Wages Lesson 1
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This document discusses wages, overtime pay, and examples of calculating gross pay for regular and overtime hours worked. It defines wage as money earned per hour of work. It defines overtime as extra money earned for working more than a set number of hours, usually paid at 1.5 times the regular hourly rate (time and a half). It also notes some jobs pay double time for holidays. Examples are provided to demonstrate calculating regular pay for straight time hours worked and overtime pay for hours worked above the standard limit.
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Wages Lesson 1
This document discusses wages and overtime pay calculations. It defines wage as money earned per hour of work and overtime as extra pay for working more than a standard number of hours, usually 8 per day or 40 per week. Overtime hours are paid at 1.5 times the regular hourly rate, known as time and a half. Holiday work is paid at double the regular hourly rate. It provides examples of calculating regular wages, overtime pay for time and a half, and holiday pay for double time.
Wage & Salary
Job evaluation provides a systematic basis for determining the relative worth of jobs within an organization based on factors like the importance of the job, skills and qualifications needed, and difficulty level. There are analytical and non-analytical methods for evaluation, such as ranking, classification, and point methods. Wages refer to payments for blue-collar work, salaries to white-collar work, and compensation includes wages and benefits. Minimum wages provide for basic sustenance while living wages provide for needs and insurance. Various laws regulate wages and benefits in India.
Wages & salary administration
This document discusses wages and salary administration. It covers developing a pay system through job evaluation and market surveys, establishing pay structures, and administering individual pay adjustments while monitoring the system. It also discusses factors affecting compensation levels and the purpose of wages. Principles of compensation administration and different types of compensation like direct, indirect, and total compensation are defined.
Foundation Skills Chapter 1 Review - Test Pret
C. $2,650.00 D. $2,800.00
- Calculating commissions involves multiplying total sales by a commission rate to determine commission earnings.
- Salespeople may be guaranteed a minimum weekly salary. Their gross pay is whichever amount is greater, their commission or minimum salary.
- For example, a salesperson with a $320 minimum weekly salary who earned a 6.5% commission on $5,000 in sales would receive $325 in gross pay since their commission exceeded the minimum salary.
Time and money
Mitchell earns a salary of $65,208 per year and is paid fortnightly. His fortnightly pay is calculated to be $2,508. Jasmine earns $1098 per 40-hour week. Her hourly wage is $27.45 and her pay for a 38-hour week is $1,043.10. Salary is a fixed annual payment divided into regular installments, while wages are paid hourly.
Chapter 1
The document discusses various methods for calculating employee pay, including:
- Straight-time pay which is an employee's hourly rate multiplied by hours worked
- Overtime pay which multiplies overtime hours by 1.5x or 2x the hourly rate
- Total pay which is the sum of straight-time and overtime pay
It provides examples of calculating pay for hourly workers, salaried workers, and those paid by commission. Piecework and graduated commission structures are also explained.
Income and debt feb 17
The document discusses different types of commission-based pay structures: straight commission based solely on sales, salary plus commission with a base salary and commission on sales above a threshold, and graduated commission with increasing rates for different tiers of sales. It provides examples of calculating commissions and gross pay for employees under these different structures.
Gross Earnings
Gross earnings refer to an employee's total pay before any deductions are taken out. Net pay is what remains after deductions. The Fair Labor Standards Act requires employers to pay overtime of time and a half for hourly employees who work over 40 hours in a week. Hourly employees are paid for the number of hours worked times their hourly wage, while salaried employees receive a flat payment regardless of hours. Common pay periods include weekly, bi-weekly, semimonthly, and monthly.
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Wages Lesson 1
This document discusses wages and overtime pay calculations. It defines wage as money earned per hour of work and overtime as extra pay for working more than a standard number of hours, usually 8 per day or 40 per week. Overtime hours are paid at 1.5 times the regular hourly rate, known as time and a half. Holiday work is paid at double the regular hourly rate. It provides examples of calculating regular wages, overtime pay for time and a half, and holiday pay for double time.
Wage & Salary
Job evaluation provides a systematic basis for determining the relative worth of jobs within an organization based on factors like the importance of the job, skills and qualifications needed, and difficulty level. There are analytical and non-analytical methods for evaluation, such as ranking, classification, and point methods. Wages refer to payments for blue-collar work, salaries to white-collar work, and compensation includes wages and benefits. Minimum wages provide for basic sustenance while living wages provide for needs and insurance. Various laws regulate wages and benefits in India.
Wages & salary administration
This document discusses wages and salary administration. It covers developing a pay system through job evaluation and market surveys, establishing pay structures, and administering individual pay adjustments while monitoring the system. It also discusses factors affecting compensation levels and the purpose of wages. Principles of compensation administration and different types of compensation like direct, indirect, and total compensation are defined.
Foundation Skills Chapter 1 Review - Test Pret
C. $2,650.00 D. $2,800.00
- Calculating commissions involves multiplying total sales by a commission rate to determine commission earnings.
- Salespeople may be guaranteed a minimum weekly salary. Their gross pay is whichever amount is greater, their commission or minimum salary.
- For example, a salesperson with a $320 minimum weekly salary who earned a 6.5% commission on $5,000 in sales would receive $325 in gross pay since their commission exceeded the minimum salary.
Time and money
Mitchell earns a salary of $65,208 per year and is paid fortnightly. His fortnightly pay is calculated to be $2,508. Jasmine earns $1098 per 40-hour week. Her hourly wage is $27.45 and her pay for a 38-hour week is $1,043.10. Salary is a fixed annual payment divided into regular installments, while wages are paid hourly.
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The document discusses various methods for calculating employee pay, including:
- Straight-time pay which is an employee's hourly rate multiplied by hours worked
- Overtime pay which multiplies overtime hours by 1.5x or 2x the hourly rate
- Total pay which is the sum of straight-time and overtime pay
It provides examples of calculating pay for hourly workers, salaried workers, and those paid by commission. Piecework and graduated commission structures are also explained.
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The document discusses different types of commission-based pay structures: straight commission based solely on sales, salary plus commission with a base salary and commission on sales above a threshold, and graduated commission with increasing rates for different tiers of sales. It provides examples of calculating commissions and gross pay for employees under these different structures.
Gross Earnings
Gross earnings refer to an employee's total pay before any deductions are taken out. Net pay is what remains after deductions. The Fair Labor Standards Act requires employers to pay overtime of time and a half for hourly employees who work over 40 hours in a week. Hourly employees are paid for the number of hours worked times their hourly wage, while salaried employees receive a flat payment regardless of hours. Common pay periods include weekly, bi-weekly, semimonthly, and monthly.
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👉 Check out our full 'Africa Series - Automation Student Developers (EN)' page to register for the full program:
https://bit.ly/Automation_Student_Kickstart
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What is RPA? Benefits of RPA?
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UiPath Studio CE Installation and Setup
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Introduction to Automation
UiPath Business Automation Platform
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👉 Register here for our upcoming Session 2 on June 20: Introduction to UiPath Studio Fundamentals: https://community.uipath.com/events/details/uipath-lagos-presents-session-2-introduction-to-uipath-studio-fundamentals/
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Wages Lesson 1
- 1. Wages and Overtime 10E1.P.1 Demonstrate an understanding of calculations for gross pay and net pay earned through income sources including • Wages • Salary • Contracts • Commissions Piecework
- 2. Wage Wage: money earned for each hour of work Example If Steve makes $8.00 an hour and works 12 hours, how much does Steve get paid? Solution $8.00 x 12 = $96.00
- 3. Overtime Overtime: Extra money earned for working more than a set number of hours, usually 8 per day or 40 per week. Every hour of overtime is paid as if you worked 1.5 hours, this is called time and a half. When you work on a holiday you get paid double time. Double time makes each hour you work worth 2. Example Mary works four hours of overtime for $6.70. What is her pay if she gets time and a half for overtime? Solution 4 x 1.5 x $6.70 = $40.20 Example Joe worked four hours on Labour Day. If his wage is $5.75 and he gets double time for working on a holiday, what is his pay? Solution 4 x 2 x $5.75 = $46.00
- 4. Assignment 1 1. Charlie worked four hours overtime. If he gets paid $6.80 per hour and receives time and a half for overtime, how much will he receive for the four hours work? 2. Pat gets paid double time for working on holidays. If Pat worked for eight hours on one holiday and her wage is $7.90, how much will she make in overtime? 3. Arnold makes $12.45 per hour. He gets time and a half on Saturdays and double time on holidays. Last week he worked six hours on Saturday and four hours on Labour Day. How much did he make in overtime?