Wages and salary
Paid by the hour
Wage
How often you are paid is called your
Pay schedule
A salesperson earns 5% of every car they sell
Commission
Weekly
Paid every week, 52 times per year
How many hours are in a standard work week?
40
Paid a set amount each year divided out based on pay schedule
Salary
Time worked overtime the scheduled amount (usually 40 hours)
Overtime
A teacher receives $2,000 for coaching the varsity basketball team
Stipend
Biweekly
Paid every other week, 26 times per year
Hourly employees are usually considered
Non exempt
An employee makes $15 per hour. Is this a wage or a salary?
Wage
Employees who are not eligible for overtime
An office employee receives an extra $500 at the end of the year for meeting all deadlines
Bonus
Monthly
Paid monthly, 12 times per year
Salaried employees are usually considered
Exempt
An employee makes $59,000 a year. Is this a wage or a salary?
Salary
Employees who are eligible for overtime
Non exempt
A furniture salesperson earns 4% of the total price of the furniture they sell
Commission
Quarterly
Paid every three months, 4 times per year
Overtime usually pays how much more than normal pay?
Time and a half
Job A: $24 per hour
Job B: $53,000 per year working 52 weeks for 40 hours each week
Job B
Hours worked earning your base wage (usually up to 40)
Straight time
A retail employee receives an extra $750 for exceeding their yearly sales goal
Bonus
Annually; Also, explain what quarterly and annually pay are usually referring to.
Paid once a year; commission, bonuses or stipends
If your normal wage is $14, what would be your overtime wage?
$21