1.1

Income: Salary & Hourly

OBJECTIVES

Understand the differences between a salary and

an hourly wage

Be able to calculate an equivalent hourly wage

from a salary

If given two wage options, which results in a higher

“pay”

HOURLY WAGE

A wage is a monetary compensation paid by an

employer to an employee in exchange for work

done.

An hourly wage is a wage paid per unit of time

worked, in this case an hour.

HOURLY WAGE

What are some examples of jobs that are typically

hourly wage?

What are some pro (for) and con (against)

arguments towards an hourly wage?

SALARY WAGE

A salary is a form of periodic payment from an

employer to an employee typically paid in fixed

intervals.

A salary is a fixed amount of money or

compensation in return for work performed.

SALARY WAGE

What are some examples of jobs that are typically

salary wage?

What are some pro and con arguments towards a

salary wage?

SALARY TO HOURLY

1: Your salary is $700

weekly. If you work full

time (40 hours per week)

what is your equivalent

hourly wage?

A) $.057/hr

B) $17.50/hr

C)$5.71/hr

D) $12.50/hr

SALARY TO HOURLY

1: Your salary is $700

weekly. If you work full

time (40 hours per week)

what is your equivalent

hourly wage?

A) $.057/hr

B) $17.50/hr

C)$5.71/hr

D) $12.50/hr

SALARY TO HOURLY

2: Your boss asks you to

stay late this week to get

a project done. You stay

an extra 5 hours. What is

your new equivalent

hourly wage?

A) $14.00/hr

B) $.064/hr

C)$15.56/hr

D) $11.56

SALARY TO HOURLY

2: Your boss asks you to

stay late this week to get

a project done. You stay

an extra 5 hours. What is

your new equivalent

hourly wage? [last week

was 40 hours at $700]

A) $14.00/hr

B) $.064/hr

C)$15.56/hr

D) $11.56

HOURLY OVERTIME

Overtime is the amount of time someone works beyond normal working hours. Typically this is hours beyond 40.

“Time and a half” is a typical payment for overtime. In it you are paid your normal hourly wages plus an extra half per hour. 10 hours of overtime means you are paid for 15 hours of work.

HOURLY OVERTIME

3: You are paid $15/hr.

Last week you worked 45

hours. If you are paid time

and a half overtime

beyond 40 hours, how

much should you expect

to be paid?

A) $675

B) $750

C)$712.50

D) $1,012.5

HOURLY OVERTIME

3: You are paid $15/hr.

Last week you worked 45

hours. If you are paid time

and a half overtime

beyond 40 hours, how

much should you expect

to be paid?

A) $675

B) $750

C)$712.50

D) $1,012.5

SALARY VS HOURLY

Job A: Salary of $900/week working 50 hours per week

Job B: Paid $20/hr working 35 hours

4: Which job results in a higher hourly wage?

A) Job A

B) Job B

SALARY VS HOURLY

Job A: Salary of $900/week working 50 hours per week

Job B: Paid $20/hr working 35 hours

4: Which job results in a higher hourly wage?

A) Job A

B) Job B

SALARY VS HOURLY

Job A pays $1000/week salary.

Job B pays $30/hr.

5: Which job is better?

A) Job A

B) Job B

SALARY VS HOURLY

Job A: $1000/week salary. You are expected to work

50-60 hours per week.

Job B: $30/hr. After 40 hours you earn time and a half.

6: Which job is better?

A) Job A

B) Job B

SALARY VS HOURLY

Job A: $1000/week salary. You are expected to work 50-60 hours per week.

Job B: $30/hr. After 40 hours you earn time and a half. You struggle to get above 20 hours/week.

7: Which job is better? Explain.

A) Job A

B) Job B

Vocabulary Review

Salary:

Hourly:

Overtime:

OBJECTIVES

Understand the differences between a salary and

an hourly wage

Be able to calculate an equivalent hourly wage

from a salary

If given two wage options, which results in a higher

“pay”

Homework

Assignment 1.1

EDPuzzle 1.1

END OF LESSON – QUICK CHECK

8: What would be your hourly rate if you worked 23 hrs and earned $220?

A) $9.57

B) $11.00

C) $10.32

D) $9.00

9: Assuming you get paid overtime. How much would you make if you get paid $8.50 an hour and you work 48 hrs for the week?

A) $408

B) $612

C) $442

D) $493

END OF LESSON – QUICK CHECK

10: If you earn $9.42/hr and work 18 hours. How much will you earn?

A) $180

B) $169.56

C) $167.76

D) $171.36

11: If you receive a salary of $500/week and you worked 45 hours this week. How much money did you earn?

A) $22,500

B) $444.44

C) $593.75

D) $500