1.1 income: salary & hourly · 2017-12-22 · hourly overtime overtime is the amount of time...
TRANSCRIPT
1.1
Income: Salary & Hourly
WARM UP
W1. 10.50 × 35
W2. 32,000 ÷ 12
W3. 7.75 × 40 × 52
WARM UP ANSWERS
W1. 10.50 × 35
367.50
W2. 32,000 ÷ 12
2,666.67
W3. 7.75 × 40 × 52
16,120
OBJECTIVES
Understand the differences between a salary and
an hourly wage
Be able to calculate an equivalent hourly wage
from a salary
If given two wage options, which results in a higher
“pay”
HOURLY WAGE
A wage is a monetary compensation paid by an
employer to an employee in exchange for work
done.
An hourly wage is a wage paid per unit of time
worked, in this case an hour.
HOURLY WAGE
A) What are some examples of jobs that are
typically hourly wage?
B) What are some pro (for) and con (against)
arguments towards an hourly wage?
SALARY WAGE
A salary is a form of periodic payment from an
employer to an employee typically paid in fixed
intervals.
A Salary is a fixed amount of money or
compensation in return for work performed.
SALARY WAGE
C) What are some examples of jobs that are
typically salary wage?
D) What are some pro and con arguments towards
a salary wage?
SALARY TO HOURLY
E) Your salary is $700 weekly. If you work full time (40
hours per week) what is your equivalent hourly
wage?
F) Your boss asks you to stay late this week to get a
project done. You stay an extra 5 hours. What is your
new equivalent hourly wage?
SALARY TO HOURLY ANSWERS
E) Your salary is $700 weekly. If you work full time (40
hours per week) what is your equivalent hourly
wage? $17.50/hour
F) Your boss asks you to stay late this week to get a
project done. You stay an extra 5 hours. What is your
new equivalent hourly wage? $15.56/hour
HOURLY OVERTIME
Overtime is the amount of time someone works beyond normal working hours. Typically this is hours beyond 40.
“Time and a half” is a typical payment for overtime. In it you are paid your normal hourly wages plus an extra half per hour. 10 hours of overtime means you are paid for 15 hours of work.
HOURLY OVERTIME
G) You are paid $15/hr. Last week you worked 45
hours. If you are paid time and a half overtime
beyond 40 hours, how much should you expect to
be paid?
HOURLY OVERTIME ANSWERS
G) You are paid $15/hr. Last week you worked 45
hours. If you are paid time and a half overtime
beyond 40 hours, how much should you expect to
be paid? $712.50
SALARY VS HOURLY
Job A: Salary of $900/week working 50 hours per week
Job B: Paid $20/hr working 35 hours
H) Which job results in a higher hourly wage?
SALARY VS HOURLY ANSWERS
Job A: Salary of $900/week working 50 hours per week
Job B: Paid $20/hr working 35 hours
H) Which job results in a higher hourly wage?
Job B. Job A is only $18/hr
SALARY VS HOURLY
Job A pays $1000/week salary.
Job B pays $30/hr.
I) Which job is better?
SALARY VS HOURLY
Job A: $1000/week salary. You are expected to
work 50-60 hours per week.
Job B: $30/hr. After 40 hours you earn time and a
half.
J) Which job is better?
SALARY VS HOURLY
Job A: $1000/week salary. You are expected to
work 50-60 hours per week.
Job B: $30/hr. After 40 hours you earn time and a
half. You struggle to get above 20 hours/week.
K) Which job is better?
OBJECTIVES
Understand the differences between a salary and
an hourly wage
Be able to calculate an equivalent hourly wage
from a salary
If given two wage options, which results in a higher
“pay”
Homework
In Class Assignment 1.1
Homework 1.1