(L) H.S.C.P

Ways to earn and calculate income

Income - Money you earn on a job; may be determined in one of several ways:

• based on number of hours you work

• number of items you produce

• a fixed annual salary

• a specified amount of money you are paid for selling a product or a percent of selling price

Multiple Choice

How many times a year do you get paid if you receive weekly checks?

• 52 checks

• 26 checks

• 12 checks

• 24 checks

Multiple Choice

How many times a year do you get paid if you receive monthly checks?

• 52 checks

• 26 checks

• 12 checks

• 24 checks

Multiple Choice

How many times a year do you get paid if you receive checks semimonthly?

• 52 checks

• 26 checks

• 12 checks

• 24 checks

Multiple Choice

How many times a year do you get paid if you receive checks Biweekly?

• 52 checks

• 26 checks

• 12 checks

• 24 checks

Multiple Select

Which are true about Regular Overtime?

• Get paid time and 1/2 hourly rate for all hours worked over regular working hours.

• Get paid twice the hourly rate

• typically paid on holidays or weekend work.

• A set amount of money an employee receives each pay period regardless of the hours worked

Multiple Select

Which are true about Double Overtime?

• Get paid time and 1/2 hourly rate for all hours worked over regular working hours.

• Get paid twice the hourly rate

• typically paid on holidays or weekend work.

• A set amount of money an employee receives each pay period regardless of the hours worked

Calculating Employee Total Earnings Using Hourly Pay and Overtime Pay

How to calculate Regular Hours

Calculating Employee Total Earnings Using Piecework

Calculating Gross Pay for

Salaried Employees

Calculating Commision

What is commision?

Multiple Choice

Marco has the following deductions listed.

Federal Income tax: $44

Social Security tax: $23

Medicare tax: $5

Health Insurance: $24

What is the total amount of his deductions?

• $39

• $67

• $91

• $96