Piecework Section 1.4

Getting paid on a piecework basis one receives a specified amount of money for each item of work completed.

Piecework Pay 𝑇𝑜𝑡𝑎𝑙 𝑃𝑎𝑦=𝑅𝑎𝑡𝑒 𝑝𝑒𝑟 𝑖𝑡𝑒𝑚∗𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑖𝑡𝑒𝑚𝑠

BJ is a carpenter. He gets paid $25. 00 for every end table he makes BJ is a carpenter. He gets paid $25.00 for every end table he makes. The first week he made 42 and the second week he completed 45. What is his pay for each week? Rate Per Item Number of Items Produced Total Pay First Week Second $25 42 $1,050 $25 45 $1,125

Salary Section 1.5

A fixed amount of money that you earn on a regular basis is called your salary. Salary is paid weekly, biweekly, semimonthly, or monthly.

Pay Periods Weekly = 52 periods Biweekly = 26 periods Semimonthly = 24 periods Monthly = 12 periods

𝑆𝑎𝑙𝑎𝑟𝑦 𝑝𝑒𝑟 𝑝𝑎𝑦 𝑝𝑒𝑟𝑖𝑜𝑑= 𝐴𝑛𝑛𝑢𝑎𝑙 𝑆𝑎𝑙𝑎𝑟𝑦 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑝𝑎𝑦 𝑝𝑒𝑟𝑖𝑜𝑑𝑠

Number of Pay Periods per Year Annual Salary Number of Pay Periods per Year Salary per Pay Period   Weekly Biweekly Semimonthly Monthly $41, 850 52 $804.81 $41, 850 26 $1,609.62 $41, 850 24 $1,743.75 $41, 850 12 $3,487.50

Skill #2: Piecework Pay & Salary Questions? Summarize your notes Homework Google Classroom