How Much Are You Really Making? NEXT This presentation will help you to: understand the difference between gross and net pay accurately calculate gross.

How Much Are You Really Making?

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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!