CHAPTER 1 GROSS INCOME. WHAT WILL WE LEARN? Section 1-1 Calculate straight-time pay. Figure out straight-time, overtime, and total pay. Calculate the.

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Presentation transcript:

CHAPTER 1 GROSS INCOME

WHAT WILL WE LEARN? Section 1-1 Calculate straight-time pay. Figure out straight-time, overtime, and total pay. Calculate the total hours on a weekly time card. Compute the total pay on a piecework basis. Section 1- 3 Section 1- 4 Section 1-2

Section 1-5 Determine the salary per pay period. Calculate the straight commission and determine the gross pay. Compute the total graduated commission. Section 1- 7 Section 1-6 WHAT WILL WE LEARN?

SO, WHY SHOULD YOU CARE? People rarely work for free! Wouldn’t you rather get paid and know how you are getting paid? It’s important to know how to calculate your gross income!

WORDS TO KNOW hourly rate p. 92 straight-time pay p. 92 overtime pay p. 94 time and a half p. 94 commission p. 103 commission rate p. 103 straight commission p. 103 graduated commission p. 106 double time p. 94 weekly time card p. 96 piecework p. 99 salary p. 101

SECTION 1.1 HOURLY PAY

OBJECTIVE Calculate straight-time pay

Hourly Rate (p. 92) A fixed amount of money paid for each hour of work. Straight-Time Pay (p. 92) The total amount of money earned for a pay period at the hourly rate. Words to know

Straight-time pay formula Straight-Time Pay = Hourly Rate × Hours Worked

How are you paid? How much are you paid per hour? How many hours do you work? Part/full time jobs?

How are you paid? How much are you paid per hour? How many hours do you work? Part/full time jobs?

hour

Shawna Jackson is a mail clerk. She earns $8.40 per hour. Last week she worked 40 hours, and this week she worked 39 ½ hours. What is her straight-time pay for each week? Example 1 Hourly RateXHours Worked=Straight-Time Pay Last WeekX= This WeekX=

You earn $6.50 per hour and work 30 hours this week. What is the straight- time pay? Concept check Hourly RateXHours Worked=Straight-Time Pay

Izumi is a musician. She earns $35.00 per hour. She works 32½ hours. What is her straight-time pay? practice Hourly RateXHours Worked=Straight-Time Pay

NOW, PRACTICE ON YOUR OWN! P. 93 #3–17 skip #9 SHOW YOUR WORK!