1 / 12

SHOW ME The MONEY

SHOW ME The MONEY. Just how much did you know about how people get paid?. Salary. A set amount of money earned by an employee per year or other fixed length of time. Paycheck. Your total pay for a specific time period minus deductions and taxes

bmesser
Download Presentation

SHOW ME The MONEY

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. SHOW ME The MONEY Just how much did you know about how people get paid?

  2. Salary • A set amount of money earned by an employee per year or other fixed length of time

  3. Paycheck • Your total pay for a specific time period minus deductions and taxes • Salaried employees usually can expect the same amount of pay each pay period

  4. Wages • Employee earnings that are paid by the hour, day, or item • Piecework is work for which wages are based on the number of items of pieces produced

  5. Commission • A fixed percentage or amount of profit given to an employee in exchange for making a sale • A bonus is a sum of money paid to an employee in addition to regular pay

  6. Tips • Money given to an employee by customers in exchange for a service • Workers who receive tips often aren’t paid a significant hourly wage

  7. Fair Labor Standards Act • One of may federal laws regulating employment • Set of standards governing employee payment and compensation (including minimum wage) • Equal pay provision • Used to prevent discrimination against women, minorities, and older workers

  8. Minimum Wage • The lowest hourly rate an employer may legally pay most workers. • US = $5.15/hour • OH = $5.15/hr, $6.85/hr • Sub minimum wage can be applied to full-time students, employees who are younger than 20, and employees who are developmentally disabled

  9. Overtime • According to FLSA, for a job that pays hourly wages, overtime is any work in excess of 40 hours per week • Compensation is usually at least 1.5 times regular rate of pay • Salaried workers do not receive overtime

  10. Employment Classifications • Full-time: Employees hold wage or salary jobs at least 35 hours per week, regardless of pay status • Part-time: Less that 35 hours per week. May not receive benefits • Temporary: Short-term assignments. May be paid by an employment agency • Contract: Employees hired for a specific period of time for a specific purpose.

  11. Benefits • Compensation other than pay • Usually only available to full-time employees • Insurance (health and life) • Savings and retirement • Paid holidays, vacation, maternity leave, education, adoption/childcare.

  12. Vested • After a certain length of service • Allows employees access to employer contributions to savings and retirement accounts.

More Related