Compensation Consumer Math 2012-2013

Overview Gross Pay Frequency of Payment Examples Benefits Compensation Salary Hourly Piecework Extra Pay Frequency of Payment Examples Benefits Compensation

Gross Pay Salary Hourly Piecework Usually ____ hours per week (Full-time) Get the job done (no overtime) Commission Time cards/sheets Flex-time Hourly Overtime definition: Overtime = Hourly Rate * _____ Piecework

Frequency of Pay Weekly – every other week (every other Tues.) Biweekly – every two weeks Semi-monthly – twice a month (15th and 28th)

Example – Piecework Robert gets paid to bag at Shop-Rite. If he earned $0.80 per bagged bag, how many bags will he have to bag to buy new speakers for his car ($350)? If he bags 50 bags a day during his shift, how many days until he can buy the speakers?

Example – Salary Jennifer agreed on $50,000 per week with her employer. She will be paid semi-monthly. What is her gross pay per paycheck?

Example – Hourly Krzysztof works at A&P and gets paid biweekly. He worked 32 hours since his last paycheck. If he earns $9 an hour, what will his next paycheck be?

Example – Overtime Justin is employed at Prospero, I.N.C. on an hourly basis at $15/hour. He worked 45 hours last week. What gross pay did he earn?

Example – Daily Pay Osman earns $40,000 gross on salary. How much does he earn per working day?

Example – Tips Bree wants to be a waitress at Bahama Breeze. She agrees to $4 an hour from her boss and 80% of the tips that come in. If she worked 25 hours last week, and the restaurant got $300 in tips, what was her gross pay/hour last week?

Example - Commisions Petar want to sell Pharmaceutical equipment. He agrees to a salary of $20,000 and a commission of 30% of sales. If he sold $150,000 in equipment, what is his gross pay for the year?

Benefits Bonuses Vacation Healthcare Dental 401k Cell Phone Personal Days Optional Holiday (Religious) Flex-Time

Compensation = Salary + Benefits