Salaries

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)