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Earning an Income

Earning an Income. Unit 2. Salary, income , or wage is the amount of money that you make for the work that you do. In some jobs you get paid by the hour. Some jobs offer an annual income that gets paid either: Weekly Bi-weekly or Monthly.

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Earning an Income

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  1. Earning an Income Unit 2

  2. Salary, income, or wage is the amount of money that you make for the work that you do. • In some jobs you get paid by the hour. • Some jobs offer an annual income that gets paid either: WeeklyBi-weekly orMonthly

  3. Gross Pay is the amount of money you receive before deductions. • A deduction is the money that is taken off a paycheck to pay taxes, union fees, and other benefits and programs.

  4. When calculating wages, you need to first determine if the rate is hourly, or a salary. • A salary is your annual earnings, while hourly wages are based on the amount of time you worked.

  5. Marcus works as an electrician and makes $25.68 per hour. If he works 15 hours, how much will he make? • Multiply the hourly wage by the number of hours worked to find your answer. • This questions represents an hourly wage.

  6. Martha works as a seamstress. She charges $16.72 per hour and it takes her five hours to complete a curtain. What will be her gross pay for the job? • This is an hourly wage. Multiply the hourly rate by the number of hours worked to find the gross income. • 16.72 x 5 =

  7. Ben works as a carpenter for $20.57/hour. How much will he earn in a 40 hour work week. • This is an hourly rate question. Multiply the rate by the number of hours worked to find your solution. • 20.57 x 40 =

  8. Youssef works for a trucking company and earns $35.75 per hour. Last week he worked the following hours: • Sunday – 6 hours • Monday – 3 hours • Tuesday – 7 hours • Wednesday – 8 hours What is his gross income for the week?

  9. Nayera works for 36 hours in one week and earns $412.13 as her gross income. How much does Nayera earn per hour. • In this question you need to determine her hourly wage, not her gross income. Divide $412.13 by 36 to find your answer.

  10. Time Cards

  11. Overtime • Most workplaces have 40 hour work weeks. • Some places have different standards for work weeks. • If you exceed the number of hours for your work week, you start to make overtime. • Overtime is often paid as “time and a half”.

  12. Marcel makes $15.62 per hour during a 37.5 hour work week. He is paid time and a half for every hour he works over 37.5 hours. If he works 42.5 hours, how much will he make? • Time and a half = 1.5 • 1.5 x 15.62 = His overtime salary. • Then, you can calculate his regular rate and add his overtime rate to his wage. • 15.62 x 37.5 = regular work week THEN His overtime salary + the number of overtime hours (5 hours). Add these two calculations together to find the correct answer.

  13. When Omar works more than 34.75 hours in a week, he earns overtime at a rate of time and a half. If Omar works 40.25 hours, how much will he make? His regular rate of pay is $21.35.

  14. Work on Page 80 – 87 and answer every word problem question in these pages. This will be due next class.

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