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!