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Define wages and how their calculated. Also provide an example
Calculated on the number of hours worked, paid at an hourly rate. Example may vary
Define what a salary is and give an example of who might earn a salary.
A fixed amount per year, paid monthly, fortnightly or weekly
Define what 'overtime' is and give an example of when it is applied.
Pay for working beyond normal hours, usually involving a higher rate of pay.
What are 2 common rates that overtime is paid at?
Time and a half (1.5) and double time (2)
Mr. Russo earns $32 an hour as a pizza maker. How much did Mr. Russo make if he worked 40 hours in a week?
$1 280
Tommy earns $100 000 a year as an NRL player for the Bulldogs. How much does he make a week?
$ 1923.08
If Liana earns $5000 a month, how much does she earn per week?
$1250
Define what Commission is.
Paid to salespeople, calculated as a percentage of the value of the items sold
Define what a Bonus is.
Extra money paid to employees for producing a high standard of work, meeting a deadline, and so on.
Define what Piecework is
Work paid for at a rate per item, often for making, processing or delivering items.
Ngouam earns $70 000 a year. How much does he earn a fortnight?
$2692.31
Norm is paid $20 an hour. He works 30 hours at a normal rate. He works 8 hours calculated at time-and-a-half. Calculate his total pay.
$840
Ashton works on a public holiday at double time. His regular pay per hour is $22. How much is he paid if he works 8 hours?
$352
Noah is an art salesman. He sells a painting worth $1 200 000. His commission rate is 2%. Calculate his commission
$24 000
Define what a retainer is.
A retainer is a fixed amount that does not depend on sales.
What is Holiday Loading and how is it calculated?
Extra pay given during annual leave, usually 17.5% of 4 weeks’ normal pay.
