S5_INT_1_U3_Personal_Finance

S5_INT_1_U3_Personal_Finance - Wages & Salaries Hourly...

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Unformatted text preview: Wages & Salaries Hourly Rates / Wages Wages / Hourly Rates Annual Salaries Weekly / Monthly Wages Wage Rises Commission Wages Overtime Pay Gross - Deductions = NET pay 13 Feb 2012 Created by Mr. Lafferty Maths Dept. www.mathsrevision.com Starter Questions Q1. Round t he f ollowing t o 1 decimals places. (b) 21. 66732 (c) 13. 98111 www.mathsrevision.com (a) 24. 44647 2. 3. 1 How many degrees in an of a circle 10 Put in order, smallest f irst . 0. 02, 0. 21, 0. 20, 0. 10 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Wages & Salaries Learning Intention Success Criteria 1. Understand the terms wage and salary. www.mathsrevision.com 1. To explain how to calculate wages. 2. Calculate wage / salary given hourly rate. 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Wages / Salary : How much a person is paid to do a job. Can be measured weekly, monthly or annually. www.mathsrevision.com Hourly rate : How much you get paid for an hours work. 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Example 1 : www.mathsrevision.com Mick the mechanic hourly rate of pay is 6.50. Last week he worked 38 hours. What is his basic pay? Pay is = 6.50 x 38 = 247.00 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Example 2 : www.mathsrevision.com Jim is a joiner his hourly rate of pay is 10.50. He works 40 hours a week. What is his basic pay? Pay is = 10.50 x 40 = 420.00 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Now try Ex 1 a Ch 6 (page 64) Odd questions www.mathsrevision.com 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Starter Questions Q1. Find the value of y when 2y + 6 = 24 Find the two missing angles www.mathsrevision.com Q2. Q3. Find two numbers that add give 10 and divide to give 4. 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Wages & Salaries Learning Intention Success Criteria 1. Understand the term hourly rate. www.mathsrevision.com 1. To explain how to work out hourly rates. 2. Calculate hourly rates given the wage and hours worked. 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Example 1 : www.mathsrevision.com Bill the gardener is paid 200 a week. He works 40 hours a week. What is his hourly rate? Hourly rate is = 200 40 = 5.00 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Example 2 : www.mathsrevision.com Paul starts a new job and is promised a hourly rate of 4.90. His wage for the week was 153.60 for 32 hours Of work. Was the employers promise true. Pay is = 153.60 32 = 4.80 False ! 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Now try Ex 1 b Ch 6 (page 66) Odd questions www.mathsrevision.com 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Starter Questions 1. 2 + 3 x 5 www.mathsrevision.com 2 . C a lc ula t e 15 % o f 6 0 3 . W h a t is t h e p e r im e t e r a nd a r e a o f a s q ua r e wit h le ng t h 4 c m . 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Wages & Salaries Learning Intention Success Criteria 1. Understand the term annual salary. www.mathsrevision.com 1. To explain how to work out annual salary / wage. 2. Calculate annual salary. 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime www.mathsrevision.com Annual Wage / Salary : How much a person is paid in a year. 12 months in a year 52 weeks in a year 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Example 1 : www.mathsrevision.com Shaun gets paid 1 500 in a month. What is his annual Salary. Annual salary is = 1 500 x 12 = 18 000 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Example 2 : www.mathsrevision.com A shop assistant gets paid 239 a week. How much is her annual salary. Annual Salary = 239 x 52 = 12 428 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Example 3 : A mechanic gets paid 1 100 a month. A bus driver gets paid 260 a week. Who gets the better annual salary. Mechanic : Bus Driver : 13 Feb 2012 www.mathsrevision.com Annual Salary = 1 100 x 12 = 13 200 Annual Salary = 260 x 52 = 13 520 Bus driver has better annual wage Created by Mr. Lafferty Maths Dept. Salaries & Overtime Now try Ex 2 a Ch 6 (page 68) Odd questions www.mathsrevision.com 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Starter Questions 1. 7 + 4 x 9 www.mathsrevision.com 2 . C a lc ula t e 3 0 % o f 6 0 3 . W h a t is t h e p e r im e t e r a nd a r e a o f a s q ua r e wit h le ng t h 10 c m . 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Wages & Salaries Learning Intention Success Criteria 1. Calculate weekly and monthly wages from annual salary. www.mathsrevision.com 1. To explain how to work out weekly and monthly wages from annual salary. 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Example 1 : www.mathsrevision.com William gets an annual salary of 30 000. What is his monthly wage. What is his weekly wage. Monthly wage: Weekly wage : 13 Feb 2012 30 000 12 = 2 500 30 000 52 = 576.92 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Now try Ex 2 b Ch 6 (page 70) Odd questions www.mathsrevision.com 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Starter Questions Q1. Round t he f ollowing t o 2 decimals places. (b) 4. 55732 (c) 3. 98111 www.mathsrevision.com (a) 3. 5647 2. 3. 1 How many degrees in an of a circle 8 Put in order, smallest f irst . 0. 05, 0. 21, 0. 01, 0. 026 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Wages & Salaries Learning Intention Success Criteria 1. Calculate a percentage rise. 2. Calculate new wages after a percentage rise. www.mathsrevision.com 1. To explain how to work out new wages after a wage rise. 13 Feb 2012 Created by Mr. Lafferty Maths Dept. How to find % of a quantity using a calculator example Find 40 4 = = 0. 4 100 10 4% of 480 0.04 of 480 www.mathsrevision.com Step 1 : Convert % to a decimal Step 2 : 0. 04 480 of means x Step 3 : Do sum 0. 04 480 = 19.20 Calculator Keys 4 13 Feb 2012 1 0 0 x 4 8 0 = 19.2 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Example 2 : www.mathsrevision.com Frances earned an annual salary of 20 000 last year. She receives a 10% rise this year. What is her new salary. Rise : 10 100 x 20 000 = 2 000 New salary : 13 Feb 2012 20 000 + 2 000 = 22 000 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Example 3 : www.mathsrevision.com Gerry earned an annual salary of 18 000 last year. He receives a 4% rise this year. What is his new salary. Rise : 4 100 x 18 000 = 720 New salary : 13 Feb 2012 18 000 + 720 = 18 720 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Now try Ex 3 Ch 6 (page 72) Odd questions www.mathsrevision.com 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Starter Questions Q1. How much should I get if I work 30 hours at a rate of 5 per hour. 33o www.mathsrevision.com Q2. Find the missing angle Q3. Find 25% of 50 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Wages & Salaries Learning Intention Success Criteria 1. Understand the term commission. 2. Calculate wages involving commission. www.mathsrevision.com 1. To explain how to work out wages when commission is involved. 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime www.mathsrevision.com Commission : Money earned based on how much you sell. Usual expressed as a percentage. Write some people who get commission Car sales person Double glazing sales person 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Example 1 : www.mathsrevision.com Ted sells car. He is paid a commission of 5% on any cars he sells. Last week he sold 20 000 worth of cars. How much commission was he paid ? Commission : 5 100 x 20 000 = 1 000 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Example 2 : www.mathsrevision.com Henrik gets paid 60 for playing for his local football team. He gets a bonus of 30 for every goal he scores. If he scored a hattrick in a game. How much was he paid. Paid : 60 + 3 x 30 = 60 + 90 = 150 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Now try Ex 4 Ch 6 (page 74) Odd questions www.mathsrevision.com 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Starter Questions Q1. Find value of x when x + 4 = 16 www.mathsrevision.com Q2. Find two missing angles 32o Q3. Find 20 % of 150 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Wages & Salaries Learning Intention Success Criteria 1. Understand the terms overtime, `double time' and `time and a half'. 2. Calculate wages with overtime. www.mathsrevision.com 1. To explain how to work out wages which include overtime rates. 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime www.mathsrevision.com Overtime : When you do extra work above your basic You get a better hourly rate for overtime. Write down the two common rates of overtime hours. Double time (x2) 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Time and a half (x1.5) Salaries & Overtime Example 1 : Percy the painter works for 6.00 per hour. His overtime rate is "Double time". What does he get paid for 4 hours overtime. 4 hours Overtime is = 4 x 6 x 2 = 48.00 www.mathsrevision.com 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Example 2 : John the gardener works a basic 40 hours a week. He does 5 hours overtime at `double time' on Saturday. His hourly rate is 8 per hour. Work out his overtime pay and then his total pay. 5 hours overtime is = 40 hours basic time is = 5 x 8 x 2 = 80.00 40 x 8 = 320.00 www.mathsrevision.com Total pay is = 320 + 80 = 400 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Now try Ex 5 Ch 6 (page 76) Even questions www.mathsrevision.com 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Example 3 : Tim the shop assistance works a basic 30 hours a week. He does 4 hours overtime at `time and a half' on Sunday. His hourly rate is 6 per hour. Work out his overtime pay and then his total pay. 4 hours overtime is = 30 hours basic time is = 4 x 6 x 1.5 = 36.00 30 x 6 = 180.00 www.mathsrevision.com Total pay is = 36 + 180 = 216.00 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Now try Ex 5 Ch 6 (page 76) Even questions www.mathsrevision.com 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Starter Questions 1. Two numbers add to give 12 and divide to give 3. Find the two numbers. 2. Two numbers subtract to give 5 and multiply to 24. Find the two numbers. 3. Make your own question up. 13 Feb 2012 Created by Mr. Lafferty Maths Dept. www.mathsrevision.com Wages & Salaries Learning Intention Success Criteria 1. Understand the terms Gross, Deductions and NET pay. 2. Calculate NET pay. www.mathsrevision.com 1. To explain how to work out NET pay. 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Write down some Gross Pay : : : Tax Pension 13 Feb 2012 Created by Mr. Lafferty Maths Dept. What you are paid by the employer. Taken off your wages. Your take home pay. www.mathsrevision.com Deductions Net Pay National Insurance Salaries & Overtime Example 1 : Calculate the Net wage for the following : www.mathsrevision.com Gross 15 550 13 025 22 430 13 Feb 2012 Deductions 3 400 2 905 5 094 Created by Mr. Lafferty Maths Dept. Net Wage 12 150 10 120 17 336 Salaries & Overtime Example 2 : Calculate the Net wage for this payslip : Name : Bill Smit h I ncome Basic 650. 00 O/ T 54. 00 25. 00 Bonus Pension 22. 00 Tot al Tot al NET PAY www.mathsrevision.com Deduct ions Tax 102. 00 Nat I ns. 704.00 149.00 555.00 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Example 3 : Calculate the Net wage for this payslip : Name : J oe Bloggs I ncome Basic 603. 65 O/ T 85. 50 30. 72 Bonus Pension 50. 00 34. 29 Tot al Tot al NET PAY www.mathsrevision.com Deduct ions Tax 142. 75 Nat I ns. 739.15 207.76 531.39 13 Feb 2012 Created by Mr. Lafferty Maths Dept. Salaries & Overtime Now try Ex 6 Ch 6 (page 80) Even questions www.mathsrevision.com 13 Feb 2012 Created by Mr. Lafferty Maths Dept. ...
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This note was uploaded on 02/13/2012 for the course MAT 205 math 205 taught by Professor Google during the Spring '10 term at University of Phoenix.

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