Chapter 2 Earning an Income
Chapter 2 Earning an Income2.1 Wages and Salariesa. 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 workedOutcomesMinimum 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, 2014Gross pay the total amount of money earned; also called gross earningsPay Statement A form an employer gives an employee that shows earnings and deductions from earnings for a defined pay periodSemi-monthly twice a monthBiweekly every two weeksDefinitionsEmployee Name: JolieCompany:ABC Elevator RepairPay Begin Date: 10/13/2014Pay End Date: 10/19/2014GeneralEmployee ID: 1234567Job Title: Elevator repair apprenticeAddress:Pay rate: $19.00/hourHours and EarningsDescriptionRateHoursGross EarningsRegular19.00/h$712.50Pay Statement ExampleHow 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 paidWhat 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?DiscussionZach is hired to be the office clerk at an insurance company. His annual salary will be $34,756.00Why 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 1Gregor 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 2Weekly ScheduleEmployeeDayStart Time End TimeHours workedGregorSundayMonday8:00am4:00pmTuesday8:15am4:00pmWednesday8:00am3:30pmThursday8:00am4:00pmFriday9:00am4:15pmSaturday8:30am6:30pmAssignment