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Make a list of all the jobs you’ve had.
Journal entry Make a list of all the jobs you’ve had. If you haven’t had a job, make a list of your parents or a relatives. Next to each job explain how, when, and what you were paid.
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Unit 1 - Budgeting Gross Income
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Why is it important to know when and how you’re getting paid?
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Straight – time pay Using an hourly rate and the number of hours worked to calculate your pay.
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Overtime pay Getting paid more per hour because you have worked more than the regular number of hours.
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Piecework Receiving a specified amount of money for each item of work completed.
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Salary A fixed amount of money that you earn on a regular basis. Can be paid weekly, bi-weekly, monthly, etc.
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Commission Getting paid a percentage of the total value of your sales.
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Graduated Commission Offers a different rate of commission for each level of sales.
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Example 1 Shawna Nguyen is a clerk at a gas station. She earns $9.50 per hour. This week she worked 22.5 hours. What is her straight – time pay for the week?
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Example 2 Ralph Thompson works at a movie theater. He earns $8.50 per hour. How many hours per week must he work if he wants to earn approximately $300 per week?
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Example 3 Alana Moore is paid $8.20 an hour for a regular 40-hour week as a restaurant host. Her overtime rate is 1 ½ times her regular hourly rate. This week she worked her regular 40 hours plus 10 hours of overtime. What is her total pay?
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Example 4 Help Alana (from above) figure out how many hours she should work to make approximately $500 in one week.
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Example 5 John Locke silk-screens prints for a local artist who pays $4 for each print he completes. Last week he silk-screened 75 prints. This week he completed 71. What is his pay each week?
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Example 6 Tom’s salary as a web site designer is $67,400. Approximately how much income will Tom have to use in his monthly budget?
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Example 7 Bob Anderson sells commercial real estate at a 7.5% straight commission. Last week his sales totaled $290,000. What was his commission?
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Example 8 Marcia Stain works at Buckle where she is guaranteed a minimum salary of $350 per month plus commission of 5.45% of her total sales. How much was Marcia’s paycheck if she sold $460 of merchandise?
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Example 9 Irene Gomez sells appliances at Twin City Sales. She receives a graduated commission as shown in the table. Irene’s sales for the past month totaled $9,840. What was her commission for the month? Commission % Level of Sales 4% First $1000 6 Next $2000 8 Over $3000
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