Hourly
What is the federal minimum wage?
$7.25 an hour
How does overtime factor into a salary wage?
Salaries are usually exempt from overtime
What are the 3 main kinds of commissions?
Straight, Quota-Based, Graduated
What is a standard tip for a waiter/waitress at a restaurant?
15-20%
What are the 2 biggest categories that most people fall under in the work world?
Employee and Employer
Callum worked the following hours:
M- 8 Tu- 5 W- 9 Th- 10 F- 7
He makes $14.95 an hour. How much did Callum make?
$583.05
What categories of jobs usually have a salary?
Professional, management, administrative
What would a 20% tip be on a bill that is $45.67?
About $9.13
Which wage plan usually includes benefits like health insurance, retirement, and PTO?
Salary
What categories of jobs usually have an hourly rate?
Service/Support, Production, Trade Industry
Jorge earns an annual salary of $48,000. What would his paycheck be if he was paid bi-weekly?
$1,846.15
Mario earns 3% straight commission. Brent earns a monthly salary of $3400 and 1% commission on his sales. If they both sell $245,000 worth of merchandise, who earns the higher gross monthly income?
Mario earns the higher gross monthly income with $7,350 compared to Brent’s $5,850
Kat creates wristbands at concerts. She is paid $25 per concert and 50¢ for each wristband she makes. What were Kat’s gross earnings for making 174 wristbands for one concert?
$112
What wage plan would a UPS worker likely have?
Hourly
Steve Gum is paid overtime for all time worked past 40 hours in a week. His regular pay rate is $12, and his overtime rate is $18 an hour. Last week, Mr. Gum worked 47.5 hours. What was his gross pay?
$615.00
Matthew has a part-time job that pays $358 per week. He wants to get another job so that he will earn $28000 per year. How much does he need to earn semi-monthly at his other job?
$391
Tamara wants to earn $3000 next month. She earns a base salary of $600 a month plus 3% commission on sales. How much would she have to sell to earn her target?
$80,000
Harry assembles cardboard boxes and packs them with canned soup. He averages 320 boxes per day and is paid 30¢ per box. If he works 5 days a week for 50 weeks each year, what is his gross yearly income?
$24,000
What are three categories of people that do not fit as either employer or employee?
Freelancers, volunteers, and CEOs
At the end of an interview you are offered a job. You would start at $7.50 an hour and work an average of 45 hours a week. At the end of 6 months with positive evaluation, your hourly pay would increase to $8. The job pays overtime at time-and-a-half, based on a 38 hour regular work week. What total earnings could you expect to make in a year?
$19,545.50
An employer has 3 employees who are each paid a salary of $1,250 per month. He wants to give each of the 3 employees a $125 per month raise and he wants to hire an additional salaried employee. If his salary budget for these employees is $5,325 per month, how much can he afford to offer the new employee?
$1200
Dr. Catnip is paid a 3% commission on her first $20,000 of monthly sales and 8% commission of all sales over $20,000. In March, her sales were $54,500 and in April, her sales were $47,300. What were her total earnings from commissions across the 2 months?
$6,144
The company that Lars works for installing car stereos has changed ownership. He used to earn $12.20/h for a 40 h week. Now he is paid $35 for each stereo he installs and he averages 15 installations a week. Is Lars making more money now?
Yes
What act established a federal minimum wage, right to overtime pay, and restrictions on child labor?
The Fair Labor Standards Act of 1938