How Do You Want to Get Paid? SS.4.FL.1.3 Workers are paid for their labor in different ways such as wages, salaries, or commissions. Explain the ways in which workers are paid. Gr. 4 Financial Literacy

Vocabulary Definition copied from Income Money earned by a worker from work, investments, business, etc. Salary A salary is fixed amount of money earned by a worker that is paid regularly for services. Hourly Wage The amount of money that a worker is paid based on the number of hours they work. Piece Work The worker is paid a fixed rate for each unit produced or action performed.

Vocabulary Definition copied from Commission The amount of money paid to an worker for selling something. Straight Commission The amount of money paid to an worker for selling something, no salary is paid. Salary Plus Commission The worker gets paid a fixed compensation and receives commission for sales. Hourly Wage Plus Commission The worker gets paid by the hour and receives commission for sales.

Essential Questions What are ways in which people get paid for working? What are disadvantages of different types of income payment? What are advantages of different types of income payment? Image:

Earning Income “Your earning ability is largely determined by the perception of excellence, quality, and value that others have of you and what you do. The market only pays excellent rewards for excellent performance. It pays average rewards for average performance, and it pays below average rewards or unemployment for below average performance.” Brian Tracy Brian Tracy What message does the quote reveal about earning income? (LAFS.4.L3.5)

Teacher Accountant $163,350 Doctor $47,936 $82,690 Computer Programmer $114,970 Lawyer $83,060 Mechanical Engineer $45,000

Soft Skills Hourly rate starts at the minimum wage and increases based on experience and needs of the employer. Florida minimum wage is $8.05. Auto Mechanic Repairs engine failures, body damage, and replaces damaged parts. Security Guard Maintains a safe and secure environment for customers and employees. Receptionist Welcomes visitors by greeting them, in person or on the telephone. Cashier Operates a cash register. Bus Driver Drive a bus. Child Care Worker Takes care of children. Secretary Assist administrators by answering phone calls, handling messages, scheduling appointments, filing papers and handle other office duties. Customer Service Assist customers with complaints and inquiries.

Soft Skills PROSCONS Flexible ScheduleUnpredictable schedule Control of IncomeIncome varies IndependenceIncome is based on the market Stockbrokers Sales Associate

Soft Skills Commission x PiecesHours Worked HourlyWeeklyMonthlyYearly Salary40$40$1,600$6, $83,200 Hourly Wage 40$40$1,600$6, $83,200 Hourly Wage with overtime 52= 40 OT +12 $40 $60 $1,600 $ 720 $2,320