Chapter 1 Gross Pay. 1.1 Hourly Pay and Salary Employees- –Those who work for others Employers-...
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Transcript of Chapter 1 Gross Pay. 1.1 Hourly Pay and Salary Employees- –Those who work for others Employers-...
![Page 1: Chapter 1 Gross Pay. 1.1 Hourly Pay and Salary Employees- –Those who work for others Employers- –The person or company an employee works for Hourly Rate-](https://reader033.fdocuments.net/reader033/viewer/2022061604/5697bfa91a28abf838c99c19/html5/thumbnails/1.jpg)
Chapter 1 Gross Pay
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1.1 Hourly Pay and Salary
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• 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
Gross Pay for Hourly-Rate Employees
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Hourly x Number of = Gross Pay
Pay Hours Worked
A. $7.50 x 46 hrs =
B. $16.25 x 25 hrs =
C. 8hrs x 5 days = 40 hrs x $18.75=
D. 8+6+7+6+5= 32 hrs x $9 =
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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 WorkedPay
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• 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 =
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1.2 Average Pay
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Simple Averages
• Average-– Single number used to represent a group of
numbers
A. ($18 + $58 + $32) / 3=
B. ($2,400+$3,200+$1,500+$1,700)/4
C. $264/38
D. ($35,800+$47,000)/2=
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Averages in Grouped Data
E. 5 x $12 = $60
2 x $9 = $18
+ $11
$89/8=
F. ($280 + $315 + $424 + $265)/ 4 =
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Unknown Items in a Set of Data
G. 68+80+75+79=
77 x 5=
385-302 =
H. 4 x 86 =
420-344 =
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1.3 Regular and Overtime Pay
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Recording Hours Worked
• How do you clock in?– Magnetic Strip Card– Time Card– Time Sheet– Computer Log-In
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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
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1.5 x Regular Pay Rate = Time-and-a-half rate
(don’t round)
2 x Regular pay rate = Double-time rate
A. 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 =
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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
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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 =
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D. Regular 40
Overtime 45.3 – 40 =
$17.50 x 1.5 =
$17.50 x 40 =
$26.25 x 13.4 =
$700 + $351.75 =
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1.4 Commission
• Straight CommissionCommission-
An amount for each item sold or a percent of the dollar value of sales
Quantity sold x rate of = commission commission
A. $1.30 x 74 =B. $0.075 x 1,200
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Sales x Rate of commission = commission
C. 0.15 x $9,500 =
D. $2870 + $3,150 + $3,940 =
$9,960 x 0.15 =
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Commission Based on Quota
• Fixed amount is called quota • Have to meet quota before receive
commissionE. $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
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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 =
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Rate of Commission on Sales
Rate of = Amount of / Sales
Commission Commission
I. $448 / $6,400 =
J. $3,240 / $54,000 =
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1.5 Other Wage Plans
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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 =
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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 =
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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
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E. 1. $10.20 x 0.15 =
2. $10.20 + $1.53 =
F. 1. $7.60 x 0.15 =
2. $7.60 + $1.14 =