Hourly Employees
<ul><li>What are gross earnings and how do they affect your life? </li></ul>
<ul><li>Gross Earnings  – The total amount of an employees’ pay prior to deductions </li></ul><ul><li>Net Pay  – the actua...
<ul><li>Fair Labor Standards Act (Wage and Hour Law) </li></ul><ul><li>The law establishes minimum wages requiring employe...
<ul><li>Hourly Employee  – Employees working to receive an hourly compensation. </li></ul><ul><li>Salaried Employees-  The...
<ul><li>This would affect the salaried employee. </li></ul>Common Pay Periods Description Frequency # of Paychecks Per Yea...
<ul><li>Example Problem:  Assume you are paid $32,345 a year find the following </li></ul>Common Pay Periods Weekly  Biwee...
<ul><li>Straight Time  – Usually the first 40 hours worked </li></ul><ul><li>Overtime  – All hours worked past the straigh...
<ul><li>To calculate your hourly wage simply multiply the number of hours worked by your hourly wage </li></ul><ul><li>tot...
<ul><li>To compute Joe’s salary while working at the local hardware store multiply his hourly wage by the number of hours ...
<ul><li>Next year Joe will get a raise to $7.25. Determine how much more his gross pay will be per week if the number of h...
<ul><li>To calculate your  overtime  wage simply multiply the number of hours worked  that are over 40 by your 1.5 times y...
<ul><li>To compute Joe’s salary while working at the local hardware store multiply his hourly wage by the number of hours ...
<ul><li>Next year Joe will get a raise to $7.25. Determine how much more his gross pay will be per week if the number of h...
<ul><li>This is something companies offer to employees that must work every day of the year (this includes holidays and Su...
<ul><li>To calculate: determine the hourly wage total and add it to the overtime total (if applicable) and then add these ...
<ul><li>Joe chose to resign at the local hardware shop and he has decided to work for PPL at $12.00 per hour. His regular ...
<ul><li>John received a raise at PPL after six months and now earns $12.50 per hour. His regular working hours are from 6:...
<ul><li>John just received his check for the week which totaled $819.25. He wants to know if he was getting paid the old h...
<ul><li>What are gross earnings and how do they affect your life? </li></ul>
<ul><li>http://www.dol.gov/esa/whd/flsa/ </li></ul>
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Gross Earnings

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Transcript of "Gross Earnings"

  1. 1. Hourly Employees
  2. 2. <ul><li>What are gross earnings and how do they affect your life? </li></ul>
  3. 3. <ul><li>Gross Earnings – The total amount of an employees’ pay prior to deductions </li></ul><ul><li>Net Pay – the actual amount of money an employee actually takes home after deductions </li></ul>
  4. 4. <ul><li>Fair Labor Standards Act (Wage and Hour Law) </li></ul><ul><li>The law establishes minimum wages requiring employers whose firms are involved in interstate commerce to pay employees time and one-half for all hours worked in excess of 40 hours per week. The act also provides that certain employees are exempt from the regulations </li></ul>
  5. 5. <ul><li>Hourly Employee – Employees working to receive an hourly compensation. </li></ul><ul><li>Salaried Employees- These employees receive a flat check amount no matter how many hours are worked, unless otherwise stated. </li></ul>
  6. 6. <ul><li>This would affect the salaried employee. </li></ul>Common Pay Periods Description Frequency # of Paychecks Per Year Weekly Once per week 52 paychecks per year Bi-weekly Every 2 weeks 26 paychecks per year Semimonthly Twice a month (usually the 1 st and 15 th ) 24 paychecks per year Monthly Once a month 12 paychecks per year
  7. 7. <ul><li>Example Problem: Assume you are paid $32,345 a year find the following </li></ul>Common Pay Periods Weekly Biweekly Semimonthly Monthly
  8. 8. <ul><li>Straight Time – Usually the first 40 hours worked </li></ul><ul><li>Overtime – All hours worked past the straight time (over 40 hours) </li></ul><ul><li>Double Time (Holiday Pay) – Twice an employees’ usual hourly rate. Usually Holidays; </li></ul>
  9. 9. <ul><li>To calculate your hourly wage simply multiply the number of hours worked by your hourly wage </li></ul><ul><li>total hrs. x hourly pay = total wage </li></ul><ul><li>* This holds true until you reach the overtime stage </li></ul>
  10. 10. <ul><li>To compute Joe’s salary while working at the local hardware store multiply his hourly wage by the number of hours worked. </li></ul><ul><li>Hourly Wage: $6.55 </li></ul><ul><li>Total Hours Worked: 39.5 </li></ul>
  11. 11. <ul><li>Next year Joe will get a raise to $7.25. Determine how much more his gross pay will be per week if the number of hours he works is still 39.5. </li></ul>
  12. 12. <ul><li>To calculate your overtime wage simply multiply the number of hours worked that are over 40 by your 1.5 times your hourly wage. Add this number to the wage earnings for the straight time worked. </li></ul><ul><li>(total hrs. x hourly pay) + overtime hrs. (1.5 x hourly wage) = total wage </li></ul><ul><li>*This holds true until you reach the double time stage </li></ul>
  13. 13. <ul><li>To compute Joe’s salary while working at the local hardware store multiply his hourly wage by the number of hours worked. </li></ul><ul><li>Hourly Wage: $6.55 </li></ul><ul><li>Total Hours Worked: 49 </li></ul>
  14. 14. <ul><li>Next year Joe will get a raise to $7.25. Determine how much more his gross pay will be per week if the number of hours he works is 52. </li></ul>
  15. 15. <ul><li>This is something companies offer to employees that must work every day of the year (this includes holidays and Sundays). The compensation for those days could be in the form of double time. </li></ul><ul><li>Can you think of any job where this applies??? </li></ul><ul><li>Example: Working for a utility company </li></ul>
  16. 16. <ul><li>To calculate: determine the hourly wage total and add it to the overtime total (if applicable) and then add these to the special double time hours (which should be listed separately) * *remember to find double time hours: multiply the hourly wage by 2 and then multiply by the hours work </li></ul><ul><li>Total Hourly + Total Overtime + Total Double Time = Total </li></ul><ul><li>Wage Wage Wage Wage Earnings </li></ul>
  17. 17. <ul><li>Joe chose to resign at the local hardware shop and he has decided to work for PPL at $12.00 per hour. His regular working hours are from 5a.m.-4p.m. Monday through Saturday and is on call every other Sunday from 5a.m-11:30a.m. If during this week he actually is called in on Sunday (which is double time) how much will his weekly earnings total? </li></ul>
  18. 18. <ul><li>John received a raise at PPL after six months and now earns $12.50 per hour. His regular working hours are from 6:30p.m.-4:30a.m. Monday through Saturday and is on call every other Sunday from 5a.m.-1:30 p.m. If during this week he is called in on Sunday (which is double time) how much will his weekly earnings total? </li></ul>
  19. 19. <ul><li>John just received his check for the week which totaled $819.25. He wants to know if he was getting paid the old hourly wage of $12.00 or if his raise was applied. His total hours worked were: 40 hours straight time, 3 hours time and a half, and 6 hours double time. </li></ul><ul><li>Question: How much is John making an hour, and </li></ul><ul><li>how much of a raise did John get? </li></ul>
  20. 20. <ul><li>What are gross earnings and how do they affect your life? </li></ul>
  21. 21. <ul><li>http://www.dol.gov/esa/whd/flsa/ </li></ul>
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