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Understanding Wages: Calculating Total Earnings and Tips

This lesson focuses on calculating total wages, including regular pay and tips. Students will learn the process of determining wages based on hourly rates and hours worked, as well as additional income from tips. The lesson is structured with examples for individual calculation, with sections for 'I Do', 'We Do', and 'You Do' to facilitate understanding. The concepts of piecework wages and how to round monetary values are also covered, enhancing financial literacy skills that are essential in real-world job scenarios.

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Understanding Wages: Calculating Total Earnings and Tips

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  1. Calculate the total wages Hourly Rate Hours worked $9.00 38 $ 8.50 55 $7.25 40 Warm Up

  2. CONSUMER FINANCE • Lesson 1.6 TIPS

  3. Thinking Time • Do you know of any jobs that get tips?

  4. VOCAB • Tip – is when you earn extra money given for good service

  5. Directions • Calculate the persons total wages like we did last week • Calculate the persons tip money (if needed) • Add the two answers

  6. I DO (TIPS) Calculate the persons total wages including tips NAME Hourly Rate Hours Worked Tips • 1. Mike $3.15 40 $250 • 2. Jen $4.25 35 $5 ph • 3. Cole $3.50 50 $75 pd • 4. Dan $4.15 45 $375

  7. WE DO (TIPS) Calculate the persons total wages including tips NAME Hourly Rate Hours Worked Tips • 1. David $6.00 37 $100 • 2. Mary $4.25 42 $30 pd • 3. Karen $3.75 65 $10 ph • 4. Chris $2.95 70 $1500

  8. YOU DO (TIPS) Calculate the persons total wages including tips NAME Hourly Rate Hours Worked Tips • 1. Carissa $7.15 32 $350 • 2. Rob $5.15 40 $55 pd • 3. Bill $3.55 55 $725 • 4. Mark $2.90 80 $2 ph

  9. REVIEW • What did you learn to do today?

  10. HOMEWORK Calculate the persons total wages including tips NAME Hourly Rate Hours Worked Tips • 1. Buster $5.10 40 $115 • 2. Barry $4.05 47 $55 pd • 3. Kim $3.35 62 $15 ph • 4. Nicole $2.75 35 $125

  11. WARM UP Calculate the persons total wages including tips NAME Hourly Rate Hours Worked Tips • 1. Buster $3.75 35$135 • 2. Barry $4.15 43 $57 pd • 3. Kim $5.0552$23 ph

  12. CONSUMER FINANCE • LESSON 7 • Piecework

  13. VOCAB • Piecework – is work paid according to the number of units completed

  14. Question • What type of jobs get paid by piecework?

  15. DIRECTIONS(PIECEWORK) • Multiply • Items x Price

  16. I DO(Piecework) Calculate the employees total wages Items Rate • 1. 154 $0.19 • 2. 189 $0.09 Daily Production M T W TH F Rate • 1. 8 9 8 7 10 $4.25 • 2. 6 9 10 12 9 $3.20

  17. WE DO(Piecework) Calculate the employees total wages Items Rate • 1. 217 $0.08 • 2. 179 $0.12 Daily Production M T W TH F Rate • 1. 8 8 8 8 8 $6.22 • 2. 5 6 5 6 7 $8.97

  18. YOU DO(Piecework) Calculate the employees total wages Items Rate • 1. 188 $0.34 • 2. 315$0.13 Daily Production M T W TH F Rate • 1. 10 11 9 8 12 $4.87 • 2. 20 20 21 20 23$2.69

  19. Review • Today we learned how to calculate a person’s wages based on piecework

  20. Homework • Worksheet

  21. WARM UP Calculate the employees total wages Items Rate • 1. 188 $0.34 • 2. 315 $0.13 Daily Production M T W TH F Rate • 1. 10 11 9 8 12 $4.87 • 2. 20 20 21 20 23 $2.69

  22. CONSUMER FINANCE • Lesson 8 • Rounding Money

  23. VOCAB • Key Digit – is the number to be rounded

  24. DIRECTIONS (Rounding Money) • Look at the spot to the right of the spot you want • Round using that number • 5 and up means the number goes up 1 • 4 and down means the number stays the same • Remember • Dollars. Dime CENT

  25. I DO (Rounding Money) Round each problem to the nearest dollar, dime, and cent • 1. $5.01785 • 2. $1.333 • 3. $3.7759 • 4. $2.93

  26. WE DO (Rounding Money) Round each problem to the nearest dollar, dime, and cent • 1. $4.10 • 2. $4.499 • 3. $8.259 • 4. $3.204

  27. YOU DO (Rounding Money) Round each problem to the nearest dollar, dime, and cent • 1. $7.345 • 2. $5.3566 • 3. $7 • 4. $86.1193

  28. REVIEW • What did you learn today?

  29. HOMEWORK • Worksheet

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