Earning Incomes

In Maths we have been learning about Financial. This week we have talked about two main ways you can earn money by getting a wage or a salary. We also learned how they get paid and how much I will get paid once I work overtime.

Wages: Is a paid as a certain amount of money per hours worked.

[hours x money]

Salary: Is a fixed amount per year. This usually occurs in jobs where the hours are flexible, so you are paid for the work being done rather than the time taken to do it. 

[salary ➗ week per year]

Overtime:  To avoid employees being forced to do unfair hours of work employers must pay their employees extra, depending on particular conditions and legal requirements. This will usually be for doing over a certain number of hours in a day. This extra pay is called overtime pay. It is calculated on the extra hours done.

Overtime pay is calculated by multiplying the hourly wage by a particular number.

Time and a half: multiply by the wager rate by 1.5.

Double time: multiply the wage rate by 2

Example: 

Ordinary Time: 8 x $16.20 = $129.60

Overtime Pay: 3 x $16.20 x 1.5 = $72.90

Total pay: $129.60 + $72.90 = $202.50