Mfww chapter 1 wages

Math for the World of Math for the World of WorkWorkChapter 1Chapter 1

WagesWages

Chapter 1: WagesChapter 1: Wages

Have you ever Have you ever heard the saying, heard the saying, “A fool and his “A fool and his money are soon money are soon parted.”? parted.”?

Our goal is to make sure you are a Our goal is to make sure you are a wise person with your money. wise person with your money.


How much money will you earn? How many hours will you work? Will you get the same amount of

money each week? What will be taken out of your

paychecks?


Determine earnings based on different types Determine earnings based on different types of pay. of pay.

Find the number of hours worked including Find the number of hours worked including overtime hours.overtime hours.

Calculate annual income. Calculate annual income. Determine the number of pay periods in a Determine the number of pay periods in a

year. year. Calculate the amount earned during a pay Calculate the amount earned during a pay

period.period. Understand the difference between gross pay Understand the difference between gross pay

and net pay. and net pay.

At the end of this chapter, you will be able to:

Chapter 1: Chapter 1: WagesWages

On index cards, put the term below on On index cards, put the term below on the front of each card. The front is the the front of each card. The front is the BLANK SIDE. See the example below.BLANK SIDE. See the example below.

VocabularyVocabulary

Vocab Word Goes Here Definition Goes Here


1.1. Write the word in LARGE letters, so it Write the word in LARGE letters, so it takes up most of the card. takes up most of the card.

2.2. Put your initials on every card!Put your initials on every card!


Hourly Rate

BT


1.1. Put the definition from the book on the Put the definition from the book on the back of the card. back of the card.


Amount of money paid for each hour of work.


TERMS FOR CHAPTER 1: TERMS FOR CHAPTER 1:

Hourly RateHourly Rate

WageWage

Annual WageAnnual Wage

Living WageLiving Wage

DeductionsDeductions

Gross PayGross Pay

Take Home Pay/Net PayTake Home Pay/Net Pay


PUT THESE TERMS ON VOCABULARY CARDS NOW

USE YOUR TEXT BOOK TO LOCATE THE TERMS. THEY START ON PAGE 8.


THE WAGE TREE: Fill this in.THE WAGE TREE: Fill this in.

Chapter 1: How to Compute WageChapter 1: How to Compute Wage

Locate the number of HOURS you Locate the number of HOURS you worked. worked.

Multiply (X) by the amount of money Multiply (X) by the amount of money you make per hour. you make per hour.

HOURS X HOURLY RATE= WAGES


PAGE 8

Exercise A

1-5 go in your NOTEBOOK

1. Elaine $8.00 40 hrs. = _____

2. Miko $9.25 40 hrs. = _____

3. Tony

4. Michael

5. Kareem

Chapter 1: Computing WagesChapter 1: Computing Wages

RULE:RULE:

When giving a MONEY ($) answer, When giving a MONEY ($) answer, you only use TWO numbers to the you only use TWO numbers to the right of the decimal point. You also right of the decimal point. You also ALWAYS write money out that way. ALWAYS write money out that way.

EX: $150.EX: $150.4545 $23. $23.00 00

Chapter 1: Annual WagesChapter 1: Annual Wages

Annual Wages are what you would make Annual Wages are what you would make in a full year. in a full year.

All loans you take out will be based on All loans you take out will be based on what you make per year. what you make per year.

Chapter 1: How to Compute Chapter 1: How to Compute ANNUAL WageANNUAL Wage

Locate the number of HOURS you worked. Locate the number of HOURS you worked. Multiply (X) by the amount of money you Multiply (X) by the amount of money you

make per hour. make per hour. Multiply (X) by the number 50. There are Multiply (X) by the number 50. There are

50 work weeks in a year.50 work weeks in a year.

HOURS X HOURLY RATE X 50 WEEKS= ANNUAL WAGES


PAGE 9

Exercise B


1. Lily $7.00 X 40 X 50 weeks=_____

2. Max $8.50 X 30 X 50 Weeks=_____

3. Tim $7.25 X 10 X 50 Weeks=_____

Chapter 1: Annual Wages ShortcutChapter 1: Annual Wages Shortcut

If you are computing annual wages for a If you are computing annual wages for a full time job, there is a shortcut. full time job, there is a shortcut.

Instead of using weeks and hours per Instead of using weeks and hours per week, you can use the number 2,000. week, you can use the number 2,000.

That is because there are 2,000 hours That is because there are 2,000 hours worked at a full time job in one year. worked at a full time job in one year.

EXAMPLE: 50 Weeks X 40 Hours Per Week EXAMPLE: 50 Weeks X 40 Hours Per Week equals 2,000 Hours. equals 2,000 Hours.

Annual Wage =2,000 Hours X Hourly RateAnnual Wage =2,000 Hours X Hourly Rate


PAGE 10

Exercise C


1. Hunter $8.00 X 2,000 Hours= _____

2. Stella $17.00 X 2,000 Hours=______


What do you call the What do you call the amount of money you amount of money you make per hour? make per hour?

What do you call the What do you call the money you have earned money you have earned for working? for working?

What do you call the total What do you call the total amount of money you amount of money you have earned in one year? have earned in one year?


What is the formula for What is the formula for finding your wage?finding your wage?

What is the formula for What is the formula for finding your annual finding your annual wage? (without wage? (without shortcut) shortcut)

What is the shortcut to What is the shortcut to find your annual find your annual wage?wage?


What do you call money What do you call money taken out of your taken out of your paycheck?paycheck?

How many decimal places How many decimal places go to the right of the go to the right of the decimal point on money decimal point on money problems? problems?

Finish this… A fool and his Finish this… A fool and his money are _____ _____.money are _____ _____.

Mfww chapter 1 wages

Education

Transcript of Mfww chapter 1 wages