How Much Are You Really Making?

1. NEXT How Much Are You Really Making? • This presentation will help you to: • understand the difference between gross and net pay • accurately calculate gross pay required deductions and net pay

2. NEXT Materials Needed • Pencil • Scratch Paper • Calculator • One CLEAN sheet of paper that will be turned into your teacher at the end of the presentation

3. NEXT How Much Money Do You Actually Take Home When you Work? Calculating Gross and Net Pay

4. NEXT To earn money, you first need to: GET A JOBandAGREE TO A WAGE! WAGE: The amount of money you will be paid for working.

5. NEXT HOURLY An agreed upon rate per hour. OVERTIME – after 40 hours, one and one-half times the regular pay. WAGES can be paid: SALARIED An agreed upon rate, usually not paid for overtime. Expected to work a 40-hour standard work week. More if necessary without extra pay.

6. NEXT HOURLY • Per Hour – Hourly Rate • Per Week – Weekly Rate • Per Month – Monthly Rate • Bi-Monthly – 2 x per Month • Bi-weekly – Every 2 weeks • Per Year – Yearly Rate WAGES can be paid: SALARIED

7. 10.00 NEXT Johnny Gets Paid an Hourly Rateof $10.00 Johnny earns Each hour he is at work

8. 10.00 NEXT How Much Does Johnny Earn if he works for 5 hours? HOURS X HOURLY RATE

9. 10.00 NEXT Johnny Earns $50.00 HOURS X HOURLY RATE 5 X $10.00 = $50.00

10. NEXT Johnny’s GROSS PAY is $50.00 GROSS PAY is: Total money earned for time worked.

11. I think I know, Check my Answer Show me how to determine Susie’s Gross Pay Stressed-out Susie earns $5.00 per hour What is Susie’s Gross Pay if she works for 7 hours? I think I know, Check my Answer

12. Click Here if your answer was correct. Oops, I guess I need help. Click here. $35.00 Susie’s Gross Pay is:

13. 5.00 NEXT Susie Earned $35.00 HOURS X HOURLY RATE 7 X $5.00 = $35.00

14. Show me how to determine David’s Gross Pay Diligent David earns $8.00 per hour delivering the mail What is David’s Gross Pay if he works for 46 hours? I think I know, Check my Answer

15. Click here is your answer was correct. $392.00 David’s Gross Pay is Oops, I guess I need help. Click here.

16. 8.00 12.00 NEXT X = $320.00 40 HRS David Earned $392.00 X = 6 HRS. $ 72.00 OVERTIME RATE = REGULAR RATE X 1.5 $8.00 x 1.5 = $12.00 GROSS PAY $392.00

17. Show me how to determine David’s Gross Pay What if Diligent David is a salaried employee and his gross pay is $30,000 annually. What is David’s Gross Pay if he is paid weekly? I think I know, Check my Answer

18. Click here is your answer was correct. $576.92 David’s Weekly Gross Pay is Oops, I guess I need help. Click here.

19. = NEXT David Earned $576.92 weekly $30,000 ÷ 52 weeks $576.92

20. Show me how to determine David’s Gross Pay What if Diligent David is a salaried employee and his gross pay is $30,000 annually. What is David’s Gross Pay if he is paid monthly? I think I know, Check my Answer

21. Click here is your answer was correct. $2500 David’s Monthly Gross Pay is Oops, I guess I need help. Click here.

22. = NEXT David Earned $2500.00 monthly $30,000 ÷ 12 months $2500.00

23. Show me how to determine David’s Gross Pay What if Diligent David is a salaried employee and his gross pay is $30,000 annually. What is David’s Gross Pay if he is paid Bi-monthly? I think I know, Check my Answer

24. Click here is your answer was correct. $1250.00 David’s Bi-Monthly Gross Pay is Oops, I guess I need help. Click here.

25. = NEXT David Earned $1250.00 monthly $30,000 ÷ 24 (12 months x 2) $1250.00

26. Show me how to determine David’s Gross Pay What if Diligent David is a salaried employee and his gross pay is $30,000 annually. What is David’s Gross Pay if he is paid Bi-weekly? I think I know, Check my Answer

27. Click here is your answer was correct. $1153.85 David’s Bi-Weekly Gross Pay is Oops, I guess I need help. Click here.

28. = NEXT David Earned $1153.85 monthly $30,000 ÷ 26 (52 weeks ÷ 2) $1153.85

29. NEXT Try calculating gross pay on your own Complete Activity One Now

30. I thought I could keep my Gross Pay! Now I know why it is called GROSS!