How Much Are You Really Making? NEXT This presentation will help you to: understand the difference between gross and net pay accurately calculate gross.

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Presentation transcript:

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 required deductions and net pay

Materials Needed Pencil Scratch Paper Calculator One CLEAN sheet of paper that will be turned into your teacher at the end of the presentation NEXT

How Much Money Do You Actually Take Home When you Work? Calculating Gross and Net Pay NEXT

To earn money, you first need to: GET A JOB and AGREE TO A WAGE! WAGE: The amount of money you will be paid for working. NEXT

WAGES can be paid: NEXT HOURLY SALARIED An agreed upon rate per hour. OVERTIME – after 40 hours, one and one-half times the regular pay. An agreed upon rate, usually not paid for overtime. Expected to work a 40-hour standard work week. More if necessary without extra pay.

WAGES can be paid: Per Hour – Hourly Rate Per Week – Weekly Rate Per Month – Monthly Rate Bi-Monthly – 2 x per Month Bi-weekly – Every 2 weeks Per Year – Yearly Rate NEXT HOURLY SALARIED

Johnny Gets Paid an Hourly Rate of $10.00 Johnny earns Each hour he is at work NEXT

How Much Does Johnny Earn if he works for 5 hours? HOURS X HOURLY RATE NEXT

Johnny Earns $ X $10.00 = $50.00 HOURS X HOURLY RATE NEXT

Johnny’s GROSS PAY is $50.00 GROSS PAY is: Total money earned for time worked. NEXT

Stressed-out Susie earns $5.00 per hour What is Susie’s Gross Pay if she works for 7 hours? I think I know, Check my Answer Show me how to determine Susie’s Gross Pay I think I know, Check my Answer

Susie’s Gross Pay is: $35.00 Oops, I guess I need help. Click here. Click Here if your answer was correct.

Susie Earned $ X $5.00 = $35.00 HOURS X HOURLY RATE NEXT

Diligent David earns $8.00 per hour delivering the mail What is David’s Gross Pay if he works for 46 hours? I think I know, Check my Answer Show me how to determine David’s Gross Pay

David’s Gross Pay is $ Click here is your answer was correct. Oops, I guess I need help. Click here.

David Earned $ $ HRS 6 HRS. X X = NEXT = $ OVERTIME RATE = REGULAR RATE X 1.5 $8.00 x 1.5 = $12.00 GROSS PAY $392.00

What if Diligent David is a salaried employee and his gross pay is $30,000 annually. What is David’s Gross Pay if he is paid weekly? I think I know, Check my Answer Show me how to determine David’s Gross Pay

David’s Weekly Gross Pay is $ Click here is your answer was correct. Oops, I guess I need help. Click here.

David Earned $ weekly $ = NEXT $30,000 ÷ 52 weeks

What if Diligent David is a salaried employee and his gross pay is $30,000 annually. What is David’s Gross Pay if he is paid monthly? I think I know, Check my Answer Show me how to determine David’s Gross Pay

David’s Monthly Gross Pay is $2500 Click here is your answer was correct. Oops, I guess I need help. Click here.

David Earned $ monthly $ = NEXT $30,000 ÷ 12 months

What if Diligent David is a salaried employee and his gross pay is $30,000 annually. What is David’s Gross Pay if he is paid Bi-monthly? I think I know, Check my Answer Show me how to determine David’s Gross Pay

David’s Bi-Monthly Gross Pay is $ Click here is your answer was correct. Oops, I guess I need help. Click here.

David Earned $ monthly $ = NEXT $30,000 ÷ 24 (12 months x 2)

What if Diligent David is a salaried employee and his gross pay is $30,000 annually. What is David’s Gross Pay if he is paid Bi-weekly? I think I know, Check my Answer Show me how to determine David’s Gross Pay

David’s Bi-Weekly Gross Pay is $ Click here is your answer was correct. Oops, I guess I need help. Click here.

David Earned $ monthly $ = NEXT $30,000 ÷ 26 (52 weeks ÷ 2)

Try calculating gross pay on your own NEXT Complete Activity One Now

I thought I could keep my Gross Pay! Now I know why it is called GROSS!