5.1 - Getting Paid

5.1 - Getting Paid

Vocabulary

Calculating Wages

HW: Calculating Wages Practice

Vocabulary

• Hourly Rate: the amount of money you earn for each hour that you work

• Straight-Time Pay: the amount of money earned for employees working under 40 hours (full time) each week

• Overtime Pay: additional pay rate paid for working over a certain number of hours per week

• Time and a Half: a type of overtime pay where you pay rate is multiplied by 1.5 for the overtime hours, only - typically for working over 40 hours per week

• Double Time: a type of overtime pay where your pay rate is multiplied by 2 for the overtime hours, only - typical for working on federal holidays or over a certain number of hours per day

Calculating Your Wages

Straight-Time Pay

• Use this for working 40 hours or fewer

•  $hourly\ rate\ \times hours\ worked$  

Straight-Time Pay Example

• $12.25 per hour for 25 hours

•  $12.25\times25=306.25$  

• Total Pay: $306.25

Time and a Half

• For any hours worked OVER 40 hours

•  $\left(hourly\ rate\ \times40\right)+\left(hourly\ rate\ \times1.5\times overtime\ hours\right)$  

Time and a Half Example

• $12.25 per hour for 45 hours

• 5 hours of overtime

•  $\left(12.25\times40\right)+\left(12.25\times1.5\times5\right)=581.875$  

• Total Pay: $581.88

Double Time

• Will vary depending on job so we can't do examples

• To find pay RATE for double time, multiply straight time pay rate times 2