How Much Are You Really Making? NEXT This presentation will help you to: understand the difference between gross and net pay accurately calculate gross.
Post on 12-Jan-2016
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How Much Are You Really Making?
NEXT
This presentation will help you to:• understand the difference between
gross and net pay
• accurately calculate gross pay required deductions and net pay
Materials Needed
• Pencil• Scratch Paper• Calculator• One CLEAN sheet of
paper that will be turned into your teacher at the end of the presentation
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How Much Money Do You Actually Take Home When you Work?
Calculating Gross and Net Pay
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To earn money, you first need to: GET A JOB
andAGREE TO A WAGE!
WAGE:
The amount of money you will be paid for working.
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WAGES can be paid:
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HOURLY
SALARIED
An agreed upon rate per hour.
OVERTIME – after 40 hours, one and one-half times the regular pay.
An agreed upon rate, usually not paid for overtime.
Expected to work a 40-hour standard work week. More if necessary without extra pay.
WAGES can be paid:
• Per Hour – Hourly Rate
• Per Week – Weekly Rate
• Per Month – Monthly Rate
•Bi-Monthly – 2 x per Month
•Bi-weekly – Every 2 weeks
• Per Year – Yearly RateNEXT
HOURLY
SALARIED
Johnny Gets Paid an Hourly Rateof $10.00
Johnny earns
10.00 Each hour
he is at work
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How Much Does Johnny Earn if he works for 5
hours?
10.00
HOURS X HOURLY RATENEXT
Johnny Earns $50.00
10.00
5 X $10.00 = $50.00
HOURS X HOURLY RATE
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Johnny’s GROSS PAY is $50.00
GROSS PAY is:
Total money earned for time worked.
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Stressed-out Susie earns $5.00 per hour
What is Susie’s Gross Pay if she works for 7 hours? I think I know,
Check my AnswerShow me how to determine Susie’s Gross Pay
I think I know,
Check my Answer
Susie’s Gross Pay is:
$35.00
Oops, I guess I need help.
Click here.
Click Here if your answer was correct.
Susie Earned $35.00
5.00
7 X $5.00 = $35.00
HOURS X HOURLY RATE
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Diligent David earns $8.00 per hour delivering the
mail What is David’s
Gross Pay if he works for 46 hours?
I think I know,
Check my AnswerShow me how to determine David’s Gross Pay
David’s Gross Pay is
$392.00
Click here is your answer was correct.
Oops, I guess I need help.
Click here.
David Earned $392.00
8.00
12.00
$320.0040 HRS
6 HRS.
X
X
=
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= $ 72.00
OVERTIME RATE = REGULAR RATE X 1.5
$8.00 x 1.5 = $12.00
GROSS PAY $392.00
What if Diligent David is a salaried employee and his gross pay is $30,000
annually.
What is David’s Gross Pay if he is paid weekly?
I think I know,
Check my AnswerShow me how to determine David’s Gross Pay
David’s Weekly Gross Pay is
$576.92
Click here is your answer was correct.
Oops, I guess I need help.
Click here.
David Earned $576.92 weekly
$576.92=
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$30,000 ÷ 52 weeks
What if Diligent David is a salaried employee and his gross pay is $30,000
annually.
What is David’s Gross Pay if he is paid monthly?
I think I know,
Check my AnswerShow me how to determine David’s Gross Pay
David’s Monthly Gross Pay is
$2500
Click here is your answer was correct.
Oops, I guess I need help.
Click here.
David Earned $2500.00 monthly
$2500.00
=
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$30,000 ÷ 12 months
What if Diligent David is a salaried employee and his gross pay is $30,000
annually.
What is David’s Gross Pay if he is paid Bi-monthly?
I think I know,
Check my AnswerShow me how to determine David’s Gross Pay
David’s Bi-Monthly Gross Pay is
$1250.00
Click here is your answer was correct.
Oops, I guess I need help.
Click here.
David Earned $1250.00 monthly
$1250.00
=
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$30,000 ÷ 24 (12 months x 2)
What if Diligent David is a salaried employee and his gross pay is $30,000
annually.
What is David’s Gross Pay if he is paid Bi-weekly?
I think I know,
Check my AnswerShow me how to determine David’s Gross Pay
David’s Bi-Weekly Gross Pay is
$1153.85
Click here is your answer was correct.
Oops, I guess I need help.
Click here.
David Earned $1153.85 monthly
$1153.85
=
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$30,000 ÷ 26 (52 weeks ÷ 2)
Try calculating gross pay on your own
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Complete Activity One Now
I thought I could keep my Gross Pay! Now I know why it is called GROSS!
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