Personal Finance 1

Weekly Time Card

A daily record of the time you report to work and the time you need to depart.

Fixed

A decided amount of money you will make on a regular basis.

Salary

A fixed amount of Money earned on a regular basis

Graduated Commission

A pay based on a different rate of commission for each of several levels of sales.

Piecework

A worker receives a specified amount of money for each item of work completed.

Commission

An amount of money paid for selling a product or service.

Double Time

An overtime pay rate of twice the regular hourly rate

Overtime Pay

Extra pay for hours worked beyond the regular number of hours.

Hourly Rate

Fixed amount of money paid for each hour you work How much you make an hour.

Formula for Overtime pay

Overtime Pay = Overtime rate x Overtime hours worked Total Pay = Straight Time Pay + Overtime Pay

Straight Commission

Pay that consists only of money earned from sales

Formula for salary

Salary per Pay Period = Annual Salary / Number of pay periods per year.

Straight Commission Formula

Straight Commission = Total Sales x Commission Rate

Commission Rate

The specified amount of money paid for each sale or a percent of total value of sales.

Gross Income

The total amount Paid during a pay period.

Straight-Time Pay

The total amount of money earned for a pay period at the regular hourly rate.

Formula for Graduated Commissions

Total Graduated Commission = Sum of commissions for all level of sales.

Formula for Piecework

Total Pay = Rate per Item x Number of Items produced.

Incentive

an additional payment (or other remuneration) to employees as a means of increasing output.

Time and a half

an overtime pay rate of 1 1/2 times the regular hourly rate

Rate

estimate the value of hourly rate, overtime rate,

Calculate

problem solving that involves numbers or quantities

Candidate

someone who is considered for something (for an office or prize or honor etc.)

Formula for calculating straight time pay

straight time pay = Hourly Rate x Hours worked

Compute

the procedure of calculating, make a mathematical calculation or computation

Service

the quality of being able to provide good service, work done by one person or group that benefits another

Total Hours Worked

you compute the hours you worked each day. At the end of the week you add the number of daily hours to find the total number of hours worked.