Vocab

Wage

Money paid to an employee for work done, usually figured on an HOURLY basis.

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Salary

A FIXED PAYMENT, paid on a regular basis. Weekly, biweekly, semi-monthly.

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Pay Rate

The hourly rate you are paid

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Gross Pay

Total pay earned before deductions.

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Net Pay

Amount of pay left after deductions have been taken out.

AKA: Take home pay​

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Deductions

Any items subtracted from gross pay

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Types of Deductions

Federal & State Income Taxes

Social Security

Medicare​

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Employee Elected Deductions

Health Insurance, Union Dues, Retirement Plans, etc.

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Social Security (FICA)

A government program that provides economic assistance to people faced with unemployment, disability, or old age.

6.2 % of gross pay​

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Medicare

Reimburses hospitals for medical care provided to people 65 and older.

1.45% of gross pay​

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Pay Period

The dates you are being paid for on the current paycheck.

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Year-to-Date

The amount of money you have earned so far this year.

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Exemption (Allowance)

A certain amount of $ or number of people that can be subtracted from a person's taxable income.

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Minimum Wage

The lowest wage, determined by the law, that an employer may pay their employees/

NYS Minimum Wage is $15​

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Earning an Income Salary

Usually based on an annual amount and given in regular installments.

The most standard pay periods are:

Monthly (once a month)

Semi-Monthly (The 15th and last day of each month)

Weekly (Every week)

Bi-Weekly (Every second week)​

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Example 1

Brianna makes $25,000 per year

Calculate her pay if she was paid

​a. Monthly​ b. Semi-Monthly c. Weekly d. Bi-Weekly

Subject | Subject

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Example 1

Brianna makes $25,000 per year

Calculate her pay if she was paid

​a. Monthly​ b. Semi-Monthly c. Weekly d. Bi-Weekly

Subject | Subject

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Example 2

Calculate the annual salary

a. $500 weekly __________

b. $2,040 monthly ________

c. $1,200 semi-monthly _________

d. $692.50 bi-weekly __________​

Subject | Subject

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Some people earn a salary, while others may earn a small salary plus commission.

Example 1: A traditional beader and a sewer gets paid $250 per pair of moccasins. It takes her 20 hours to complete a pair and it costs her $30 in materials.

a. How much would she get paid if she made 5 pairs of moccasins per month?

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b. How much does she make per hour?

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c. How much would she make in one year if she consistently made and sold 5 moccasins per month? ​

Subject | Subject

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Example 2: John earns $31,200 a year plus commission. One week he grossed $725. He had sold $2,500 worth of merchandise.

a. How​ much does he make per week not including commission?

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b. How much did he make in commission?

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c. What is his rate of commission? ​

Subject | Subject

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Hourly (A regular work week is 40 hours and overtime pay is time and a half)

a. Sue drives a truck for $15 an hour. If she worked 40 hours, what would be her gross earnings for one week?

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b. Mark is a water truck driver. He makes $18 an hour. Determine his earning for the week if he worked 52 hours. ​

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