Gross Pay Chapter 1 Terms (p.5) Employee: those who work for others Employer: the person or company an employee works for. Hourly rate: a certain amount of money paid for each hour worked. Gross pay: total amount of money that an employee is paid. Also called gross wages, total earnings or total pay. Gross pay= Number of hours worked x
hourly rate Check Your Understanding (p.5) A: G= 46 x $7.50 G= $345 B: G= 25 x $16.25 G= $406.25
C: 5x8=40 hours G= 40 x $18.75 G= $750 Check Your Understanding (p.5) D: 8+6+7+6+5=32 G=32 x $9 G=$288
Terms (p.6) Overtime: time worked beyond the regular working day or week. Regular working day: based on an 8 hour day Regular work week: based on 40 hours Time-and-a-half: overtime pay that is calculated by multiplying regular rate by time-and-a-half (1.5). 1.5 x regular pay rate (do NOT round)
Double-time pay: earning twice your regular-time pay rate for working OT or weekends/holidays. 2 x regular pay rate (do NOT round) Check Your Understanding (p. 7) E: $7.51 1.5 x $7.51=$11.265 2 x $7.51=$15.02
$8.76 1.5 x $8.76=$13.14 2 x $8.76=$17.52 $13.67 1.5 x $13.67=$20.505 2 x $13.67=$27.34 F: 1.5 x $11.25= $16.875 2 x $11.25= $22.50 Check Your Understanding (p.7)
G: M-9.75, T-8, W-6, TR-8.5, F-8 Regular hours: 8+8+6+8+8=38 OT hours: 1.75+.5=2.25 hours Regular pay: 38 x $13.69 =$520.22 OT pay rate: 1.5 x $13.69=$20.535 OT pay: 2.25 x $20.535=$46.20 Gross pay: $520.22+$46.20=$566.42 Check Your Understanding (p.7)
H: 45.3+8.1=53.4 hours worked Regular hours: 40 OT hours: 13.4 Regular pay: 40 x $17.50=$700 OT pay rate: 1.5 x $17.50=$26.25 OT pay: 13.4 x $26.25= $351.75 Gross pay: $700+$351.75= $1051.75 Terms (p.10) Salary: a fixed amount of money for each pay period worked. Get paid the same regardless of how many hours
they worked. They dont get paid OT even if they work more than 40 hours a week. They get paid the same even if they are absent from work if approved by employer. Typically earn more money than hourly employees, have more education and skills required. Terms (p. 15) Commission Some salespeople earn a commission instead of a fixed salary or hourly pay.
May be an amount for each item sold, or it may ne a percent of the dollar value of sales. Sometimes a salary + commission may be earned. Straight commission Salespeople who earn money only when they sell stuff. Commission = quantity sold x rate of commission Commission (cont.)
When the rate of commission is a percent, multiply the amount of sales by the rate to find the commission. Commission=sales x rate of commission Terms (p.16) Quota: a fixed amount of sales that a person may be required to meet before receiving a commission. Graduated commission: a salespersons rate of commission increases as their sales increase. Rate of Commission:
Rate of commission=amount of commission/sales Terms (p.20-21) Piece-rate: when employees are paid for each item or piece they produce. Gross pay=# of pieces produced X piece rate Per diem: when employees are paid a fixed daily amount.
These are usually temporary employees provided by temporary help agencies Gross pay= # of days worked X per diem rate Tip: an amount of money given to someone for services they provide. They are typically paid less than minimum wage. Tip amount= total bill X tip percent Tip amount = # of units x tip per unit
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