Lesson 26 — Activity 3: Using Tables to Compare Different Pay Structures
Completion requirements
Lesson 26 — Activity 3:
Using Tables to Compare Different Pay Structures
Lesson 26 — Activity 3:
Using Tables to Compare Different Pay Structures
In this activity, you will compare various pay structures. Is everyone paid the same amount? Is everyone paid in the same way? Ask various people you know how they are paid. Is it by the hour, day, week, the amount of work they have done, or perhaps the
number of things they have sold.
Be careful in asking, however. If you do not know this person well, he or she may consider your question rude. (Do not ask the amount! That's too personal!)
Image Source: Pixabay
In this activity, you will compare various pay structures. Is everyone paid the same amount? Is everyone paid in the same way? Ask various people you know how they are paid. Is it by the hour, day, week, the amount of work they have done, or perhaps the
number of things they have sold.
Be careful in asking, however. If you do not know this person well, he or she may consider your question rude. (Do not ask the amount! That's too personal!)
Be careful in asking, however. If you do not know this person well, he or she may consider your question rude. (Do not ask the amount! That's too personal!)
Image Source: Pixabay
Calculating
Pay Periods
Calculating Pay Periods
Regular pay periods are those that are scheduled to occur daily, weekly, bi-weekly, monthly, quarterly, or annually. Employees are paid according to their pay period. It is important for you to be able to use the information that you know about your pay
structure to calculate how much you will make for different periods. This will help you when you are budgeting your money. Let's look at an example.
Morris is paid $800 per week. He wants to know how much he will make for different periods of time.
Calculate his wage per day, per hour, bi-weekly, per month, per quarter, and per year.
He works a 40-hour week (eight hours per day, five days a week).
Calculate his wage per day, per hour, bi-weekly, per month, per quarter, and per year.
He works a 40-hour week (eight hours per day, five days a week).
In order to calculate the different pay periods, do the following:
To calculate the hourly wage, divide the weekly wage by 40 hours.
$800 per week ÷ 40 hours = $20 per hour
To calculate the daily wage, multiply the hourly wage by eight.
$20 per hour × 8 hours = $160 per day
To calculate the bi-weekly wage, multiply the weekly salary by two ("bi" means two).
$800 per week × 2 = $1,600 bi-weekly
Most months have 20 working days. Therefore, to find the monthly wage, multiply the daily wage by 20.
$160 per day × 20 days = $3,200 per month
To calculate rate per quarter, multiply the monthly rate by 3 ("quarterly" means in intervals of three months)
$3,200 per month × 3 months = $9,600 per quarter
To find the yearly wage, multiply the monthly wage by 12.
$3,200 per month × 12 = $38,400 per year
You can use a table to summarize the information. Using a table is a great way to display your information so that it is easier to read!
Questions
Use the information above to answer the following questions. Write your answers on a piece of paper. When you are finished, click on the tab below to check your answers!
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How much does Morris earn in two days?
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What is his total wage for four months?
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If Morris needed to take a half hour off to do some personal business, how much less will he earn for that day?
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Overtime is often paid at the rate of time and half (1.5). What is his rate of overtime pay?
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If he worked an extra two hours one week, and was paid at the rate of time and a half for those two hours, how much extra would he be paid?
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Vacation pay is often added to the regular pay each pay period. If Morris receives $30 per week vacation pay, what is his total pay each week?
1. $160 x 2 = $320
2. $3,200 x 4 = $12,800
3. $20/2 = $10
4. $20 x 1.5 = $30
5. $30 x 2 = $60
6. $800 + $30 = $830
2. $3,200 x 4 = $12,800
3. $20/2 = $10
4. $20 x 1.5 = $30
5. $30 x 2 = $60
6. $800 + $30 = $830
Self-check!
Try This!
Calculating Pay Period Practice
Tonya works as a secretary in a law office. Compare her wages using each of the various pay periods. This chart is based on an 8-hour day, 40-hour week, 4 weeks a month, 3 months in every quarter, and a 12-month year. Remember some of these figures can
vary slightly because not every week has the same number of days (there are holidays), months have various lengths, and even some years are of different lengths.
Tonya works as a secretary in a law office. Compare her wages using each of the various pay periods. This chart is based on an 8-hour day, 40-hour week, 4 weeks a month, 3 months in every quarter, and a 12-month year. Remember some of these figures can vary slightly because not every week has the same number of days (there are holidays), months have various lengths, and even some years are of different lengths.
Let's try some questions!
Write your answers on a piece of paper. When you are finished, click on the tab below to check your answers!
1. Tonya's wage is listed as $15 per hour. Does that mean that she actually receives that much money at the end of every hour?
2. If someone earns $500 a week for a 40-hour week, how much does she earn per hour? (Hint: $500/40 = ?)
3. If you earned $3,000 per month, what would your annual
income be?
4. Complete the following
table:
Let's try some questions!
1. Tonya's wage is listed as $15 per hour. Does that mean that she actually receives that much money at the end of every hour?
2. If someone earns $500 a week for a 40-hour week, how much does she earn per hour? (Hint: $500/40 = ?)
3. If you earned $3,000 per month, what would your annual income be?
4. Complete the following table:
Write your answers on a piece of paper. When you are finished, click on the tab below to check your answers!
1. Tonya's wage is listed as $15 per hour. Does that mean that she actually receives that much money at the end of every hour?
2. If someone earns $500 a week for a 40-hour week, how much does she earn per hour? (Hint: $500/40 = ?)
3. If you earned $3,000 per month, what would your annual income be?
4. Complete the following table:
