Unit 2 Review. Zach is hired to be the office clerk at an insurance company. His annual salary will be $34,756.00  How much would Zach be paid monthly.

Slides:



Advertisements
Similar presentations
A Sample Wage Slip.
Advertisements

Calculations In Everyday Contexts.
Chapter 4.
Calculations In Everyday Contexts.. Wage Rises Example 1. (a) The new annual wage. (b) The new monthly wage. Solution (a)The new annual wage = old wage.
Deductions. Gross Income Amount of money you earn before any deductions.
Question #1 Tex starts work at 1:40 PM and gets off work at 7:25 PM. If he has no breaks, how many hours does he work for? 5 hours (1:40 to 6:40) 45 minutes.
Percent of a # unit6.
MATH 10 – UNIT 4. FM. 4 Students are expected to: Explain why gross pay and net pay are not the same. Determine the Canadian Pension Plan (CPP), Employment.
Warm up Joe’s employer pays 60% of his annual medical insurance premiums. The total annual cost per employee is $5,000. Joe is paid bi-weekly. What dollar.
PAYCHECKS, PAY PERIODS, TYPES OF PAY. Pay Periods In order to understand your paycheck, you need to understand pay periods. How often you get paid.
Chapter Nine PAYROLL Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.
Worshipful Company of Tax Advisers
 Net income : Money you get after all deductions. (take home pay)  Taxable income : income that can be taken by the government (federal or provincial)
JEOPARDY TermsSalary, Overtime & Commission Take-Home Pay Benefits & Expenses RandomsDeductions $100 $200 $300 $400 $500 Let’s play! ***
Earning an Income Review. Hours worked Joe starts work at 2:15 PM, and he gets off work at 6:20 PM. He has no break. How long did he work? – 2:15 to 6:15.
#1. Calculating Gross Income Dan works part time at Shopko Dan worked 32 hours this week Dan makes $9.75/hour How much was Dan’s Gross Income?
My Paycheck Calculating Gross Pay Identifying Deductions/Withholding Calculating Net Pay.
PowerPoint® Slides to accompany Basic Bookkeeping, Seventh Edition Prepared by JD Chazan CPA, CA National Taiwan University 10-1 Copyright © 2015 by Nelson.
Jeopardy Don’tTake All My Money Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy.
 $10.65 x 40 = $  $ x 50 = $21,
Income Monday, Jan 13 th. Priorities Priority 1 Essential to life Priority 2 Not essential to life, but important Priority 3 Neither essential, nor important.
DETERMINING AND PAYING THE PAYROLL
 A personal earnings statement like that seen in a paycheck will provide basic information about how many hours someone worked and at what rate, and.
How Much Are You Really Making? NEXT This presentation will help you to: understand the difference between gross and net pay accurately calculate gross.
Pay, Benefits, and Working Conditions
Annual Wage / Salary How much a person is paid in a year Wages & Salaries 12 months in a year 52 weeks in a year.
My Pay, My Money. What is money? Before money there was barter (trading) Governments print money to make buying easier Gold coins are worth something.
Consumer Decisions Earning Money.
Copyright © 2015, 2011, and 2007 Pearson Education, Inc. 1 Chapter 6 Payroll Section 1 Gross Earnings: Wages and Salaries.
Chapter 9 Payroll McGraw-Hill/Irwin
$$$.  How much a person earns is usually expressed as an annual amount. For example, $ annually  Annual = 1 year = 12 months = 52 weeks  However,
The reward for work. How people are paid Salary (stated as yearly earnings but are usually paid monthly) – more likely to be skilled, non-manual occupations.
Gross Earnings, Wages and Salaries Chapter 6: Payroll Section 6.1.
Bellwork Vanessa gets paid bi-weekly. She is always paid on the 1 st and the 15 th and earns $ She needs to pay the following monthly expenses.
Unit 2 Lesson 2 Remediation 1. The Earnings Section The Deduction Section The Personal Information Section  Parts of a paycheck stub.
CALCULATING NET MONTHLY INCOME. STEPS TO CALCULATING NET MONTHLY INCOME Step 1: Pay Rate X Hours Worked = Gross Weekly Income Step 2: Gross Weekly Income.
Lesson 9: Salary Consumer Math: p Some people are paid a fixed amount of money regularly, no matter how many hours they need to complete their.
First Canadian Edition Price • Haddock • Brock • Hahn • Reed
The sad part of every job..  Kevin is a new employee at MmmPizza. Each week he works 37.5 hours at $7 per hour.  What is his pay?  Stop complaining.
Chapter 2 – Earning Money 2.3 Additional Earnings.
Figuring out your Paycheck Part 1: Making Ends Meet Series.
 Gross Pay - income earned before any deductions  Salary - monthly or annual  Hourly - regular and overtime  Piecework - earn a set amount per item.
Getting Paid For Your Work
Chapter 2 – Earning an Income 2.1 Wages and Salaries.
Alberta Labour Laws CALM 20. Alberta Labour Laws Your Employer is responsible for: Giving you a Statement of Earnings. This includes: The pay period covered.
Personal Finances. You got the job… now what? Employer will get you to fill out two TD1 forms. One is a federal form and the other is a provincial form.
Creating a Budget Mr. Machula. Creating a budget Gross Monthly Income Income Tax EI and CPP Deductions Total Monthly Expenses Preliminary Monthly Balance.
PAYROLL ACCOUNTING Chapter 12. Using a Payroll System  Payroll – list of the employees and the payments due to each for a pay period  Pay Period – the.
Payroll Unit Terms Write down as many payroll terms or payroll taxes that you can think of in 2 minutes. Ready, Set, Go!
Gross Earnings, Wages and Salaries Chapter 6: Payroll Section 6.1.
PAYROLL.
Figuring Your Paycheck Life Choices _____. Introduction Main reason most of us work is to _____ Paychecks are used to pay for _____ Important to know.
Income Taxes for Individuals Calculated as a percent of your taxable income Taxable Income = Gross Pay - Pre-Tax Deductions (examples: retirement plan.
 What is a pay cheque?  One of the most important documents you encounter regularly when living independently is your pay cheque. To be sure that mistakes.
MATHPOWER TM 11, WESTERN EDITION Chapter 9 Personal Finance.
Pay Cheque Definitions. Gross Income (pay/earnings) The amount of income/earnings, for any pay period, before deductions.
Who is FICA?? The tax man cometh!!
Understanding your paycheck
Income Tax – Learning Outcomes
Pay stubs Personal Finance 30L.
Understanding Pay, Benefits, and Incentives
Warm Up: You have a job at Foodland and get paid $11.50/hr. You work 4 hours each week. How much will your pay cheque be after 2 weeks? -When finished.
Pay-Cheques! Calm 20.
Payslips and Overtime.
Paycheque Terms.
Gross Pay, Deductions and Net Pay
Unit #1: Earning Income.
Income Tax and Deductions
Who is FICA?? The tax man cometh!!
Presentation transcript:

Unit 2 Review

Zach is hired to be the office clerk at an insurance company. His annual salary will be $34,  How much would Zach be paid monthly  How much would he be paid bi-weekly Example 1

Gregor works as a glazier, a person who cuts and fits glass, at a window manufacturing company. He earns $19.99/h for 37.5 hours a week and time and a half for any hours over that. Determine how many regular and overtime hours he worked and how much he will get paid for this week. Example 2 Weekly Schedule EmployeeDayStart TimeEnd TimeHours worked GregorSunday Monday8:00am4:00pm Tuesday8:15am4:00pm Wednesday8:00am3:30pm Thursday8:00am4:00pm Friday9:00am4:15pm Saturday8:30am6:30pm

Jack cleans windows for extra income. He charges $3.00 or a main floor window and $5.00 or a second- story window. How much will he earn if he cleans the windows on a house that has 7 main floor windows and 6 second-story windows? Cost of main floor windows: Cost of 2 nd story windows: Total Cost: Example 3

Monica works as a waitress. She worked a four hour shift and her customers bills totalled $3000 before tips. Her rate of pay is $9.55/hour. How much would she earn if her tips averaged 15% Example 4

If your Canada Pension Plan (CPP) contribution rate is 4.95% and your salary is $ every two weeks, what will be the CPP deduction? Example 5

Randy works at two jobs. In one job, he earns $325.00/week, and has deductions of $56.67 federal tax, $13.12 provincial tax, $16.09 CPP, and $4.14 EI. At his other job, he earns $567.00/week and pays $79.42 federal tax, $16.82 provincial tax, and $18.12 CPP. What is his net income? Example 6