Chapter 1 Gross Pay

# Chapter 1 Gross Pay

## Chapter 1 Gross Pay

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##### Presentation Transcript

1. Chapter 1 Gross Pay

2. 1.1 Hourly Pay and Salary

3. Gross Pay for Hourly-Rate Employees • Employees- • Those who work for others • Employers- • The person or company an employee works for • Hourly Rate- • Certain amount for each hour worked • Gross Pay- • Total amount of money paid to an employee

4. Hourly x Number of = Gross Pay Pay Hours Worked • \$7.50 x 46 hrs = • \$16.25 x 25 hrs = • 8hrs x 5 days = 40 hrs x \$18.75= • 8+6+7+6+5= 32 hrs x \$9 =

5. Gross Pay for Salaried Employees • Salary- • Fixed amount of money for each time period worked • Pay per x Number of Time = Gross Time Period Periods Worked Pay

6. Pay Periods • Weekly-52 - Bi Weekly-26 • Monthly 12 - 2x per Month-24 • Yearly/Annually-1 • Semiannually-2 E. \$680 x 2 wks = F. \$540 x 52 wks =

7. 1.2 Average Pay

8. Simple Averages • Average- • Single number used to represent a group of numbers • (\$18 + \$58 + \$32) / 3= • (\$2,400+\$3,200+\$1,500+\$1,700)/4 • \$264/38 • (\$35,800+\$47,000)/2=

9. Averages in Grouped Data E. 5 x \$12 = \$60 2 x \$9 = \$18 + \$11 \$89/8= F. (\$280 + \$315 + \$424 + \$265)/ 4 =

10. Unknown Items in a Set of Data G. 68+80+75+79= 77 x 5= 385-302 = H. 4 x 86 = 420-344 =

11. 1.3 Regular and Overtime Pay

12. Recording Hours Worked • How do you clock in? • Magnetic Strip Card • Time Card • Time Sheet • Computer Log-In

13. Overtime and Overtime Pay Rates • Overtime- • Time worked beyond the regular working day or week • Time-and-a-half pay- • x 1.5 • Double time- • x 2

14. 1.5 x Regular Pay Rate = Time-and-a-half rate (don’t round) 2 x Regular pay rate = Double-time rate • 1. \$7.51 x 1.5 = \$7.51 x 2 = 2. \$8.76 x 1.5 = \$8. 76 x 2 = 3. \$13.67 x 1.5 = \$13.67 x 2 = B. \$11.25 x 1.5 = \$11.25 x 2 =

15. Regular and Overtime Wages • S1: Find the regular & overtime hours worked • S2: Find the overtime pay rate • S3: Find the regular pay • S4: Find the overtime pay • S5: Add regular and overtime pay

16. C. Regular 8 + 8 + 6 + 8 + 8 = Overtime 1.75 + 0.5 = \$13.69 x 1.5 = 38 x \$13.69 = 2.25 x 20.535 = \$520.22 + \$46.20 =

17. D. Regular 40 Overtime 45.3 – 40 = \$17.50 x 1.5 = \$17.50 x 40 = \$26.25 x 13.4 = \$700 + \$351.75 =

18. 1.4 Commission • Straight Commission Commission- An amount for each item sold or a percent of the dollar value of sales Quantity sold x rate of = commission commission • \$1.30 x 74 = • \$0.075 x 1,200

19. Sales x Rate of commission = commission C. 0.15 x \$9,500 = D. \$2870 + \$3,150 + \$3,940 = \$9,960 x 0.15 =

20. Commission Based on Quota • Fixed amount is called quota • Have to meet quota before receive commission E. \$2,890-\$2,000 = \$890 x 0.03 = \$26.7 + \$125 = F. \$29,700 - \$15,000 = \$14,700 x 0.07 = \$1,029 + \$2,300 = \$3,329

21. Graduated Commission • Rate of commission increases as the sales increases G. \$100,000 x 0.03 = \$120,000- \$100,000 = \$20,000 x 0.05 = \$3,000 + \$1,000 = H. \$112,000 - \$85,000 = \$85,000 x 0.15 = \$27,000 x 0.18= \$4,860 + \$12,750 =

22. Rate of Commission on Sales Rate of = Amount of / Sales Commission Commission I. \$448 / \$6,400 = J. \$3,240 / \$54,000 =

23. 1.5 Other Wage Plans

24. Piece-Rate Employees • Paid by the number of pieces you produce Number of Pieces x Piece Rate = Gross Pay Produced A. 7+6+9+8+5 = 35 x \$18 = B. 56 + 44 – 6 = 94 x \$1.20 =

25. Per Diem Employees • Per Diem – • By the Day Per Diem Rate x Number of Days = Gross Pay C. \$425 x 180 = D. \$20 x 57 =

26. Tip Employees • Tip - • Amount of \$ given to someone for services provided Tip Percent x Total Bill = Tip Amount Tip Per Unit x Number of Units = Tip Amount

27. E. 1. \$10.20 x 0.15 = 2. \$10.20 + \$1.53 = F. 1. \$7.60 x 0.15 = 2. \$7.60 + \$1.14 =