Vocab1
A worker or person who gets paid by a company or an organization for work.
Employee
An employee works 48 hours in a week. How many hours are overtime hours?
8
Getting paid based on a percentage of sales.
Commission
Paid leave for days like Christmas, Labor Day, Veterans Day, Memorial Day, MLK Day, etc.
Holiday Pay
Retirement account offered by employers
401K
A company or organization that pays a worker to work for them.
Employer
The total amount of salary of wages someone earns. This is before deductions are taken out.
Gross Pay
Alex has an annual salary of $108,000. How much is Alex's monthly salary?
$9,000
Steve is a real estate agent who gets 3% commission on $100,000 sale of land. What is his commission?
0.03 x $100,000= $3,000
Jim get's paid $25 an hour and has 10 paid holidays each year. How much is each day of PTO worth?
$25 x 8 = $200
Jim's employer will match his 401K contributions up to $5,000. How much does Jim get if he puts in $1,000 into his 401k?
$1,000
The total amount someone is paid in their paycheck. It is after deductions are taken out.
Net Pay
Pay Stub
If Jim is paid $25 an hour and works 30 hours a week. What is his ANNUAL gross pay?
$39,000
Steve gets a bonus of $500 every time he sells more than 4 cars in a month. If he sells 3 cars in the month, what is his bonus?
$0
Jim get's paid $30 an hour and has 12 paid holidays each year. How much is the total annual value of the PTO?
$2,880
Steve's company gives him $900 a month for health insurance. What is the annual contribution?
A form of pay where people are paid the same amount regardless of how many hours they work.
Salary
Overtime is paid at ___________
1.5 or time and a half
Jim is paid at $30 an hour and works 55 hours a week. What is his weekly gross pay?
$1,875
Susan gets a $100 bonus for each item she sells in a week. If she averages 5 sales each week, what is her annual bonus?
5 x $100 x 52= $26,000
Jim get's paid $52,000 a year and has 12 paid holidays and 10 sick days each year. How much is the total annual value of the PTO?
$4,400
Jim's employer will match his 50% 401K contributions up until the company gives him $3,000. How much does Jim get if he puts in $1,000 into his 401k?
$500
Items that are taken away from the gross pay. The net pay is determined after these are taken out.
Deductions
Retirement plan offered by some employers where workers are paid a percentage of their earnings during retirement.
Pension
Jim works 45 hours a week and is paid $25 an hour. What is his annual gross pay?
$61,750
600 x 52 = 31,200
0.05 x 100,000 x 12 = 60,000
60,0000 + 31, 200 = $91,200
Jim get's paid $78,000 a year and has 12 paid holidays and 10 sick days each year and 15 vacation days. How much is the total annual value of the PTO?
$11,100
Susan gets a 401K match of 50% up to the company giving $3,000. She puts in $3,000 into her 401K. She also gets $700 a month to health insurance. What is the annual value?
$9,900
A tax that people pay in order to provide financial security to the elderly or disabled
FICA, OASI, Social Security