Unit 1 Earning an Income - Weebly

Workplace Math 10

Name: ________________________________________________________________________________

Unit 1 ? Earning an Income

1.1 Identifying Ways of Earning Income 1.2 Salaries and Contracts 1.3 Hourly Wage 1.4 Overtime 1.5 Commission and Piecework 1.6 Comparing Types of Income 1.7 Calculating Net Income

Apprenticeship and Workplace Math 10 Unit 1 ? Earning an Income

Key Terms

1.1 Identifying Ways of Earning Income

Hourly Wage Wage and Tips

Salary

A fixed payment for each hour of work An hourly wage plus varying amounts in tips

A regular fixed payment for work, usually expressed as an amount per year but paid regularly.

Monthly (? 12) Semi-monthly (? 24) Weekly (? 52) Bi-weekly (? 26)

Commission Royalty Piecework Contract

A payment based on a percentage of the worker's sales A payment for a piece of work that is marketed or sold. The amount is usually based on a percentage of sales. A payment based on the number of items created or completed.

A fixed payment for a job that is for a certain period of time

1.1 Practice

1. Match each job with the payment method.

Job Video store clerk Police Officer Screenplay writer Tour guide Fruit picker Furniture salesperson Landscape architect

Payment Salary Piecework Hourly wage Royalty Hourly wage and tips Contract Commission

2. List two jobs you might be interested in. For each job, identify the way you might be paid.

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Apprenticeship and Workplace Math 10 Unit 1 ? Earning an Income

1.2 Salaries and Contracts

Key Terms Gross Income ? the total amount of money you make before deductions Bonus ? an additional payment to a worker as a reward for meeting company goals

Examples 1. John makes $2500 per month at a retail store.

(a) What are his annual earnings?

(b) What are his weekly earnings?

2. Marika has a good reputation with children and her employer wants her to come back next year. Marika earned $3600 during the summer and her employer offers her a 15% signing bonus if she will sign up for next year. If Marika signs up, how much will she get as a signing bonus?

1.2 Practice 1. Sarah designs houses. She is paid by contract from each builder. This year she earned $25 000, $15 200, $19 750, and $31 800 on four contracts. What is her gross income?

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Apprenticeship and Workplace Math 10 Unit 1 ? Earning an Income

2. Complete the chart. Round your answers to two decimal places.

Name

Annual Salary

Monthly Earnings

Andrea

$32 000

Claire

$52 850

Weekly Earnings

3. Complete the chart. Round your answers to two decimal places if necessary.

Name

Annual Salary

Monthly Earnings

Weekly Earnings

Bart

$2250

Nadia

$745

4. Bob is a project manager for a publishing company. His yearly salary is $65 000. This year, he will also get a bonus that is 2% of his salary. What is Bob's gross income?

5. Lang is an accountant in Vancouver with an annual salary of $68 200. He gets a 2.4% bonus if his firm does well. What is the maximum gross income Lang can earn?

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Apprenticeship and Workplace Math 10 Unit 1 ? Earning an Income

6. Ben is a human resources assistant in Saskatoon, Saskatchewan. Last year his salary was $48 000, and his gross income was $49 400. a) Calculate Ben's bonus. b) What percentage of Ben's salary was his bonus?

7. Darla earns $50 every two weeks delivering newspapers. Chris earns $50 twice a month walking dogs. Who earns more per year and by how much?

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