W AYS TO GET PAID. J OURNAL 2 Give a definition for how people are paid: hourly, salary, commission, piecework. What jobs do you think fit into each category?

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Presentation transcript:

W AYS TO GET PAID

J OURNAL 2 Give a definition for how people are paid: hourly, salary, commission, piecework. What jobs do you think fit into each category?

H OURLY PAY Amount of money that you are paid for the time that you work May be eligible for overtime pay Can have set hours Most jobs start at or are above minimum wage $7.25 an hour Anyone under the age of 16 does not have to be paid minimum wage Waitress/waiters are paid $2.13 and hour

H OURLY EXAMPLE You make $7.50 and work 10 hours You make $11.00 and work 40 hours You make $15.78 and work 30 hours

S ALARY PAY Set amount of money that you are paid for an entire year Can be based on a monthly set salary Most salary jobs are based on completing the work that the job requires – regardless of the amount of time it takes to complete the job Not eligible for overtime Some salary positions get quarterly bonuses – but most do not

S ALARY EXAMPLE You are paid $1300 a month – what is your weekly pay? You are paid an annual salary of $30,000 – what is you monthly pay? Weekly pay? Hourly pay?

C OMMISSION PAY Amount of money that you are paid based on the total dollar amount of sales that the person achieves These are sales jobs The amount of hours that you work do not determine the amount of pay Don’t make any sales, then there is no income

C OMMISSION PAY You get paid 2% commission and sell $10,000 in toys. What is your pay? What is the math equation for this problem?

P IECEWORK PAY Paid based on a completed piece of work Can be small or large ticket items Can be based on the total number of items that are required to fill an order

P IECEWORK EXAMPLE You get paid $14.00 to make small wooden boxes. You can make 15 boxes a day. How much do you make?

A SSIGNMENT A 1 Q 1

F OLLOW UP JOURNAL ENTRY Which method would you prefer to be paid by and why?