Income

Week #1: Income

Vocab

Wage

Money paid to an employee for work done, usually figured on an HOURLY basis.

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Vocab

Salary

A FIXED PAYMENT, paid on a regular basis. Weekly, biweekly, semi-monthly.

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Vocab

Pay Rate

The hourly rate you are paid

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Vocab

Gross Pay

Total pay earned before deductions.

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Vocab

Net Pay

Amount of pay left after deductions have been taken out.

AKA: Take home pay​

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Vocab

Deductions

Any items subtracted from gross pay

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Vocab

Types of Deductions

Federal & State Income Taxes

Social Security

Medicare​

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Vocab

Employee Elected Deductions

Health Insurance, Union Dues, Retirement Plans, etc.

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Vocab

Social Security (FICA)

A government program that provides economic assistance to people faced with unemployment, disability, or old age.

6.2 % of gross pay​

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Vocab

Medicare

Reimburses hospitals for medical care provided to people 65 and older.

1.45% of gross pay​

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Vocab

Pay Period

The dates you are being paid for on the current paycheck.

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Vocab

Year-to-Date

The amount of money you have earned so far this year.

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Vocab

Exemption (Allowance)

A certain amount of $ or number of people that can be subtracted from a person's taxable income.

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Vocab

Minimum Wage

The lowest wage, determined by the law, that an employer may pay their employees/

NYS Minimum Wage is $15​

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Earning an Income Salary

Usually based on an annual amount and given in regular installments.

The most standard pay periods are:

Monthly (once a month)

Semi-Monthly (The 15th and last day of each month)

Weekly (Every week)

Bi-Weekly (Every second week)​

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Example 1

Brianna makes $25,000 per year

Calculate her pay if she was paid

​a. Monthly​ b. Semi-Monthly c. Weekly d. Bi-Weekly

Subject | Subject

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Example 1

Brianna makes $25,000 per year

Calculate her pay if she was paid

​a. Monthly​ b. Semi-Monthly c. Weekly d. Bi-Weekly

Subject | Subject

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Open Ended

Calculate the MONTHLY pay for the annual salary of $20,000

Open Ended

Calculate the SEMI-MONTHLY pay for the annual salary of $20,000

Open Ended

Calculate the WEEKLY pay for the annual salary of $17,250

Open Ended

Calculate the BI-WEEKLY pay for the annual salary of $45,500

Example 2

Calculate the annual salary

a. $500 weekly __________

b. $2,040 monthly ________

c. $1,200 semi-monthly _________

d. $692.50 bi-weekly __________​

Subject | Subject

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Multiple Choice

Calculate the annual salary if you are paid $438.28 semi-monthly

• $10,518.72

• $5,259.36

• $22,790.56

Multiple Choice

Calculate the annual salary if you are paid $1,850 monthly

• $44,400

• $22,200

• $96,200

Multiple Choice

Calculate the annual salary if you are paid $2,040 weekly

• $48,960

• $24,480

• $106,080

Some people earn a salary, while others may earn a small salary plus commission.

Example 1: A traditional beader and a sewer gets paid $250 per pair of moccasins. It takes her 20 hours to complete a pair and it costs her $30 in materials.

a. How much would she get paid if she made 5 pairs of moccasins per month?

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b. How much does she make per hour?

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c. How much would she make in one year if she consistently made and sold 5 moccasins per month? ​

Subject | Subject

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Example 2: John earns $31,200 a year plus commission. One week he grossed $725. He had sold $2,500 worth of merchandise.

a. How​ much does he make per week not including commission?

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b. How much did he make in commission?

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c. What is his rate of commission? ​

Subject | Subject

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Multiple Choice

Sally's job pays her $3,500 per month. What is her gross average weekly wage?

• $875

• $14,000

• $42,000

• $182,000

Multiple Choice

Jim grosses $27,000 a year. What is gross weekly wage?

• $2,250

• $1,125

• $519.23

Hourly (A regular work week is 40 hours and overtime pay is time and a half)

a. Sue drives a truck for $15 an hour. If she worked 40 hours, what would be her gross earnings for one week?

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b. Mark is a water truck driver. He makes $18 an hour. Determine his earning for the week if he worked 52 hours. ​

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Open Ended

Calculate the overtime rate (time and a half) if the hourly rate is $8.00

Open Ended

Calculate the overtime rate (time and a half) if the hourly rate is $12.50

Open Ended

Calculate your total pay if you work 63 hours at $6.50/hr (over time is anything over 40 hours)

Open Ended

Calculate your total pay if you work 47 hours at $11.00/hr (over time is anything over 40 hours)

Multiple Choice

If Hannah worked these hours every week, how much would she make in 2 weeks?

• $1,425

• $3,562.50

• $37,050

Multiple Choice

If Hannah worked these hours every week, how much would she make in 1 year?

• $1,425

• $3,562.50

• $37,050

Multiple Choice

What is the definition of "wage"

• Money paid to an employee for work done, usually figured on an HOURLY basis.

• Total pay earned before deductions.

• Amount of pay left after deductions have been taken out.

  AKA: Take home pay​

• A government program that provides economic assistance to people faced with unemployment, disability, or old age.

• The amount of money you have earned so far this year.

Multiple Choice

What is the definition of "Gross Pay"

• Money paid to an employee for work done, usually figured on an HOURLY basis

• Total pay earned before deductions.

• Amount of pay left after deductions have been taken out.

  AKA: Take home pay​

• A government program that provides economic assistance to people faced with unemployment, disability, or old age.

• The amount of money you have earned so far this year.

Multiple Choice

What is the definition of "Net Pay"

• Money paid to an employee for work done, usually figured on an HOURLY basis

• Total pay earned before deductions.

• Amount of pay left after deductions have been taken out.

  AKA: Take home pay​

• A government program that provides economic assistance to people faced with unemployment, disability, or old age.

• The amount of money you have earned so far this year.

Multiple Choice

What is the definition of "FICA"

• Money paid to an employee for work done, usually figured on an HOURLY basis

• Total pay earned before deductions.

• Amount of pay left after deductions have been taken out.

  AKA: Take home pay​

• A government program that provides economic assistance to people faced with unemployment, disability, or old age.

• The amount of money you have earned so far this year.

Multiple Choice

What is the definition of "Year-To-Date"

• Total pay earned before deductions.

• Money paid to an employee for work done, usually figured on an HOURLY basis

• Amount of pay left after deductions have been taken out.

  AKA: Take home pay​

• A government program that provides economic assistance to people faced with unemployment, disability, or old age.

• The amount of money you have earned so far this year.