How ever long it takes you to sit down after the bell is how long we will be staying after class FYI.

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Presentation transcript:

How ever long it takes you to sit down after the bell is how long we will be staying after class FYI

Journal Title: Comparing Income Would you rather earn an “income” or salary?” Why? How ever long it takes you to sit down after the bell is how long we will be staying after class FYI

Salary vs. Wage Pay and Benefits

What is a salary?? A set amount of money earned by an employee per year or other fixed time. Paid at intervals

What are wages? Earnings paid by the HOUR, DAY, or ITEM. Piecework-based on the number of pieces produced

What is commission? A fixed percentage of profit given to an employee in exchange for making a sale.

The income of employees paid on commission can fluctuate over time. How might the overall state of the economy affect their income?

Think of some jobs where people work at commission!

Fair Labor Standards Act FLSA Government has certain standards regarding payment and compensation. Equal pay

What is Minimum Wage?? The lowest hourly rate you can get paid.

What is the difference between the following: Full time Part-time Temporary Contract

Full Time Working 35+ hours a week Examples: Teachers, mail person, factory workers

Part-Time Working less than 35 hours per week Examples: Fast food, retail Usual working one job plus doing something else, like school

Temporary An individual is hired to work through an employment agency to fill a short-term vacancy Example: Maternity leave, 30 days Video

Contract A person is hired to complete a job for a price Example: Construction, legal, song production