“Never confuse the size of your paycheck with the size of your talent.”
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Transcript of “Never confuse the size of your paycheck with the size of your talent.”
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Salaries
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“Never confuse the size of your paycheck with the size of your talent.”
Marlon Brando (actor)
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Salaries Annual Salary1) Set Salary2) No overtime3) Benefits4) Vacation
Hourly Pay1) Salary changes
every week2) Overtime pay3) Benefits for full time4) No vacation
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Carpenter - $52,880 Garbage Man - $37,100 High School Teacher - $61,470 Financial Analyst - $93,760 Police Officer - $55,580 Fire Fighter - $48,140 Dentist - $169,340 Pediatrician - $159,390
Massachusetts Department of Labor website
Average Salaries
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Weekly◦52 Paychecks → Annual Salary ÷ 52
Bi-Weekly◦26 Paychecks → Annual Salary ÷ 26
Semi-Monthly◦24 Paychecks → Annual Salary ÷ 24
Monthly◦12 Paychecks → Annual Salary ÷ 12
Pay Periods Page 300, 2-10
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Christina is paid biweekly. Her annual salary is
$37,000. What is her biweekly salary, rounded
to the nearest cent?
→ Biweekly = 26 paychecks
Biweekly Salary = annual salary ÷ # of paychecks
= $37,000 ÷ 26
= 1423.0769
= $1,423.08
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Mr. Varello is paid semimonthly. His annual salary is $64,333. What is his semimonthly salary, rounded to the nearest cent?
→ Semimonthly = 24 paychecks
Salary = annual salary ÷ # of paychecks
= $64,333 ÷ 24
= 2680.5416 = $2,680.54
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Manny is paid semimonthly. His semimonthly salary is $1,239. What is his annual salary?
How many paychecks does Manny get?→ 24 paychecks
How much is each paycheck for?→ $1,239
How much does Manny receive per year?→24 paychecks x $1,239
= $29,736
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Please do problems 2-10 in your notebook on page 300 of the textbook. Show all work.
Classwork
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Hourly Rate
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Sarah has been offered a new job as an assistant manager in a shoe department.
She will work 54 hours each week and earn $15
an hour. For this work schedule and rate of pay, is it possible for Sarah’s gross pay for one month to be at least $3,650?
Think about this…
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Typical work week is 40 hours◦ Workers receive regular pay for up to 40 hours per
week
To calculate pay for regular hours:
◦ Wage = (hourly rate) x (number of hours worked)
Regular Time
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Maureen works at a local Chicken King Restaurant. Her regular hourly wage is $9.70. If she regularly works 40 hours per week, what is her regular weekly pay?
Weekly Pay= (hourly rate) x (number of hours)
= (9.70) x (40) = 388
Maureen makes $388 per week
Example:
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Mark Willow works as a customer service representative and is paid $9.10 per hour. He worked 38 hours lat week. What was his gross pay?
Gross pay = (hourly rate) x (number of hours)
= (9.10) x (38) = 345.8
Mark earned $345.80 last week
Try it…
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Hours worked in a week greater than 40
Usually pays 1.5 times hourly rate “Time and a half”
How many hours of overtime for:◦ 45 hours?◦ 54 hours?◦ 38 hours?
Overtime
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Janice earns $10 per hour. If her regular hours are 40 hours per week, and she receives time-and-a-half overtime, find her total pay for a week in which she works 45 hours.
Total Pay = Regular Pay + Overtime Pay
Example:
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Calculating Pay
Reg Pay = $400 OT Pay = $75
Regular Pay
(Reg. Hrs) x (Hrly Rate) (40 hours) x ($10)
= $400
Overtime Pay
(OT hrs)x(hrly rate)x(1.5)
(5 hrs) ($10) (1.5)
= $75
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Janice earns $10 per hour. If her regular hours are 40 hours per week, and she receives time-and-a-half overtime, find her total pay for a week in which she works 45 hours.
Total Pay = Regular Pay + Overtime Pay
Total Pay = $400 + $75
= $475
Example:
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Kenny Walker works as a shopping mall security guard and is paid $7.50 an hour. He is paid time-and-a-half for all hours over 40. Find his gross pay when he works 46 hours a week.
Gross Pay = Reg. Pay + OT Pay = $300 + $67.50
= $367.50
Try it…
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Sarah has been offered a new job as an assistant manager in a shoe department.
She will work 54 hours each week and earn $15
an hour. For this work schedule and rate of pay, is it possible for Sarah’s gross pay for one month to be at least $3,650?
Yes, gross pay would be:
Think about this…
$3,660
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Page 301, numbers 12-21
For double time, multiply by 2 instead of 1.5
Classwork
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2) Yoko is paid semimonthly. How many fewer paychecks does she receive in a year compared to someone who is paid weekly?
28 paychecks
Homework Answers
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3) Sean is paid biweekly. His annual salary is $42,500. What is his biweekly salary to the nearest cent?
$1,634.62
Homework Answers
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4) Cynthia’s semimonthly salary is $1,371.50. What is her annual salary?
$32,916
Homework Answers
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5) Baseball player Alex Rodriguez earned $27,708,525 in 2007. He played in 158 games. What was his salary per game to the nearest thousand dollars?
$175,370.41
$175,000
Homework Answers
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6) Ceil gets paid biweekly. Her biweekly salary is $1,763.28. What is her annual salary?
$45,845.28
Homework Answers
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7) John’s weekly salary is $478.25. His employer is changing the pay period to semimonthly.
What is John’s annual salary? $24,869
What will John’s semimonthly salary be? $1,036.21
Homework Answers
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8) Ralph earns $72,000 annually and is paid semimonthly. Alice also earns $72,000 but is paid biweekly.
How many more paychecks does Alice get? 2 paychecks
What is the difference between Ralph and Alice’s paycheck?
$230.77
Homework Answers
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9) Beth’s annual salary was $38,350. This year she received $46,462. Beth is paid biweekly.
What was her biweekly salary last year? $1,475
What is Beth’s biweekly salary this year? $1,787
How much more does Beth receive? $312
Homework Answers
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10) Justin is a golf pro. He works eight months per year, and is paid $76,000. During the winter months, he teaches golf privately and earns another $12,500. What is his average salary based on his yearly earnings?
$7,375
Homework Answers
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12) Hector works in a gas station and earns $8.60 per hour. Last week he worked 29 hours. What was his gross pay?
$249.40
Homework Answers
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13) Eddie works at a Beep-N-Kleen car wash. He earns $8.40 per hour. Last week he worked x hours. What was his gross pay?
$8.40x
Homework Answers
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14) Lynn makes $9 an hour. Last week she worked 43 hours.
What was her regular gross pay? $360.00
What was her overtime pay? $40.50
What was her total pay? $400.50
Homework Answers
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15) Amy works 20 per week. She earns $8.10 per hour and receives double-time for working on Sundays. Next week, she will work 20 regular hours and 8 hours on Sunday. What will her total pay be?
$291.60
Homework Answers
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16) Tom earns $12.50 per hour. He regularly works 40 hours a week and receives time-and-a-half for overtime. Last week he worked 42 hours. How much did he make?
$537.50
Homework Answers
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17) Pedro works 35 regular hours per week. He earns $9.20 per hour and time-and-a-half for overtime. Last week he worked 41 hours and received a gross pay of $305.80, which was incorrect. How much is he owed?
$99.00
Homework Answers
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18) Colby and Cheryl work in different supermarkets. Colby earns $8.90 an hour and is paid time-and-a-half for overtime. Cheryl earns $7.10 an hour and is paid double time. Who earns more for one hour of overtime?
Cheryl by 85 cents
Homework Answers
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19) Ron earns x dollars per hour. He works 40 hours per week. What is his annual salary?
52 (40x)
Homework Answers
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20) Michael earns $10 an hour. He works 40 hours per week. How many overtime hours would he need to work for his overtime pay to be greater than he regular pay?
27 hours
Homework Answers
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21) Jim worked 40 hours last week plus 8 overtime hours. His gross pay was $1,248.
What was his hourly rate? $24
What was his overtime hourly rate? $36
Homework Answers
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Algebraic Expressionsand Salaries
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Equations involving 1 or more variables
Can use any letter to represent a variable
Similar to what we have been doing.
Algebraic Expressions
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Christina is paid biweekly. Her annual salary is $37,000. What is her biweekly salary, rounded to the nearest cent?
Biweekly Salary =
Annual Salary =
# of Paychecks =
paychecks of #
salary annual
$37,000
26
26
$37,000 $1,423.08
Example 1
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Christina is paid biweekly. Her annual salary is $Y. What is her biweekly salary, rounded to the nearest cent?
Biweekly Salary =
Annual Salary =
# of Paychecks =
paychecks of #
salary annual
$Y
26
26
$Y
Example 1 - Algebraic
26
Y
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Manny is paid semimonthly. His semimonthly salaryis $1,239. What is his annual salary?
Annual Salary =
Semimonthly salary =
# of Paychecks =
$1,239
24
Example 2
(salary ) (# of paychecks)
= ($1,239) (24) = $29,736
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Carlos earns x dollars biweekly. Express his annual salary algebraically.
Annual Salary =
Biweekly salary =
# of Paychecks =
$x
26
Example 2 - Algebraic
(Biweekly salary ) (# of paychecks)
= ($x) (26) = 26x
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Slide 47
Alex is paid semimonthly. His annual salary is y dollars. Express his semimonthly salary algebraically.
Annual Salary = $Y
Paid Semimonthly
Semimonthly Salary =
CHECK YOUR UNDERSTANDING
What does this mean?
What does this mean?
Alex makes $Y per year
Alex gets 24 paychecks
24
y
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Maureen works at a local Chicken King Restaurant. Her regular hourly wage is $9.70. If she regularly works 40 hours per week, what is her regular weekly pay?
Weekly Pay= (hourly rate) x (number of hours)
= (9.70) x (40) = 388
Maureen makes $388 per week
Example 3
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Roger regularly works h hours per week at a rate of d dollars per hour. Express his annual salary algebraically.
Weekly Pay= (hourly rate) x (number of hours)
Example 3 - Algebraic
= ($d) (h hours)= d • h dollars per week
Annual Salary = (weekly salary) (52)
= 52dh
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Janice earns $10 per hour. If her regular hours are 40 hours per week, and she receives time-and-a-half overtime, find her total pay for a week in which she works 45 hours.
Total Pay = Regular Pay + Overtime Pay
Total Pay = (40)($10)
= $475
Example 4
+ (5)($10)(1.5)
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Ron regularly works 40 hours per week, at a rate of x dollars per hour. Last week he worked y overtime hours at time-and-a-half. Express his total weekly salary algebraically.
Total Pay = Regular Pay + Overtime Pay
Total Pay =
Example 4 - Algebraic
+ (y)(x)(1.5)
(reg hrs)(hrly rate)+ (ot hrs)(hrly rate)(1.5)
= 40x
= 40x + 1.5xy
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Mr. Whittaker earns b dollars biweekly. What is his annual salary?
Annual salary = (biweekly salary)(# of paychecks)
= (b) (26)
= 26b
Homework Problem 1
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His employer is changing the pay procedure to monthly, but no annual salaries are changing. What is his monthly salary?
Monthly salary =
Homework Problem 1
paychecks of #
salary annual
= 26b12
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Ms. Saevitz is paid semimonthly. Her annual salary is a dollars. What is Ms. Saevitz’s semimonthly salary?
Semimonthly salary =
Homework Problem 2
paychecks of #
salary annual
= a24
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If her office changes to a biweekly pay schedule, what will Ms. Saevitz’s biweekly salary be?
Biweekly salary =
Homework Problem 2
paychecks of #
salary annual
= a26
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Mr. Lewis regularly works h hours per week at a rate of y dollars per hour. Express his annual salary in terms of h and y.
Weekly Salary = hy
Annual Salary = 52hy
Homework Problem 3
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If you earn d dollars per hour regularly, express your hourly overtime rate algebraically if you are paid time-and-a-half for overtime.
Overtime Rate = 1.5d
Homework Problem 4
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Mrs. Trobiano regularly works 40 hours per week at a rate of d dollars per hour. Last week she worked h overtime hours at double time. What was her total salary in terms of d and h.
Reg. Pay = 40dOt Pay = hd(2)
Total Pay = 40d + 2hd
Homework Problem 5
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You work at a store making d dollars per hour. Last week, you worked 35 regular hours and h overtime hours, at time-and-a-half. Write a formula that expresses your weekly pay.
Weekly Pay = 35d + hd(1.5)
= 35d + 1.5hd
Writing Formulas
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Last week, you worked a total of 52 hours, 40 of which were regular hours. You are paid x dollars per hour and are paid double time for all overtime hours. Your weekly salary was $800. Set up an equation that represents this.
40x + 12(2)(x)
40x + 24x
Writing Formulas
= 800
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You work at a store making d dollars per hour. Last week, you worked 35 regular hours and h overtime hours, at time-and-a-half. Write a formula that expresses your weekly pay if you made $765.
Weekly Pay = 35d + hd(1.5)
= 35d + 1.5hd
Writing Formulas
= 765
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When you are given the number of hours and weekly (or annually) salary, we can find the hourly rate by:
1. Writing an algebraic expression2. Doing any arithmetic that can be done3. Combine like terms4. Solve the equation (divide)
Solving for hourly rate
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Last week, you worked a total of 52 hours, 40 of which were regular hours. You are paid x dollars per hour and are paid double time for all overtime hours. Your weekly salary was $800. Find your hourly rate
1. 40x + 12(2)(x) = 800
2. 40x + 24x = 800
3. 64x = 800→ x = 12.5
You made $12.50 per hour
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Samantha worked her 40 regular hours last week, plus 7 overtime hours at the time-and-a-half rate. Her gross pay was $611.05. What was her hourly rate?
Let r = hourly rate
1. 40r + 7(1.5)(r) = 611.05
2. 40r + 10.5r = 611.05
3. 50.5r = 611.05 → r = 12.1
You made $12.10 per hour
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Jillian worked her 40 regular hours last week, plus 2 overtime hours at a double-time rate. Her gross pay was $484. What was her hourly rate?
Let r = hourly rate
1. 40r + 2(2)(r) = 484
2. 40r + 4r = 484
3. 44r = 484 → r = 11
You made $11.00 per hour
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Last week, Saul worked r regular hours and t
overtime hours at a time and-a-half rate. He earned $700. If x represents his hourly rate, express x in terms of r and h.
1. rx + t(x)(1.5) = 700
Solve for x
x (r + 1.5t) = 700→ x = tr 5.1
700
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Last week, you worked a total of 55 hours, 40 of which were regular. For all overtime hours, you receive time-and-a-half. Your gross pay for the week was $643.75. Find your hourly rate.
1. 40r + 15(1.5)(r) = 643.75
2. 40r + 22.5r = 643.75
3. 62.5r = 643.75 → r = 10.3
You made $10.30 per hour
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Steve worked 37 regular hours last week. His gross pay was $545.75. What was his hourly rate?
1. 37r + 0(1.5)(r) = 545.75
2. 37r + 0r = 545.75
3. 37r = 545.75
→ r = 14.75
You made $14.75 per hour
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Krissy worked 40 regular hours last week, plus
8 overtime hours at the time-and-a-half rate. Her gross pay was $572. What was her
hourly rate?
1. 40r + 8(1.5)(r) = 572
2. 40r + 12r = 572
3. 52r = 572→ r = 11
You made $11 per hour
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Mrs. Frasier worked her 40 regular hours last week, plus four overtime hours at the double-time rate. Her gross pay was $576. What was her hourly rate?
1. 40r + 4(2)(r) = 576
2. 40r + 8r = 576
3. 48r = 576→ r = 12
You made $12 per hour
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Mr. Johnson worked 45 regular hours last week, and 8 hours of overtime at the time-and-a-half rate. What was his hourly rate if
his gross pay was $1,197?
1. 45r + 8(1.5)(r) = 1,197
2. 45r + 12r = 1,197
3. 57r = 1,197 → r = 21
You made $21 per hour
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Liam worked 40 hours a week regular time and
8 hours a week overtime at the time-and-a-half rate. Last year, Liam earned a total of $41,912. What is his hourly rate?
→ Weekly Rate = $806
1. 40r + 8(1.5)(r) = 806
2. 40r + 12r = 806
3. 52r = 806→ r = 15.5
You made $15.50 per hour
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Last week, Saul worked r regular hours and t overtime hours at the time-and-a-half rate. He earned $700. If x represents his hourly rate, express x in terms of r and h.
1. rx + tx(1.5) = 700
2. x(r + 1.5t) = 700
3. x = 1.5t r
700
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Gary earns $42,990 per year. He is paid weekly. He currently has a $456-per-month car loan payment, and he pays $1,277 per
year for auto insurance. Is one week’s paycheck enough to pay his monthly auto loan and his monthly cost of insurance?
Weekly Pay = $826.73
Car Loan = $456
Insurance = $106.42
Total Bills: $562.42
He will make enough in one week to pay for his car with $264.31 left.