outlines terms, conditions, and payments for work to be done. • Bonus: Extra pay earned when certain conditions have been met or exceeded • Shift Premiums: Extra payment for non-standard work hours.

  5. Hourly Wage and Gross Pay • Gross Pay: amount earned before deductions. • Deductions: money taken off a pay cheque to pay taxes, CPP, EI, union fees, benefits, etc.

  6. Example Dylan works as a professional dog walker. He earns $16.50 per hour. If he walks dogs for 4 hours, how much will he earn?

  7. Example During the first week of summer, Vicky worked 32 hours cleaning pools. Her gross income was $355.50. What was her hourly wage?

  8. Working with Time Cards Millie works in a health food store as a cashier. Her time card for one week is shown below. • How many hours did she work? • If she earns $15.65 per hour, how much did she earn that week?

  9. Working With Overtime Pay • If you work more than the regular number of hours you will be paid overtime pay for those extra hours. • Most full-time jobs have a 40 hour work week, but others may have different regular hours. • Overtime is often “time and a half” – 1.5 times your regular pay. “Double time” is 2 times your regular pay.

  10. Example Justin works at a construction company and earns $18.50/h for a 37 ½ hour work week. He is paid time and a half for any hours over 37 ½. If he works 45 ¼ hours during one week, how much will he earn?

  11. Assignment “Practice Your New Skills” page 85-86 #1-6 (for #5 round to nearest ¼ of an hour)

  12. 2.2 Alternative Ways to Earn Money • Piecework: Natasha makes reed baskets. She is paid $4.50 for a small basket and $12.75 for a large basket. The Easter Bunny has put in an order for 21 small baskets and 16 large baskets. How much will Savannah earn from the Easter Bunny’s order?

  13. Commission: Lawerence works at a KTM dealer in town. He earns commission at a rate of 6.5% of his gross sales. If Lawerence sold $36 985.00 worth of KTM products last week, how much commission did he earn?

  14. Assignment: “Practice Your New Skills” page 95 #1-5

  15. 2.3 Additional Earnings • Bonuses, isolation pay, shift premiums and tips are paid in addition to regular pay. Example: Chen is offered either isolation pay of $1250.00 or a bonus payment of 28% of his salary for a job in Northern Manitoba. If his salary is $532.00/wk and he works 10 weeks, which is the better option?

  16. Assignment Page 104 #1-5

  17. Gross Pay and Net Pay • Gross Pay: Total amount of money earned before deductions • Net Pay: “Take-Home Pay” – The amount left after all deductions have been made (tax, CPP, EI, union dues, benefits)

  18. Deductions and Net Pay Calculations Example Your group life insurance is 1.25% of your salary of $580.00 every two weeks. How much do you pay for group life insurance?

  19. Example You have a gross income of $885.00. Your net income was $695.42. What percentage of your gross pay were deductions?

  20. Income Tax, CPP and EI Destiny earns $10.50/hr and works 40 hours a week. Her deductions are $27.30 federal tax, $6.20 provincial tax, $17.27 CPP, and $7.27 EI. What is her net pay?

  21. Randall earns a salary of $360.00 each week. His income tax claim code is 1. How much will be deducted in the following: a) CPP b) EI c) income tax (both) What will be Randall’s net pay?

  22. Assignment “Practice Your New Skills” page 113 #1-3

  23. Chapter 2 is complete! • Review workbook examples and notes • Complete Chapter 2 (C2) Review Worksheet

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