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Why is it important to know how to understand and calculate your gross income?

How many of you have a job?. Why is it important to know how to understand and calculate your gross income? Employers make mistakes on paychecks . Examples: incorrect number of hours worked, incorrect location of local taxes. Lesson Objective: Calculate Straight Time Pay Consumer Price Index.

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Why is it important to know how to understand and calculate your gross income?

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  1. How many of you have a job? Why is it important to know how to understand and calculate your gross income? Employers make mistakes on paychecks. Examples:incorrect number of hours worked, incorrect location of local taxes

  2. Lesson Objective: Calculate Straight Time PayConsumer Price Index CPI Calculator

  3. hourly rate (wage) A fixed amount of money for each hour worked. Content Vocabulary Not all jobs pay by the hour.

  4. MINIMUM WAGE CHANGESFair Labor Standards ActNew Deal Era • 1935: $0.25 • 1968: $1.15 • 1970: $1.30 • 1972: $1.60 • 1976: $2.20 * Mr. P • 1979: $2.90 • 1980: $3.10 • 1981: $3.35 • 1991: $3.80 • 1992: $4.25 • 1997: $4.75 • 1998: $5.15 • 2007: $6.25 • 2008: $7.15 • 2009: $7.25 • 2010: $7.25

  5. straight-time pay The total amount of money you earn for a pay period at the regular hourly rate. Content Vocabulary • straight-time pay • (regular earnings)

  6. Example: Shauna earns $8.40 per hour. Last week she worked 40 hours, and this week she worked 39 ½ hours. What is her straight-time pay for each week? • Last wk: • $8.40 (hourly rate) x 40 (hrs worked) = $336.00 (straight time pay) • This week: • $8.40 x 39.5 = $331.80 (straight time pay)

  7. Concept Check • Complete problems 1 and 2 on page 97 • 7.60 x 40 = 304 • 7.90 x 37 = 292.30

  8. Example: Ryan is an accounting clerk. He earns $14.40 per hour. How many hours per week must he work if he wants to earn approximately $550.00 per week? • Let “h” represent the hours: • $550.00 (straight time) = $14.40 (hourly rate) x h • Solve for h: • $550.00 = $14.40h $14.40 $14.40 (DIVIDE EACH SIDE) • 38.19 = h • Ryan will have to work a little over 38 hours to make $550.

  9. Concept Check • Complete problems 3 and 4 on page 98 • 522 = 22.50 x h, h = 23.20 hours • 190 = 8.35 x h, h = 22.75 hours

  10. Guided Practice • Complete problems 5-14 on page 98 • 288 • 135 • 486 • 251.13 • 452.09 • 683.55 • 25 • 36 • 25 • 9.755

  11. Lesson Closure • Study Tip • Make sure your answer is reasonable • You would be surprised by the number of mistakes that are made by individuals who don’t think about the final answer • Seconds in a day • 60 seconds in a minute x 60 minutes in an hour x 24 hours • = 8,600 seconds • Correct answer 86,400 seconds in a day

  12. Homework Solutions • Problems 15, 18, 21, 24, 25 • 15) 255 • 18) 288.44 • 21) 107.75 • 24) 38 hours • 25) 38 hours

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