CHAPTER 1 GROSS INCOME. WHAT WILL WE LEARN? Section 1-1 Calculate straight-time pay. Figure out...
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Transcript of CHAPTER 1 GROSS INCOME. WHAT WILL WE LEARN? Section 1-1 Calculate straight-time pay. Figure out...
CHAPTER 1GROSS INCOME
WHAT WILL WE LEARN?• Section 1-
1 • Calculate straight-time pay.
• Figure out straight-time, overtime, and total pay.
• Calculate the total hours on a weekly time card.
•
Compute the total pay on a piecework basis.
• Section 1-
3
• Section 1-
4
Section 1-2
• Section 1-5
• Determine the salary per pay period.
• Calculate the straight commission and determine the gross pay.
• Compute the total graduated commission.
• Section 1- 7
Section 1-6
WHAT WILL WE LEARN?
SO, WHY SHOULD YOU CARE?
• People rarely work for free! Wouldn’t you rather get paid and know how you are getting paid?
• It’s important to know how to calculate your gross income!
WORDS TO KNOW
• hourly rate p. 92
• straight-time pay p. 92
• overtime pay p. 94
• time and a half p. 94
• commission p. 103
• commission rate p. 103
• straight commission p. 103
• graduated commission p. 106
• double time p. 94
• weekly time card p. 96
• piecework p. 99
• salary p. 101
SECTION 1.1
HOURLY PAY
OBJECTIVE
Calculate straight-time pay
Hourly Rate (p. 92)
• A fixed amount of money paid for each hour of work.
Straight-Time Pay (p. 92)
• The total amount of money earned for a pay period at the hourly rate.
Words to know
Straight-time pay formula
Straight-Time Pay = Hourly Rate × Hours Worked
• How are you paid?
• How much are you paid per hour?
• How many hours do you work?
Part/full time jobs?
• How are you paid?
• How much are you paid per hour?
• How many hours do you work?
Part/full time jobs?
hour
Shawna Jackson is a mail clerk. She earns $8.40 per hour. Last week she worked 40 hours, and this week she
worked 39 ½ hours. What is her straight-time pay for each week?
Example 1
Hourly Rate X Hours Worked = Straight-Time Pay
Last Week X =
This Week X =
You earn $6.50 per hour and work 30 hours this week. What is the straight-
time pay?
Concept check
Hourly Rate X Hours Worked = Straight-Time Pay
Izumi is a musician. She earns $35.00 per hour. She works 32½ hours.
What is her straight-time pay?
practice
Hourly Rate X Hours Worked = Straight-Time Pay
NOW, PRACTICE ON YOUR OWN!
P. 93 #3–17 skip #9
SHOW YOUR WORK!