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True or False. Holiday Pay "only includes Holiday Loading"
False. Holiday Pay= 4 weeks Pay + Holiday Loading (17.5%)
Bryan earns $3500 in 4 weeks. Calculate his Holiday Loading.
$612.50
What is Holiday Loading and how is it calculated?
Extra pay given during annual leave, usually 17.5% of 4 weeks’ normal pay.
Define what a retainer is.
A retainer is a fixed amount that does not depend on sales.
Noah is an art salesman. He sells a painting worth $1 200 000. His commission rate is 2%. Calculate his commission
$24 000
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
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
Ngouam earns $70 000 a year. How much does he earn a fortnight?
$2692.31
Define what Piecework is
Work paid for at a rate per item, often for making, processing or delivering items.
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 Commission is.
Paid to salespeople, calculated as a percentage of the value of the items sold
If Liana earns $5000 a month, how much does she earn per week?
$1250
Tommy earns $100 000 a year as an NRL player for the Bulldogs. How much does he make a week?
$ 1923.08
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
What are 2 common rates that overtime is paid at?
Time and a half (1.5) and double time (2)
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.
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 wages and how their calculated. Also provide an example
Calculated on the number of hours worked, paid at an hourly rate. Example may vary
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