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work?
Love of your job? To sharpen your soft
skills? To meet new and exciting
people?
NO to make money!!!
Focus: How to calculate different types
of pay?
Chapter 8 section 2
Compelling Why!
If you are to receive a salary, do you
know how to calculate your gross pay
for each pay period?
What kind of information do you need?
Hourly Workers?
WAGES
First 40 hours is at regular pay
rate.
Anything over 40 hours is at 1.5
Nonexempt employees receive
overtime.
SALARY
Exempt employees - No matter how many
hours you work, you get paid the same
amount each pay period.
52 weeks in a year
If paid every two weeks
26 pay
periods
If paid twice a month 24 pay periods
If paid once a month
12 pay periods
Salary
Seans salary is $42,500 a year
What is Seans gross pay if he gets paid
every two
weeks
bi- monthly
Once a
month
$42,500/26
$42,500/24
$42,500/12
$1,634.62
$1,770.83
$3,541.67
Commission
Incentive to works because
pay is directly related to
the amount of work a
person does
Ie. Sales person and
Production workers
$21,790
+ 25,650
47,440
x _ .09
$4,269.60
Base + incentive
Jill works at Best Buy and has a biweekly salary of $1,000.
She earns 3% of the merchandise
she sells.
She sold $6,000 in merchandise this
pay period.
What is Jills gross pay?
$1,000 + (.03 x 6000)
$1,000 + 180 = $1,180.00
Incentive Plans
Profit sharing
Performance Bonuses
Bell work
Fringe benefits
Financial compensation in addition to
wages and salary
Can cost a company 20% to 40% of a
employees salary to provide benefits
ie an employee is paid $40,000
This employees fringe benefits could
cost between $8,000 and $16,000 a
year
Paid Vacations
Personal Illness, and bereavement days
Absences for the birth of a child
Graphic Organizer
Employee Compensation
INCENTIVE
PLANS
Bonuses
Stock options
Profit sharing
BENEFITS
Health insurance Retirement plan
Paid vacations
Convenience benefits
PAYMENT
Salary
Overtime
Hourly wages Commission
Chapter 8 Beginning a New Job
Unemployment compensation
Workers compensation
Social Security
Convenience
Benefits
Services that make
workers lives easier
flexible work hours
fitness center
On-site childcare
What can you think
of?
Cafeteria Plan
Not a benefit but a
policy that lets
employees chose
the benefits they
want.
ie an employee may
choose disability
insurance over
vacation time.