Annual Wage / Salary How much a person is paid in a year Wages & Salaries 12 months in a year 52...
-
Upload
christopher-fox -
Category
Documents
-
view
212 -
download
0
Transcript of Annual Wage / Salary How much a person is paid in a year Wages & Salaries 12 months in a year 52...
Annual Wage / Salary How much a person is paid in a
year
Wages & SalariesWages & Salaries
12 months in a year
52 weeks in a year
£12 428 £12 428 ÷÷ 52 = £ 239 52 = £ 239Weekly wage = Weekly wage =
Example 1 :
A shop assistant gets paid £12 428 a year.
How much is her weekly wage.
Wages & SalariesWages & Salaries
Number of weeks in a year
£1 100 x 12 = £ 13 £1 100 x 12 = £ 13 200200
Annual Salary = Annual Salary =
Example 2 :
A mechanic gets paid £1 100 a month. A bus driver gets paid £260 a week.
Who gets the better annual salary.
Wages & SalariesWages & Salaries
Mechanic :Mechanic :
Bus Driver :Bus Driver : £260 x 52 = £ 13 520£260 x 52 = £ 13 520Annual Salary = Annual Salary =
Bus driver has better annual wage
Months in a year
Weeks in a year
Example 2 :
Rachael earned an annual salary of £ 20 000 last year. She receives a 10% rise this year. What is her new salary.
Salaries & OvertimeSalaries & Overtime
0.1 x £20 000 = £ 2 0000.1 x £20 000 = £ 2 000Rise :Rise :
New salary :New salary : £20 000 + £2 000 = £ 22 £20 000 + £2 000 = £ 22 000000
10% as a decimal= 10 ÷100= 0.1
Example 3 :
Kerr earned an annual salary of £ 18 000 last year. He receives a 4% rise this year. What is his new salary.
Salaries & OvertimeSalaries & Overtime
0.04 x £18 000 = £ 720Rise :
New salary :£18 000 + £720 = £ 18 720
4% as a decimal = 4 ÷ 100= 0.04
Overtime : When you do extra work above your basic hours.
Time Sheets & OvertimeTime Sheets & Overtime
You get a better hourly rate for overtime.
Write down the two common rates of overtime
Double time (x2)
Time and a half (x1.5)
5 x £16 = £80.005 x £16 = £80.005 hours overtime is = 5 hours overtime is =
Example 2 : Jordan the gardener works a basic 40 hours a week. He does 5 hours overtime at ‘double time’ on Saturday. His hourly rate is £8 per hour. Work out his overtime pay and then his total pay.
Time Sheets & OvertimeTime Sheets & Overtime
40 x £8 = £320.0040 x £8 = £320.0040 hours basic time is 40 hours basic time is = =
Total pay is = £320 + £80 = £400Total pay is = £320 + £80 = £400
Overtime Rate = £8 x 2= £16.00 per hour
Salaries & OvertimeTime and a half
To calculate ‘time and a half’ overtime
Time can be described as the whole thing or 1
Half of time can be described as
So…….. time and a half can be described as 1.5
Therefore to calculate time and a half we ………
……… Multiply by 1.5
0.5
4 x £9 = £36.004 x £9 = £36.004 hours overtime is = 4 hours overtime is =
Example 3 : Tim the shop assistance works a basic 30 hours a week. He does 4 hours overtime at ‘time and a half’ on Sunday. His hourly rate is £6 per hour. Work out his overtime pay and then his total pay.
Time Sheets & OvertimeTime Sheets & Overtime
30 x £6 = £180.0030 x £6 = £180.0030 hours basic time is 30 hours basic time is = =
Total pay is = £36 + £180 = £216.00Total pay is = £36 + £180 = £216.00
Overtime rate = 1.5 x £6= £9.00
CommissionCommissionPiecework
What is piecework??
…. A payment for a number of items made, or tasks completed
Money earned based on how much you sell. Usually expressed as a percentage.
Write some people who get commission
Car sales person
Double glazing sales person
Commission :
CommissionCommissionPiecework
Example 2:
Nicola is paid £3.75 for every 20 worms she brings to the local bait shopHow much is she paid for bringing back 140 worms?
140 ÷ 20 = 7
To find out how many ‘lots of 20 worms’ she has brought back
therefore Payment = 7 x £3.75 = £26.25
Example 1 :
Bob sells car. He is paid a commission of 5% on any carshe sells. Last week he sold £ 20 000 worth of cars. How much commission was he paid ?
CommissionCommission
0.05 x £20 000 = £ 1 000Commission :
Converting 5% to a decimal= 5 ÷ 100
= 0.05
Gross Pay : What you are paid by the employer.
Salaries & OvertimeSalaries & Overtime
TaxNational
Insurance
Deductions : Taken off your wages.
Net Pay : Your take home pay.
Pension
I ncome Basic £603.65 O/T £85.50 Bonus £50.00 Total
Deductions Tax £142.75 Nat Ins. £30.72 Pension £34.29 Total
NET PAY
Name : J oe Bloggs
Example 3 : Calculate the Net wage for this payslip :
Salaries & OvertimeSalaries & Overtime
739.15
207.76531.39
Net pay = Total income - Deductions
Simple InterestSimple InterestJust working
out percentages
Simple InterestSimple Interest
I have £400 in the Bank. At the end of each year I receive 7% of £400 in interest. How much interest do I receive after 1 years?How much do I now have?
7% as a decimal = 7 ÷ 100 = 0.07
Then interest earned 0.07 x £400 = £28
Amount in bank £400 + £28 = £428
Simple InterestSimple InterestJust working
out percentages
Simple InterestSimple Interest
I have £1200 in the Bank. I receive 10% p.a. in interest. How much interestdo I receive if I take my money out after 3 months.
I nterest p.a. = 10 ÷ 100 1200 = £120
After 1 month interest is 120 12 = £10.
After 3 months interest is = £10 3 = £30
Simple InterestSimple InterestJust working
out percentages
Simple InterestSimple Interest
Stuart invested £4000 in the building Society with an interest rate of 5% p.a. How much does he have after 6 years?
5% as a decimal = 5 ÷ 100 = 0.05
Interest earned after 1 year = 0.05 x £4000 = £200
Interest earned after 6 years = 6 x £200 = £1200