1.1 Income: Salary & Hourly
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1.1
Income: Salary & Hourly
OBJECTIVES
Understand the differences between a salary and
an hourly wage
Be able to calculate an equivalent hourly wage
from a salary
If given two wage options, which results in a higher
“pay”
HOURLY WAGE
A wage is a monetary compensation paid by an
employer to an employee in exchange for work
done.
An hourly wage is a wage paid per unit of time
worked, in this case an hour.
HOURLY WAGE
What are some examples of jobs that are typically
hourly wage?
What are some pro (for) and con (against)
arguments towards an hourly wage?
SALARY WAGE
A salary is a form of periodic payment from an
employer to an employee typically paid in fixed
intervals.
A salary is a fixed amount of money or
compensation in return for work performed.
SALARY WAGE
What are some examples of jobs that are typically
salary wage?
What are some pro and con arguments towards a
salary wage?
SALARY TO HOURLY
1: Your salary is $700
weekly. If you work full
time (40 hours per week)
what is your equivalent
hourly wage?
A) $.057/hr
B) $17.50/hr
C)$5.71/hr
D) $12.50/hr
SALARY TO HOURLY
1: Your salary is $700
weekly. If you work full
time (40 hours per week)
what is your equivalent
hourly wage?
A) $.057/hr
B) $17.50/hr
C)$5.71/hr
D) $12.50/hr
SALARY TO HOURLY
2: Your boss asks you to
stay late this week to get
a project done. You stay
an extra 5 hours. What is
your new equivalent
hourly wage?
A) $14.00/hr
B) $.064/hr
C)$15.56/hr
D) $11.56
SALARY TO HOURLY
2: Your boss asks you to
stay late this week to get
a project done. You stay
an extra 5 hours. What is
your new equivalent
hourly wage? [last week
was 40 hours at $700]
A) $14.00/hr
B) $.064/hr
C)$15.56/hr
D) $11.56
HOURLY OVERTIME
Overtime is the amount of time someone works beyond normal working hours. Typically this is hours beyond 40.
“Time and a half” is a typical payment for overtime. In it you are paid your normal hourly wages plus an extra half per hour. 10 hours of overtime means you are paid for 15 hours of work.
HOURLY OVERTIME
3: You are paid $15/hr.
Last week you worked 45
hours. If you are paid time
and a half overtime
beyond 40 hours, how
much should you expect
to be paid?
A) $675
B) $750
C)$712.50
D) $1,012.5
HOURLY OVERTIME
3: You are paid $15/hr.
Last week you worked 45
hours. If you are paid time
and a half overtime
beyond 40 hours, how
much should you expect
to be paid?
A) $675
B) $750
C)$712.50
D) $1,012.5
SALARY VS HOURLY
Job A: Salary of $900/week working 50 hours per week
Job B: Paid $20/hr working 35 hours
4: Which job results in a higher hourly wage?
A) Job A
B) Job B
SALARY VS HOURLY
Job A: Salary of $900/week working 50 hours per week
Job B: Paid $20/hr working 35 hours
4: Which job results in a higher hourly wage?
A) Job A
B) Job B
SALARY VS HOURLY
Job A pays $1000/week salary.
Job B pays $30/hr.
5: Which job is better?
A) Job A
B) Job B
SALARY VS HOURLY
Job A: $1000/week salary. You are expected to work
50-60 hours per week.
Job B: $30/hr. After 40 hours you earn time and a half.
6: Which job is better?
A) Job A
B) Job B
SALARY VS HOURLY
Job A: $1000/week salary. You are expected to work 50-60 hours per week.
Job B: $30/hr. After 40 hours you earn time and a half. You struggle to get above 20 hours/week.
7: Which job is better? Explain.
A) Job A
B) Job B
Vocabulary Review
Salary:
Hourly:
Overtime:
OBJECTIVES
Understand the differences between a salary and
an hourly wage
Be able to calculate an equivalent hourly wage
from a salary
If given two wage options, which results in a higher
“pay”
Homework
Assignment 1.1
EDPuzzle 1.1
END OF LESSON – QUICK CHECK
8: What would be your hourly rate if you worked 23 hrs and earned $220?
A) $9.57
B) $11.00
C) $10.32
D) $9.00
9: Assuming you get paid overtime. How much would you make if you get paid $8.50 an hour and you work 48 hrs for the week?
A) $408
B) $612
C) $442
D) $493
END OF LESSON – QUICK CHECK
10: If you earn $9.42/hr and work 18 hours. How much will you earn?
A) $180
B) $169.56
C) $167.76
D) $171.36
11: If you receive a salary of $500/week and you worked 45 hours this week. How much money did you earn?
A) $22,500
B) $444.44
C) $593.75
D) $500
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