W AYS TO GET PAID. J OURNAL 2 Give a definition for how people are paid: hourly, salary, commission,...

WAYS TO GET PAID

JOURNAL 2

Give a definition for how people are paid: hourly, salary, commission, piecework. What jobs do you think fit into each category?

HOURLY PAY

Amount of money that you are paid for the time that you work

May be eligible for overtime pay Can have set hours Most jobs start at or are above minimum

wage $7.25 an hour Anyone under the age of 16 does not have to be

paid minimum wage Waitress/waiters are paid $2.13 and hour

HOURLY EXAMPLE

You make $7.50 and work 10 hours

You make $11.00 and work 40 hours

You make $15.78 and work 30 hours

SALARY PAY

Set amount of money that you are paid for an entire year

Can be based on a monthly set salary Most salary jobs are based on completing the

work that the job requires – regardless of the amount of time it takes to complete the job

Not eligible for overtime Some salary positions get quarterly bonuses

– but most do not

SALARY EXAMPLE

You are paid $1300 a month – what is your weekly pay?

You are paid an annual salary of $30,000 – what is you monthly pay?

Weekly pay?

Hourly pay?

COMMISSION PAY

Amount of money that you are paid based on the total dollar amount of sales that the person achieves

These are sales jobs The amount of hours that you work do not

determine the amount of pay Don’t make any sales, then there is no

income

COMMISSION PAY

You get paid 2% commission and sell $10,000 in toys. What is your pay?

What is the math equation for this problem?

PIECEWORK PAY

Paid based on a completed piece of work Can be small or large ticket items Can be based on the total number of items

that are required to fill an order

PIECEWORK EXAMPLE

You get paid $14.00 to make small wooden boxes. You can make 15 boxes a day. How much do you make?

ASSIGNMENT A1Q1

FOLLOW UP JOURNAL ENTRY

Which method would you prefer to be paid by and why?