Unit 1: The Job
1.1 Hourly Pay
1.1 HOURLY PAY

What kind of jobs are hourly?

What does that mean?

You make a set amount for each
hour you work
1.1 HOURLY PAY

Cinema job: $7.50 / hour

Ex. 1: work 10 hours = $ ?
7.50 (10) = $75.00

Ex. 2: work 20 hours = ?
7.50 (20) = $150.00
1.1 HOURLY PAY

Ex. 3: work 30 ½ hours = ?
7.50 (30.5) = $228.75
Ex. 4: work 3 ¼ hours at $8.45
per hour
8.45 (3.25) = $27.4625 but…
Money has 2 places, so $27.46

1.1 HOURLY PAY

Ex. 5: work 4 ¾ hours at $9.20
per hour
9.20 (4.75) = $39.928 but…
$39.93
Unit 1: The Job
1.2 Overtime Pay
1.2 OVERTIME PAY




With hourly pay, how can you
make extra money?
Overtime & holidays
Most work weeks are 40 hours
(This is called straight pay)
Anything over that = OT and
extra $$$
Holidays are bonuses, also 2/10
1.2 OVERTIME

Usual rate for overtime (ot) is
“time and a half” or 1 ½ (1.5)
times your normal working rate

Usual holiday rate is time and a
half or “double”
3/10
1.2 OVERTIME

For the following examples, use
time and a half:

Ex. 1: rate is $10/hour, ot= 8
hrs. How much did you make for
these 8 hours of overtime?
8[ 10 (1.5)] = $120.00

Ex. 2: rate is $12.50/hour, ot =
15 hrs
15 [ 12.50 (1.5)] = $281.25 4/10
1.2 OVERTIME

Ex. 3: You work 45.5 hours at $8.50
per hour. What is your Total pay?
straight time pay + overtime pay = total pay
1. Straight time: 40 hours at $8.50 = $340.00
2. Overtime: 5.5 hours at time and a half =
5.5 [ 8.50 ( 1.5) ] = $70.125
(or $70.13)
3. Total: $340.00 + $70.13 = $410.13
5/10
1.2 OVERTIME

For the next examples, use
double time:

Ex. 4: rate is $12/hour, work 6
holiday hours. How much did
you make for these overtime
hours?
6 [ 12 (2) ] = $144.00
6/10

1.2 OVERTIME






Ex. 5: rate is $16.25/hr work 4 ½
hours holiday (double)
4.5 [ 16.25 (2) ] = $146.25
Ex. 6: You work 52 hours at $7.50.
Total pay?
40 (7.50)
= $300.00
12 [ 7.50 (2)] = $180.00
Total
= $480.00
7/10
1.2 OVERTIME




Ex. 7: You make $9.50 an hour.
You worked 55 hours. Overtime
is paid at time and a half. What
is your total pay for the week?
40 (9.50)
= $380.00 (straight pay)
15 [ 9.50(1.5)] = $213.75 (ot)
Total pay
= $593.75
8/10
1.2 OVERTIME

Ex. 8: You worked a total of 65
hours. The extra hours came on the
4th of July holiday weekend. Your
hourly rate is $9.25. What is your
total pay for the week?



40 ( 9.25) = $370.00
25 [ 9.25(2)] = $462.50
Total pay
= $832.50
9/10
Unit 1: The Job
1.5 Salary
1.5 SALARY

What kind of jobs are salary?

What does that mean?

You make a set amount for each
pay period, not dependent on
actual time worked
2/13
1.5 SALARY






Divided into “pay periods”
“annual” salary
12 months = 1 year
52 weeks = 1 year
BI weekly = every 2 weeks
SEMI annually = ½ so 2 times a
year
3/13
1.5 SALARY





Number of pay periods per year
for the following phrases:
MONTHLY = 12
SEMI-MONTHLY = 24
WEEKLY = 52
BIWEEKLY = 26
4/13
1.5 SALARY

Ex. 1: Teachers are paid 11
times a year. If annual salary is
$66,000 each year, how much
do they get each pay period?
How many pay periods? 11
Annual salary
= 66,000 =$6000
# of pay periods per year
11
5/13
1.5 SALARY
Ex. 2: $5000 a month salary. Paid
each week. How much each pay
period?
 1. ANNUAL salary: 5000(12)=60,000
 2. WEEKLY salary:
60,000 = $1153.85
52
** IF YOU SKIP STEP 1…WRONG!!!

6/13
1.5 SALARY

If you tried to do 5000/4 you
would be missing all the months
that have 5 weeks.

12 months, but 52 weeks!!!
7/13
1.5 SALARY

Ex. 3: Annual salary is
$51,234.00. (A) What is the
weekly salary? (B) What is the
biweekly salary? (C) What is the
monthly salary.

ALWAYS USE THE ANNUAL
SALARY!!!
8/13
1.5 SALARY

(A) WEEKLY: Annual is
$51,234.00

51,234.00 = $985.27
52
9/13
1.5 SALARY

(B) BIWEEKLY: Annual is
$51,234.00

51, 234.00
26
= $1970.54
**52 weeks in a year, 26 is ½ NOT
semi-monthly which would be 24 pay
periods a year!!!
10/13
1.5 SALARY

(C) MONTHLY: Annual is
$51,234.00

51, 234.00 = $4269.50
12
**Be careful. Budgeting important
fewer pay checks you get. 11/13
1.5 SALARY

Ex. 4: If the weekly salary is
$455.56, find the annual salary.

455.56 (52) = $23,689.12

Ex. 5: If the biweekly salary is
$639.39, find the annual salary.

639.39 (26) = $16,624.14
12/13
Unit 1: The Job
1.6 Commission
1.6 COMMISSION

What kind of jobs are
commission?

What does that mean?

Your money is based on a
percentage of how much you
sell
2/12
1.6 COMMISSION





First, you need to know how to
convert percents to decimals…
Remember your alphabet
d
p, going from percent to
decimal means going to the
LEFT
Per cent is per 100…2 zeros so
2 places
3/12
1.6 COMMISSION

Let’s try some. Change each
percent to a decimal:
• 3%
•0.03
• 10 %
•0.10
•7½%
•0.075
•8¼%
•0.0825
• 125 %
•1.25
• 0.78 %
•0.0078
4/12
1.6 COMMISSION

Ex. 1: Many real estate agents
only make money when they sell
a house. If a house sells for
$350,000.00 and their
commission rate is 5 %, how
much did they make?

350,000 (0.05) = $17,500
5/12
1.6 COMMISSION

Ex. 2: Commission rate is 2 ½%. The
agent sold two houses, one selling
for $365,000 and the other for
$225,500. How much money did the
agent make on both sales?

1. Total sales =
$365,000 + $225,500 = $590,500
2. Commission on total sales=
$590,500 ( 0.025) = $14,762.50

6/12
1.6 COMMISSION

Some companies give a salary
(small) plus a commission rate.

Ex. 3: Salary is $2500 plus 3%
commission on sales. If they sold
$4000 worth of stuff, how much did
they make total?
1. Commission: 4000(0.03) =$120.00
2. Total: 2500 + 120 = $2620.00 7/12
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
1.6 COMMISSION



Ex. 4: Their salary is $875.00
with a 6 ½ % commission rate. If
their sales totaled $32,500.00,
how much did they make total?
1. Commission:
32,500 (0.065) = $2112.50
2. Total:
875 + 2112.50 = $2987.50 8/12
1.6 COMMISSION

Some companies will give you
the best of both worlds.

You will get whichever is higher:
your salary or commission

(at least you are guaranteed a
minimal income)
9/12
1.6 COMMISSION



Ex. 5: Guaranteed $175/week or
6 3/4% of sales…whichever is
higher. Sales were $1200.00. Which
do you want, salary or commission?
COMMISSION:
1200 ( 0.0675) = $81.00
$81.00 or $175.00?
10/12
1.6 COMMISSION

Ex. 6: Same as last slide, how much
would your sales have to total to
make more than $175.00?

0.0675(sales) > $175.00
0.0675x > 175.00
675x > 1750000
x > $2592.59
SO…at least $2592.60
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11/12