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
A person who works for a business or organization and gets paid for that work
Employee
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
The amount of money a worker earns for each hour worked
Hourly Rate
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
the total amount of money an employee earns before any taxes or deductions are taken out
Gross Pay
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
A set amount of money paid for a job, often figured by the year
Salary
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
A type of commission where the commission rate increases at higher levels of sales
Graduated Commission
What act established a federal minimum wage, right to overtime pay, and restrictions on child labor?
The Fair Labor Standards Act of 1938