Copyright 2014 © W. Seth Hunter ConsumerMath.org L4.8 Annual Salary From wages to salary to commission; earning money comes in many different ways. Show.

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Presentation transcript:

Copyright 2014 © W. Seth Hunter ConsumerMath.org L4.8 Annual Salary From wages to salary to commission; earning money comes in many different ways. Show me the Green!

Copyright 2014 © W. Seth Hunter ConsumerMath.org L4.8 Annual Salary Lesson Objective Students will learn how to calculate weekly and annual salaries.

Copyright 2014 © W. Seth Hunter ConsumerMath.org L4.8 Annual Salary Calculating Salaries The equation for calculating a weekly salary: Wage Rate x Hours Worked = Weekly Salary The equation for calculating an annual salary: Weekly Salary x 52 = Annual Salary

Copyright 2014 © W. Seth Hunter ConsumerMath.org L4.8 Annual Salary Calculating Salaries For Example: José earns $9.00 per hour. How much will he earn with a 40 hour work week? How much could he earn in a year?

Copyright 2014 © W. Seth Hunter ConsumerMath.org L4.8 Annual Salary Calculating Salaries For Example: José earns $9.00 per hour. How much will he earn with a 40 hour work week? How much could he earn in a year? Part 1 $ 9.00 x 40 $ 360 Per Week

Copyright 2014 © W. Seth Hunter ConsumerMath.org L4.8 Annual Salary Calculating Salaries For Example: José earns $9.00 per hour. How much will he earn with a 40 hour work week? How much could he earn in a year? Part 1 $ 9.00 x 40 $ 360 Per Week Part 2 $ 360 x 52 $ 18,720 Per Year 52 weeks per year

Copyright 2014 © W. Seth Hunter ConsumerMath.org L4.8 Annual Salary Practice Calculate how much money I earn in 1 week, one year, and in my lifetime for the following wages. Assume 40 hours per week, 50 weeks per year (I am taking 2 weeks off for vacation), and 40 years of employment during my lifetime. Wage1 week1 year1 life $ 8.00 $ $ $ $ 20.00

Copyright 2014 © W. Seth Hunter ConsumerMath.org L4.8 Annual Salary Practice Calculate how much money I earn in 1 week, one year, and in my lifetime for the following wages. Assume 40 hours per week, 50 weeks per year (I am taking 2 weeks off for vacation), and 40 years of employment during my lifetime. Wage1 week1 year1 life $ 8.00 $320$16,000$640,000 $ $400$20,000$800,000 $ $480$24,000$960,000 $ $600$30,000$1,200,000 $ $800$40,000$1,600,000

Copyright 2014 © W. Seth Hunter ConsumerMath.org L4.8 Annual Salary Practice Calculate how much money I earn in 1 week, one year, and in my lifetime for the following wages. Assume 40 hours per week, 50 weeks per year (I am taking 2 weeks off for vacation), and 40 years of employment during my lifetime. Wage1 week1 year1 life $ 8.00 $320$16,000$640,000 $ $400$20,000$800,000 $ $480$24,000$960,000 $ $600$30,000$1,200,000 $ $800$40,000$1,600,000 Do you see a pattern? Can you come up with a quick rule for calculating your annual salary based on that pattern? Do you see a pattern? Can you come up with a quick rule for calculating your annual salary based on that pattern?

Copyright 2014 © W. Seth Hunter ConsumerMath.org L4.8 Annual Salary Practice Do you see a pattern? Can you come up with a quick rule for calculating your annual salary based on that pattern? Do you see a pattern? Can you come up with a quick rule for calculating your annual salary based on that pattern? Wage1 week1 year1 life $ 8.00 $320$16,000$640,000 $ $400$20,000$800,000 $ $480$24,000$960,000 $ $600$30,000$1,200,000 $ $800$40,000$1,600,000 HINT

Copyright 2014 © W. Seth Hunter ConsumerMath.org L4.8 Annual Salary Practice Annual Salary = Wages x 2 and then put “,000” on the end. Annual Salary = Wages x 2 and then put “,000” on the end. Wage1 week1 year1 life $ 8.00 $320$16,000$640,000 $ $400$20,000$800,000 $ $480$24,000$960,000 $ $600$30,000$1,200,000 $ $800$40,000$1,600,000 HINT

Copyright 2014 © W. Seth Hunter ConsumerMath.org L4.8 Annual Salary Review: 1.What is the equation for calculating annual salary? 2.Is $8.00 an hour enough of a salary to become a millionaire if you work 40 hours a week and never take a vacation for the next 60 years?

Copyright 2014 © W. Seth Hunter ConsumerMath.org L4.8 Annual Salary Weekly Salary x 52 = Annual Salary No. You would only earn $998,400. Review: 1.What is the equation for calculating annual salary? 2.Is $8.00 an hour enough of a salary to become a millionaire if you work 40 hours a week and never take a vacation for the next 60 years?