Choosing a job for a set of parameters and overtime pay.

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Presentation transcript:

Choosing a job for a set of parameters and overtime pay

Choosing a job You are choosing a sales job. You have three options. You can have a yearly salary of $30,000 (must maintain sales of $1,000,000 to keep your job), you can have a base pay of $10,000 and a 4% commission on all sales (must sell at least $500,000 to keep your job), or you can have a job on strait commission of 7% (no minimum requirement for sales to keep job). Which job do you choose and why?

When will the salary + commission beat the salary only job? What do we do?

When will the commission only beat the salary only job? What do we do?

When will the commission only beat the salary + commission job?

Journal entry Is overtime a requirement for all jobs? Why or why not.

Types of jobs that are exempt Seasonal work (ski resorts, farming, seasonal amusement parks (Disneyland is open year round...)) There is a difference between seasonal work only vs. additional seasonal hire (Christmas sales) Most part time jobs do not give overtime unless in a written contract (UPS does this) Salary pay does not get overtime Contract pay does not get overtime unless it is included within the contract Some jobs give comp time instead of overtime Calculations for overtime pay 1.5 times hourly rate

Calculating overtime pay Requirements – hourly rate Determine overtime pay by 1.5 times the hourly rate Calculate overtime pay by multiplying overtime hours by overtime rate Calculate regular rate by multiplying regular hours by regular rate Find total pay by adding overtime pay to regular pay

example You make $7.50 an hour and work 42 hours What is your overtime rate? What is you regular pay? What is your overtime pay? What is your total pay for the week?

Assignment a2q1