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Chapter 2 – Earning an Income
2.1 Wages and Salaries
• a. Describe, using examples, various methods of earning income.
• b. Research and record jobs that commonly use different methods of earning income, including hourly wage, wage and tips, salary, commission, contract, bonus, and shift premiums.
• d. Read and explain the information provided on pay stubs.• e. Determine in decimal form, from a time schedule, the
total time worked in hours and minutes, including time and a half and/or double time and explain the strategies used.
• f. Determine gross pay for different situations, including:• • base hourly wage, with and without tips, from given or
calculated hours worked• • base hourly wage, plus overtime (time and a half, double
time) from given or calculated hours worked
Outcomes
• Minimum wage – the minimum amount a worker must be paid an hour; this rate varies, depending on which province or territory you live in. Currently minimum wage in Saskatchewan is $10 but this will increase to $10.20 on October 1, 2014
• Gross pay – the total amount of money earned; also called gross earnings
• Pay Statement – A form an employer gives an employee that shows earnings and deductions from earnings for a defined pay period
• Semi-monthly – twice a month• Biweekly – every two weeks
Definitions
Employee Name: Jolie
Company:ABC Elevator Repair
Pay Begin Date: 10/13/2014
Pay End Date: 10/19/2014
General
Employee ID: 1234567 Job Title: Elevator repair apprentice
Address: Pay rate: $19.00/hour
Hours and Earnings
Description Rate Hours Gross Earnings
Regular 19.00/h $712.50
Pay Statement Example
• How many days does the pay period cover?• How many hours did she work?• Did she earn more or less then minimum wage is SK?• Develop a formula to calculate her earnings for any
given pay period.
• List different ways people are paid• What are some jobs that fall into each category of pay?
• Is there an advantage to being paid weekly rather than monthly? Why do you think most workers are not paid weekly?
• If you worked at a job in which you earned an annual salary that was paid monthly, and you worked more the 40 hours in a week, how might you be compensated for your overtime work?
Discussion
• Zach is hired to be the office clerk at an insurance company. His annual salary will be $34,756.00
• Why is Zach not paid annually for his work?• Would he earn more each pay period if he were paid
semi-monthly or bi weekly?
Example 1
• Gregor works as a glazier, a person who cuts and fits glass, at a window
manufacturing company. He earns $19.99/h for 37.5 hours a week and time
and a half for any hours over that. Determine how many regular and overtime
hours he worked and how much he will get paid for this week.
Example 2
Weekly Schedule
Employee Day Start Time End Time Hours worked
Gregor Sunday
Monday 8:00am 4:00pm
Tuesday 8:15am 4:00pm
Wednesday 8:00am 3:30pm
Thursday 8:00am 4:00pm
Friday 9:00am 4:15pm
Saturday 8:30am 6:30pm
Assignment