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# Mfww chapter 1 wages

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### Mfww chapter 1 wages

1. 1. Math for the World of Work Chapter 1 Wages
2. 2. Chapter 1: Wages <ul><li>Have you ever heard the saying, “A fool and his money are soon parted.”? </li></ul><ul><li>Our goal is to make sure you are a wise person with your money. </li></ul>
3. 3. Chapter 1: Wages <ul><li>How much money will you earn? </li></ul><ul><li>How many hours will you work? </li></ul><ul><li>Will you get the same amount of money each week? </li></ul><ul><li>What will be taken out of your paychecks? </li></ul>
4. 4. Chapter 1: Wages <ul><li>Determine earnings based on different types of pay. </li></ul><ul><li>Find the number of hours worked including overtime hours. </li></ul><ul><li>Calculate annual income. </li></ul><ul><li>Determine the number of pay periods in a year. </li></ul><ul><li>Calculate the amount earned during a pay period. </li></ul><ul><li>Understand the difference between gross pay and net pay. </li></ul>At the end of this chapter, you will be able to:
5. 5. Chapter 1: Wages <ul><li>On index cards, put the term below on the front of each card. The front is the BLANK SIDE. See the example below. </li></ul>Vocabulary Vocab Word Goes Here Definition Goes Here
6. 6. Chapter 1: Wages <ul><li>Write the word in LARGE letters, so it takes up most of the card. </li></ul><ul><li>Put your initials on every card! </li></ul>Vocabulary Hourly Rate BT
7. 7. Chapter 1: Wages <ul><li>Put the definition from the book on the back of the card. </li></ul>Vocabulary Amount of money paid for each hour of work.
8. 8. Chapter 1: Wages <ul><li>TERMS FOR CHAPTER 1: </li></ul><ul><li>Hourly Rate </li></ul><ul><li>Wage </li></ul><ul><li>Annual Wage </li></ul><ul><li>Living Wage </li></ul><ul><li>Deductions </li></ul><ul><li>Gross Pay </li></ul><ul><li>Take Home Pay/Net Pay </li></ul>Vocabulary PUT THESE TERMS ON VOCABULARY CARDS NOW USE YOUR TEXT BOOK TO LOCATE THE TERMS. THEY START ON PAGE 8.
9. 9. Chapter 1: Wages <ul><li>THE WAGE TREE: Fill this in. </li></ul>
10. 10. Chapter 1: How to Compute Wage <ul><li>Locate the number of HOURS you worked. </li></ul><ul><li>Multiply (X) by the amount of money you make per hour. </li></ul>HOURS X HOURLY RATE= WAGES
11. 11. Chapter 1: How to Compute Wage PAGE 8 Exercise A 1-5 go in your NOTEBOOK 1. Elaine \$8.00 40 hrs. = _____ 2. Miko \$9.25 40 hrs. = _____ 3. Tony 4. Michael 5. Kareem
12. 12. Chapter 1: Computing Wages <ul><li>RULE: </li></ul><ul><li>When giving a MONEY (\$) answer, you only use TWO numbers to the right of the decimal point. You also ALWAYS write money out that way. </li></ul><ul><li>EX: \$150. 45 \$23. 00 </li></ul>
13. 13. Chapter 1: Annual Wages <ul><li>Annual Wages are what you would make in a full year. </li></ul><ul><li>All loans you take out will be based on what you make per year. </li></ul>
14. 14. Chapter 1: How to Compute ANNUAL Wage <ul><li>Locate the number of HOURS you worked. </li></ul><ul><li>Multiply (X) by the amount of money you make per hour. </li></ul><ul><li>Multiply (X) by the number 50. There are 50 work weeks in a year. </li></ul>HOURS X HOURLY RATE X 50 WEEKS= ANNUAL WAGES
15. 15. Chapter 1: How to Compute Wage PAGE 9 Exercise B 1-10 go in your NOTEBOOK 1. Lily \$7.00 X 40 X 50 weeks=_____ 2. Max \$8.50 X 30 X 50 Weeks=_____ 3. Tim \$7.25 X 10 X 50 Weeks=_____
16. 16. Chapter 1: Annual Wages Shortcut <ul><li>If you are computing annual wages for a full time job, there is a shortcut. </li></ul><ul><li>Instead of using weeks and hours per week, you can use the number 2,000. </li></ul><ul><li>That is because there are 2,000 hours worked at a full time job in one year. </li></ul><ul><li>EXAMPLE: 50 Weeks X 40 Hours Per Week equals 2,000 Hours. </li></ul><ul><li>Annual Wage =2,000 Hours X Hourly Rate </li></ul>
17. 17. Chapter 1: How to Compute Wage <ul><li>PAGE 10 </li></ul><ul><li>Exercise C </li></ul><ul><li>1-5 go in your NOTEBOOK </li></ul><ul><li>Hunter \$8.00 X 2,000 Hours= _____ </li></ul><ul><li>Stella \$17.00 X 2,000 Hours=______ </li></ul>
18. 18. Chapter 1: Wages <ul><li>What do you call the amount of money you make per hour? </li></ul><ul><li>What do you call the money you have earned for working? </li></ul><ul><li>What do you call the total amount of money you have earned in one year? </li></ul>
19. 19. Chapter 1: Wages <ul><li>What is the formula for finding your wage? </li></ul><ul><li>What is the formula for finding your annual wage? (without shortcut) </li></ul><ul><li>What is the shortcut to find your annual wage? </li></ul>
20. 20. Chapter 1: Wages <ul><li>What do you call money taken out of your paycheck? </li></ul><ul><li>How many decimal places go to the right of the decimal point on money problems? </li></ul><ul><li>Finish this… A fool and his money are _____ _____. </li></ul>