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Chapter 1 Gross Pay

Chapter 1 Gross Pay

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Chapter 1 Gross Pay

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  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 =