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Different Types of Wages
Transcript of Different Types of Wages
What is a wage?
How much an employee earns ($)
4 main types:
Most common form
- An employee receives a set amount of money regardless of the hours worked.
- Usually set for the entire year
- An employee is paid a certain amount of money for every hour of work.
By law, if an employee works more than 40 hours per week, they are paid OVERTIME.
Usually an employee is paid "time and 1/2" for
John worked 30 hours last week. If he earns $25 per hour, how much
did he earn for the entire week?
If John worked 43 hours the next week, how much would he earn for the entire week?
An employee is paid a percentage of something they sell.
- usually a percentage of the total sale.
John sold 1 car for $10,000. If he earns a 10% commission, how much did he earn for selling the car?
How employees receive their wages
- Employees get a paycheck every week.
- employees get a paycheck every other week.
- employees get a paycheck once per month.
- Commissions are usually paid this way.
4. Rate pay (piece pay)
- an employee is paid based on the number of products they produce.
John is paid $1 for every product he produces. If he produced 55 products today, how much did he earn?
Minimum wage - the lowest pay rate allowed by law for each regular hour of work.
Federal = $7.25 per hour
Indiana = $7.25
District of Columbia (Washington DC) = $10.50 per hour
- employees get paid at the end of a "season."
- forms of "pay" other than wages
1. Paid vacation, holidays, sick/personal leave (book calls
this pay without work)
2. Health insurance
3. Meal/cafeteria plan (Google)
4. Retirement/pension accounts
5. Other perks (company car, prime parking spot, office with a view)
Unearned Income and Payments
UI = money received from sources other than working in a job, either for yourself of for someone else.
Figure 2-2.1 (p. 52)
3. Capital gains
4. Gambling winnings
5. Alimony (not in Indiana)
6. Social security benefits
8. Unemployment compensation
What types of taxes do you pay?
1. Sales tax - added to the purchase price of consumer goods and services.
Indiana = 7%
You go to a restaurant in Fort Wayne and order a burger and fries for $9.00. How much will your total bill be after tax (not including a tip)?
2. Income tax - direct tax paid directly to the government (federal and state).
Indiana has a flat tax rate = 3.3% for all income
No State Income Tax = Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming.
3. Property tax - paid by those who own real estate. Based on the value of the property. In Indiana, the taxes are capped at 1% of the property value.