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Gross Pay

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Gross Pay

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  1. Gross Pay Chapter 1

  2. Terms (p.5) • Employee: those who work for others • Employer: the person or company an employee works for. • Hourly rate: a certain amount of money paid for each hour worked. • Gross pay: total amount of money that an employee is paid. Also called gross wages, total earnings or total pay. • Gross pay= Number of hours worked x hourly rate

  3. Check Your Understanding (p.5) • A: • G= 46 x $7.50 • G= $345 • B: • G= 25 x $16.25 • G= $406.25 • C: • 5x8=40 hours • G= 40 x $18.75 • G= $750

  4. Check Your Understanding (p.5) • D: • 8+6+7+6+5=32 • G=32 x $9 • G=$288

  5. Terms (p.6) • Overtime: time worked beyond the regular working day or week. • Regular working day: based on an 8 hour day • Regular work week: based on 40 hours • Time-and-a-half: overtime pay that is calculated by multiplying regular rate by time-and-a-half (1.5). • 1.5 x regular pay rate (do NOT round) • Double-time pay: earning twice your regular-time pay rate for working OT or weekends/holidays. • 2 x regular pay rate (do NOT round)

  6. Check Your Understanding (p. 7) • E: • $7.51 • 1.5 x $7.51=$11.265 • 2 x $7.51=$15.02 • $8.76 • 1.5 x $8.76=$13.14 • 2 x $8.76=$17.52 • $13.67 • 1.5 x $13.67=$20.505 • 2 x $13.67=$27.34 • F: • 1.5 x $11.25= $16.875 • 2 x $11.25= $22.50

  7. Check Your Understanding (p.7) • G: • M-9.75, T-8, W-6, TR-8.5, F-8 • Regular hours: 8+8+6+8+8=38 • OT hours: 1.75+.5=2.25 hours • Regular pay: 38 x $13.69 =$520.22 • OT pay rate: • 1.5 x $13.69=$20.535 • OT pay: 2.25 x $20.535=$46.20 • Gross pay: $520.22+$46.20=$566.42

  8. Check Your Understanding (p.7) • H: • 45.3+8.1=53.4 hours worked • Regular hours: 40 • OT hours: 13.4 • Regular pay: 40 x $17.50=$700 • OT pay rate: 1.5 x $17.50=$26.25 • OT pay: 13.4 x $26.25= $351.75 • Gross pay: $700+$351.75= $1051.75

  9. Terms (p.10) • Salary: a fixed amount of money for each pay period worked. • Get paid the same regardless of how many hours they worked. • They don’t get paid OT even if they work more than 40 hours a week. • They get paid the same even if they are absent from work if approved by employer. • Typically earn more money than hourly employees, have more education and skills required.

  10. Terms (p. 15) • Commission • Some salespeople earn a commission instead of a fixed salary or hourly pay. • May be an amount for each item sold, or it may ne a percent of the dollar value of sales. • Sometimes a salary + commission may be earned. • Straight commission • Salespeople who earn money only when they sell stuff. Commission = quantity sold x rate of commission

  11. Commission (cont.) • When the rate of commission is a percent, multiply the amount of sales by the rate to find the commission. Commission=sales x rate of commission

  12. Terms (p.16) • Quota: a fixed amount of sales that a person may be required to meet before receiving a commission. • Graduated commission: a salesperson’s rate of commission increases as their sales increase. • Rate of Commission: • Rate of commission=amount of commission/sales

  13. Terms (p.20-21) • Piece-rate: when employees are paid for each item or “piece” they produce. • Gross pay=# of pieces produced X piece rate • Per diem: when employees are paid a fixed daily amount. • These are usually temporary employees provided by temporary help agencies Gross pay= # of days worked X per diem rate • Tip: an amount of money given to someone for services they provide. • They are typically paid less than minimum wage. • Tip amount= total bill X tip percent • Tip amount = # of units x tip per unit