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## How Much Are You Really Making?

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**NEXT**How Much Are You Really Making? • This presentation will help you to: • understand the difference between gross and net pay • accurately calculate gross pay required deductions and net pay**NEXT**Materials Needed • Pencil • Scratch Paper • Calculator • One CLEAN sheet of paper that will be turned into your teacher at the end of the presentation**NEXT**How Much Money Do You Actually Take Home When you Work? Calculating Gross and Net Pay**NEXT**To earn money, you first need to: GET A JOBandAGREE TO A WAGE! WAGE: The amount of money you will be paid for working.**NEXT**HOURLY An agreed upon rate per hour. OVERTIME – after 40 hours, one and one-half times the regular pay. WAGES can be paid: SALARIED An agreed upon rate, usually not paid for overtime. Expected to work a 40-hour standard work week. More if necessary without extra pay.**NEXT**HOURLY • Per Hour – Hourly Rate • Per Week – Weekly Rate • Per Month – Monthly Rate • Bi-Monthly – 2 x per Month • Bi-weekly – Every 2 weeks • Per Year – Yearly Rate WAGES can be paid: SALARIED**10.00**NEXT Johnny Gets Paid an Hourly Rateof $10.00 Johnny earns Each hour he is at work**10.00**NEXT How Much Does Johnny Earn if he works for 5 hours? HOURS X HOURLY RATE**10.00**NEXT Johnny Earns $50.00 HOURS X HOURLY RATE 5 X $10.00 = $50.00**NEXT**Johnny’s GROSS PAY is $50.00 GROSS PAY is: Total money earned for time worked.**I think I know,**Check my Answer Show me how to determine Susie’s Gross Pay Stressed-out Susie earns $5.00 per hour What is Susie’s Gross Pay if she works for 7 hours? I think I know, Check my Answer**Click Here if your answer was correct.**Oops, I guess I need help. Click here. $35.00 Susie’s Gross Pay is:**5.00**NEXT Susie Earned $35.00 HOURS X HOURLY RATE 7 X $5.00 = $35.00**Show me how to determine David’s Gross Pay**Diligent David earns $8.00 per hour delivering the mail What is David’s Gross Pay if he works for 46 hours? I think I know, Check my Answer**Click here is your answer was correct.**$392.00 David’s Gross Pay is Oops, I guess I need help. Click here.**8.00**12.00 NEXT X = $320.00 40 HRS David Earned $392.00 X = 6 HRS. $ 72.00 OVERTIME RATE = REGULAR RATE X 1.5 $8.00 x 1.5 = $12.00 GROSS PAY $392.00**Show me how to determine David’s Gross Pay**What if Diligent David is a salaried employee and his gross pay is $30,000 annually. What is David’s Gross Pay if he is paid weekly? I think I know, Check my Answer**Click here is your answer was correct.**$576.92 David’s Weekly Gross Pay is Oops, I guess I need help. Click here.**=**NEXT David Earned $576.92 weekly $30,000 ÷ 52 weeks $576.92**Show me how to determine David’s Gross Pay**What if Diligent David is a salaried employee and his gross pay is $30,000 annually. What is David’s Gross Pay if he is paid monthly? I think I know, Check my Answer**Click here is your answer was correct.**$2500 David’s Monthly Gross Pay is Oops, I guess I need help. Click here.**=**NEXT David Earned $2500.00 monthly $30,000 ÷ 12 months $2500.00**Show me how to determine David’s Gross Pay**What if Diligent David is a salaried employee and his gross pay is $30,000 annually. What is David’s Gross Pay if he is paid Bi-monthly? I think I know, Check my Answer**Click here is your answer was correct.**$1250.00 David’s Bi-Monthly Gross Pay is Oops, I guess I need help. Click here.**=**NEXT David Earned $1250.00 monthly $30,000 ÷ 24 (12 months x 2) $1250.00**Show me how to determine David’s Gross Pay**What if Diligent David is a salaried employee and his gross pay is $30,000 annually. What is David’s Gross Pay if he is paid Bi-weekly? I think I know, Check my Answer**Click here is your answer was correct.**$1153.85 David’s Bi-Weekly Gross Pay is Oops, I guess I need help. Click here.**=**NEXT David Earned $1153.85 monthly $30,000 ÷ 26 (52 weeks ÷ 2) $1153.85**NEXT**Try calculating gross pay on your own Complete Activity One Now**I thought I could keep my Gross Pay! Now I know why it is**called GROSS!