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.
