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Wages and Salaries

W A G E S & S A L A R I E S. Wages and Salaries. Wages and salaries A wage is a specified amount of money paid to an employee measured by the amount of time they work. A salary is a fixed annual ( yearly) amount paid to the employee in weekly fortnightly or monthly amounts.

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Wages and Salaries

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  1. W A GES & S A L A R I E S Wages and Salaries

  2. Wages and salaries • A wage is a specified amount of money paid to an employee measured by the amount of time they work. • A salary is a fixed annual (yearly) amount paid to the employee in weekly fortnightly or monthly amounts. • 1 year = 52 weeks= 26 fortnights= 12 months.

  3. Meaning of the word and What does the word reminds you of? Paid weekly, fortnightly or monthly Is a fixed rate per hour Wage Salary A fixed yearly amount Is paid weekly Money Work Work An employee receives a salary An employee receive a wage Is an income A salary is more than a wage A wage is less than a salary

  4. Connections to the real world Engineers Shop assistants Who earns salary Who earns wages Trades people Teachers Factory workers Bank employees

  5. For Wage calculations 1 year = 52 weeks Example: Sarah’s first job pays her $8.27 per hour. If she works 37.5 hours a week. Calculate her weekly income. Solution: Weekly income: 8.27 x 37.5 = $310.125

  6. Salary calculations Susan has an annual salary of $22 039.85. How much is she paid: a) weekly? B) fortnightly? C) monthly? THINK WRITE a) Annual means per year, so divide the salary by 52 because there are 52 weeks in a year, and round to 2 decimal places. a) Weekly salary = $22 039.85 ÷ 52 ≈ $423.84 Answer the question in a sentence. Susan’s weekly salary is $423.84. b) There are 26 fortnights in a year so divide the salary by 26, and round to 2 decimal places. b) Fortnightly salary = $22 039.85 ÷ 26 ≈ $847.69 Answer the question in a sentence. Susan’s fortnightly salary is $847.69. c) There are 12 months in a year so divide the salary by 12, and round to 2 decimal places. c) Monthly salary = $22 039.85 ÷ 12 ≈ $1836.65 Answer the question in a sentence. Susan’s monthly salary is $1836.65. By Z.Alam Resource: Maths Quest

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