Consumer Decisions Earning Money.

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Presentation transcript:

Consumer Decisions Earning Money

A. Hourly Wages Gross Pay: Gross Pay is the amount of money earned before deductions. To calculate the Gross Pay for an employee who is working 35 hours per week for $6.50/hr. $6.50 X 35 = $227.50

Overtime Wages All hours above an agreed number of hours are called overtime. Usually overtime is time and a half or double time. To calculate the overtime rate of pay for an employee who receives $8.20/hr. Time and a half $8.20 X 1.5 = $12.30 Double time $8.20 X 2 = $16.40

C. Hourly wages and Overtime To calculate the gross pay for an employee who earns $8.65/hr for a 40 hour week, but actually works 48 hours.(Overtime is time and a half) Regular Pay Overtime Pay $8.65 X 40= $8.65 X 1.5 X 8= $346.00 $103.80 Gross Pay $346.00 + $103.80= $449.80

D. Hourly Wages and tips Many people earn tips in addition to hourly wages. To calculate the gross pay for a waiter who earns $4.10/hr for a 40 hour week if he keeps 80% of the tips he collects. He collects $248.00 in tips Regular Pay $4.10 X 40 = $164.00 Tips $248.00 X 0.80 = $198.40 Gross Pay $164.00 + $198.40 = $362.40

E. Hourly Wages and Bonuses Some employers give bonuses to encourage productivity. Leslie’s summer job as a truck driver hauling top soil pays $9.75/hr for an 8 hour day with a bonus of $2.50 for every ton of soil hauled in excess of 50 tons. What is his gross pay for hauling 59 tons in one day? Regular Pay $9.75 X 8 = $78.00 Bonus Pay $2.50 X 9 = $22.50 Gross Pay $78.00 + $22.50 = $100.50

Earning Commission To provide salespeople with an incentive to sell more, salespeople earn a commission based on their sales.

A. Straight Commission (one step) Sandra works in a clothing store. Her total sales for a week totaled $2456.89. Her commission is 17%. Calculate her gross pay for a week. $2456.89 X 17/100 = $2456.89 X .17 = $417.67

B. Salary and Commission Julie is employed as a beauty consultant and is paid $150.00 per week plus a commission of 38% of her sales. Her sales for a 4 week period are shown in the accompanying chart. Calculate her gross pay for the 4 weeks.

Salary and Commission Week Number Amount of sales 1 $785.00 2 $472.00 1 $785.00 2 $472.00 3 $1052.00 4 $976.00 Regular Pay: $150.00 X 4 = $600.00 Commission $785. + $472. + $1052. + $976. = $3285.00 $3285.00 X 38/100 = $3285.00 X .38 = $1248.30 Gross Pay = Reg. Pay + Commission Gross Pay = $600. + $1248.30 = $1848.30

Calculating Net Pay When you get a regular job, your net pay (take-home pay) will be less than your gross pay. The reason for this is due to deductions. Net Pay is the difference between the gross pay and the total of the various deductions. The employer is required to make three standard deductions. These are: 1. Canada Pension Plan (C.P.P.) 2. Employment Insurance (E.I.) 3. Income Tax (I.T.)

Calculating Net Pay 1. Finding the C.P.P deduction Use Tables from your textbook P.444-448 $210.50 - $3.17 $250.75 - $3.89 $750.25 $12.86

Calculating Net Pay 2. Finding the E.I. deduction Use Tables from your textbook P.449 – 451 $210.50 - $4.84 $312.75 - $7.19 $400.00 - $8.86

Calculating Net Pay 3. Finding the Income Tax Deduction Use Tables from your Textbook P. 452-455 $175.00 (code 3) - $8.80 $350.00 (code 2) - $62.70 $525.30 (code 4) - $111.45

Examples 1. Jack’s weekly gross pay is $230.00. His net claim code is 3. Calculate his net pay after C.P.P, E.I, and Income Tax deductions. Gross Pay: $230.00 C.P.P = $3.52 E.I. = $5.29 I.T. = $24.05 $32.86 Net Pay = $230.00-$32.86 = $197.14

Example Al is paid $5.50/hr for a 37.5 hour week. His net claim code is 2. Calculate his net pay for the week after deductions. Gross Pay = $5.50 X 37.5 = $206.25 Deduction = C.P.P = $3.09 E.I. = $4.74 I.T. = $20.60 $28.43 Net Pay = $206.25 – 28.43 = $177.82