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16 Cards in this Set
- Front
- Back
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Wages
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The money you earn for your job.
# of hours worked x hourly rate = wages |
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Hourly Rate
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The amount of money you're paid per hour of work.
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Annual Wages
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Amount of money you make per year
** 12 months in a year ** 52 weeks in a year |
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Explanation of Time Worked
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8 hours = normal work day
40 hours = normal 5 day work week ** 4 weeks in a month |
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Overtime
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work time beyond 40 hours in a week.
Overtime pay = 1.5 x hourly rate for hours over 40 |
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Double Time / Holiday Pay
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Pay rate for holidays = 2 x hourly rate for hours worked
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Tips
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Money given for good service
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piecework
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work paid by the number of units completed
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Salary
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contracted pay no matter how many hours you work
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Bimonthly
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Every 2 weeks
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Biweekly
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every two weeks
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Quarterly
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4 times a year
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Semiannually
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every 6 months
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Annually
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once a year
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Gross pay
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total earnings
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Net pay ('take home pay')
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the amount of money earned after paying taxes and all deductions from your paycheck
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