1. Just how much do you know about how people get paid?
SHOW ME The MONEY
Just how much do you know about how people get paid?

2. Salary
A set amount of money earned by an employee per year or other fixed length of time

3. Paycheck
Your total pay for a specific time period minus deductions and taxes
Salaried employees usually can expect the same amount of pay each pay period

4. Wages Employee earnings that are paid by the hour, day, or item
Piecework is work for which wages are based on the number of items of pieces produced

5. Commission
A fixed percentage or amount of profit given to an employee in exchange for making a sale
A bonus is a sum of money paid to an employee in addition to regular pay

6. Tips Money given to an employee by customers in exchange for a service
Workers who receive tips often aren’t paid a significant hourly wage

7. Fair Labor Standards Act
One of may federal laws regulating employment
Set of standards governing employee payment and compensation (including minimum wage)
Equal pay provision
Used to prevent discrimination against women, minorities, and older workers

8. Minimum Wage
The lowest hourly rate an employer may legally pay most workers.
US = $5.85/hour
OH = $7.00/hour ($3.50 for tipped employees)
Sub minimum wage can be applied to full-time students, employees who are younger than 20, and employees who are developmentally disabled

9. Minimum Wage Increases
Ohio minimum wage changed January 2008 and will adjust with the CPI
US minimum wage is a phased increase: 1997: $ :$ : $ : $7.25
The current US minimum wage is approximately $4.80 in 1997 dollars

10. Overtime
According to FLSA, for a job that pays hourly wages, overtime is any work in excess of 40 hours per week
Compensation is usually at least 1.5 times regular rate of pay
Salaried workers do not receive overtime

11. Employment Classifications
Full-time: Employees hold wage or salary jobs at least 35 hours per week, regardless of pay status
Part-time: Less that 35 hours per week. May not receive benefits
Temporary: Short-term assignments. May be paid by an employment agency
Contract: Employees hired for a specific period of time for a specific purpose.

12. Benefits Compensation other than pay
Usually only available to full-time employees
Insurance (health and life)
Savings and retirement
Paid holidays, vacation, maternity leave, education, adoption/childcare.

13. Vested After a certain length of service
Allows employees access to employer contributions to savings and retirement accounts.