1.1 income: salary & hourly · 2017-12-22 · hourly overtime overtime is the amount of time...

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