Chapter 2 – Earning an Income 2.1 Wages and Salaries

a. Describe, using examples, various methods of earning income. b. Research and record jobs that commonly use different methods of earning income, including hourly wage, wage and tips, salary, commission, contract, bonus, and shift premiums. d. Read and explain the information provided on pay stubs. e. Determine in decimal form, from a time schedule, the total time worked in hours and minutes, including time and a half and/or double time and explain the strategies used. f. Determine gross pay for different situations, including: base hourly wage, with and without tips, from given or calculated hours worked base hourly wage, plus overtime (time and a half, double time) from given or calculated hours worked Outcomes

Minimum wage – the minimum amount a worker must be paid an hour; this rate varies, depending on which province or territory you live in. Currently minimum wage in Saskatchewan is $10 but this will increase to $10.20 on October 1, 2014 Gross pay – the total amount of money earned; also called gross earnings Pay Statement – A form an employer gives an employee that shows earnings and deductions from earnings for a defined pay period Semi-monthly – twice a month Biweekly – every two weeks Definitions

Employee Name: Jolie Company: ABC Elevator Repair Pay Begin Date: 10/13/2014 Pay End Date: 10/19/2014 General Employee ID: Job Title: Elevator repair apprentice Address:Pay rate: $19.00/hour Hours and Earnings DescriptionRateHoursGross Earnings Regular19.00/h$ Pay Statement Example How many days does the pay period cover? How many hours did she work? Did she earn more or less then minimum wage is SK? Develop a formula to calculate her earnings for any given pay period.

List different ways people are paid What are some jobs that fall into each category of pay? Is there an advantage to being paid weekly rather than monthly? Why do you think most workers are not paid weekly? If you worked at a job in which you earned an annual salary that was paid monthly, and you worked more the 40 hours in a week, how might you be compensated for your overtime work? Discussion

Zach is hired to be the office clerk at an insurance company. His annual salary will be $34, Why is Zach not paid annually for his work? Would he earn more each pay period if he were paid semi- monthly or bi weekly? Example 1

Gregor works as a glazier, a person who cuts and fits glass, at a window manufacturing company. He earns $19.99/h for 37.5 hours a week and time and a half for any hours over that. Determine how many regular and overtime hours he worked and how much he will get paid for this week. Example 2 Weekly Schedule EmployeeDayStart TimeEnd TimeHours worked GregorSunday Monday8:00am4:00pm Tuesday8:15am4:00pm Wednesday8:00am3:30pm Thursday8:00am4:00pm Friday9:00am4:15pm Saturday8:30am6:30pm

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