ASFinance+-+Earning+and+managing+money

Task 1 - Calculating Gross Pay
Write the following into your books:
 * Most young people are paid a //wage,// where they are paid an //hourly rate.// The hourly rate is the amount of money a worker receives //per hour//.
 * Usually, if a person works more than 8 hours in one day, they are paid //overtime.// Overtime is usually paid at //time and a half// - which means the employee is paid 1.5 times the hourly rate for those extra hours. For example, if John earns $10 an hour and works 12 hours in one day, he would receive $80 ($10 x 8)for the first 8 hours, and the $60 ($10 x 1.5 x 4) for the last 4 hours.
 * The amount of money //earned// before //taxation// is deducted is called //gross pay// or //gross income//.

Copy and complete the following table: Calculating pay normal pay = hourly rate x normal hours worked overtime pay = overtime hourly rate x overtime hours worked overtime hourly rate = hourly rate x 1.5 gross pay = normal pay + overtime pay
 * Hourly rate || Overtime hourly rate (time and a half) || Normal hours worked || Overtime hours worked || Normal pay || Overtime pay || Gross pay ||
 * 8.75 || 13.125 || 8 || 4 ||  ||   ||   ||
 * 11.15 || 16.725 || 12 ||  ||   || 33.45 ||   ||
 * 8.50 || 12.75 ||  || 3 || 85.00 ||   ||   ||
 * 9.20 ||  ||   ||   ||   || 96.60 || 188.60 ||
 * 10.50 ||  ||   ||   ||   ||   || 105.00 ||



Task 2 - Calculating weekly, fortnightly, monthly and annual income
fortnightly income = 2 x weekly income monthly income = 4.3 x weekly income annual income = 52 x weekly income **or** 26 x fortnightly income **or** 12 x monthly income

Fill in the following table assuming 40 hours work per week.
 * Hourly rate || Weekly pay || Fortnightly pay || Monthly pay || Annual pay ||
 * 8.75 ||  ||   ||   ||   ||
 * 7.65 ||  ||   ||   ||   ||
 * || 340.00 ||  ||   ||   ||
 * ||  ||   || 1582.40 ||   ||
 * ||  || 840.00 ||   ||   ||
 * ||  ||   ||   || 15912 ||