Pay, Benefits, and Working Conditions

1 / 25

# Pay, Benefits, and Working Conditions - PowerPoint PPT Presentation

Pay, Benefits, and Working Conditions. Chapter #1. Understanding Pay, Benefits, and Incentives. Section #1.1. Section Goals. Compute payroll deductions and net pay. Identify optional and required employee benefits and recognize their value. Gross Pay, Deductions, and Net Pay.

I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.

## PowerPoint Slideshow about 'Pay, Benefits, and Working Conditions' - amelie

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.

- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript

Chapter #1

### Understanding Pay, Benefits, and Incentives

Section #1.1

Section Goals
• Compute payroll deductions and net pay.
• Identify optional and required employee benefits and recognize their value.
Gross Pay, Deductions, and Net Pay
• Gross pay includes your regular pay plus overtime wages earned during that pay period.
• Gross Pay:
• The total amount you earn before any deductions are subtracted.
• Overtime:
• Time worked beyond the regular hours.
Calculating Gross Pay (Hourly)
• Determine the number of hours you worked during the pay period.
• Multiply your hourly wage by the number of hours worked to calculate your gross pay amount.
Example: Calculating Gross Pay (Hourly)
• M.J. Smith works for \$6.50 an hour. They worked 40 hours during this pay period. What is M.J.’s gross pay for this pay period?

\$6.50 x 40 = \$260.00

Calculating Gross Pay with Overtime
• Determine the number of regular time hours you worked during the pay period.
• Determine your overtime pay rate (hourly wage x 1.5).
• Determine how many overtime hours you worked during the pay period.
• Multiply the number of overtime hours worked by your overtime pay rate.
Example: Calculating Gross Pay with Overtime
• During the next pay period, M.J. Smith worked 40 hours at \$6.50 an hour. In addition to the regular 40 hours worked, she also worked 5 hours of overtime during this pay period. What is her total gross pay with overtime?

\$6.50 x 40 = \$260.00

\$6.50 x 1.5 = \$9.75

\$9.75 x 5 = \$48.75

\$260.00 + \$48.75 = \$308.75

Calculating Gross Pay (Salary)
• Determine how many time you will receive a paycheck during the year.
• Divide your annual salary by the number of pay periods there are during the year.
Example: Calculating Gross Pay (Salary)
• T.S. Jones works for \$24,000 per year. They get paid every two weeks. What is T.S. Jones’s gross pay each pay period?

52 weeks / 2 = 26 pay periods

\$24,000 x 26 = \$923.08

Deductions
• Deductions are subtracted from gross pay to determine net pay.
• Deductions:
• Amounts subtracted from your gross pay.
• Net Pay:
• Gross pay minus deductions.
Calculating Net Pay (Hourly)
• Determine hourly gross pay.
• Add together the amount of each deduction.
• Subtract gross pay from the total amount of deductions.
Example: Net Pay (Hourly)
• M.J. Smith’s gross pay for this pay period was \$260.00. The following deductions were taken out: Federal Tax (\$13.00), Medicare (\$4.48), Savings Account (\$20.00), Health Insurance (\$11.00), Union Dues (\$2.50). What is M.J. Smith’s net pay for this pay period?

\$13.00 + \$4.48 + \$20.00 + \$11.00 + \$2.50 = \$50.98

\$260.00 - \$50.98 = \$209.02

Calculating Net Pay with Overtime
• Determine your total gross pay plus overtime.
• Add together the amount of each deduction.
• Subtract your total gross pay plus overtime from the total amount of deductions.
Example: Net Pay with Overtime
• During the next pay period, M.J. Smith worked 5 hours of overtime which made her total gross pay \$308.75. The following deductions were taken out of her pay: Federal Tax (\$14.50), Medicare (\$5.58), Savings Account (\$20.o0), Health Insurance (\$11.00), Union Dues (\$2.50). What is M.J. Smith’s net pay?

\$14.50 + \$5.58 + \$20.00 + \$11.00 + \$2.50 = \$53.58

\$308.75 - \$53.58 = \$255.17

Calculating Net Pay (Salary)
• Determine the gross pay for each pay period.
• Add together the amount of each deduction.
• Subtract the total amount of deductions from the gross pay amount.
Example: Net Pay (Salary)
• T.S. Jones’s gross pay this pay period was \$923.08. The following deductions were taken out: Federal Tax (\$78.00), Medicare (\$26.88), Savings Account (\$20.00), Health Insurance (\$11.00), Union Dues (\$2.50), Life Insurance (\$3.80). What is T.S. Jones’s net pay for this pay period?

\$78.00 + \$26.88 + \$20.00 + \$11.00 + \$2.50 + \$3.80 = \$142.18

\$923.08 - \$142.18 = \$780.90

Self-Employed Requirements
• Self-employed people pay both the employee and employer portions of social security and Medicare.
• Self-Employment Tax:
• The total social security and Medicare tax, including employer-matching contributions paid by people who work for themselves.
• Self-employed people pay 12.4% of their gross income. for the social security tax and 6.2% of their gross income for the Medicare tax which totals 15.3% of their gross income.
Benefits and Incentives
• Benefits:
• Forms of employee compensation in addition to pay.
• Cafeteria-style plans allow employees to choose the benefits that best meet their needs.
• Benefits in addition to pay may include:
• Profit Sharing:
• Incentive Pay:
• Money offered to encourage employees to strive for higher levels of performance.
• Paid Time Off
• Employee Services
• Insurance Plans
• Bonuses
• Stock Options
• Retirement Plans
• Vested:
• Entitled to the fill retirement account.

### Work Arrangements and Organizations

Section #1.2

Section Goals
• Explain several flexible job arrangements.
• Describe the role of unions and professional organizations in the workplace.
Flexible Work Arrangements
• Flextime, a compressed workweek, job rotation, job sharing, permanent part-time jobs, and telecommuting offer employees flexibility.
• Flextime:
• Allow employees to choose their working hours within defined limits.
• Compressed Workweek:
• A work schedule that fits the normal 40-hour week into less than 5 days.
• Job Rotation:
• Job Sharing:
• A job design in which two people share one full-time position.
Labor Unions
• Labor unions negotiate the terms of work contracts with employers on behalf of their members.
• Labor Union:
• A group of people who work in the same or similar occupations, organized for the benefits of all employees in these occupations.
• Functions of Unions:
• Collective Bargaining:
• The process of negotiating the terms of employment for union members.
• Seniority:
• A policy in which the last workers hired will be the first fired when jobs must be cut.
Professional Organizations
• Professional organizations serve people in highly skilled occupations.
• Professional Organization:
• An organization of people in a particular occupation that requires considerable training and specialized skills.
• These organization maintain standards and keep members current in their fields.
• Lobbying:
• The process of trying to influence public officials to take political action the benefits the profession.
Bibliography
• Ryan, J. (2006). “Managing your personal finances; 5th ed.” Thomson South-western; Mason, Ohio
The content structure of the provided text is a PowerPoint presentation on "Pay, Benefits, and Working Conditions," which includes sections on understanding pay, benefits, and incentives, as well as flexible work arrangements and labor unions. The text contains several examples of calculations related to gross pay, net pay, and deductions.
multiple_questions_with_answers

the text contains multiple mathematical questions and their corresponding answers, such as calculating gross pay, net pay, and deductions for different scenarios.
Given a text passage, determine:
    1. If it contains a mathematical question (including word problems or calculations)
    2. If an answer to that mathematical question is provided in the text

First, describe the content structure you found in 1-2 sentences.

Then provide your analysis in the following format:
TYPE: <one of the following values>
- NO_QUESTION
- SINGLE_QUESTION
- SINGLE_QUESTION_WITH_ANSWER
- MULTIPLE_QUESTIONS
- MULTIPLE_QUESTIONS_WITH_ANSWERS
system
Pay, Benefits, and Working Conditions

1 / 25

# Pay, Benefits, and Working Conditions - PowerPoint PPT Presentation

Pay, Benefits, and Working Conditions. Chapter #1. Understanding Pay, Benefits, and Incentives. Section #1.1. Section Goals. Compute payroll deductions and net pay. Identify optional and required employee benefits and recognize their value. Gross Pay, Deductions, and Net Pay.

I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.

## PowerPoint Slideshow about 'Pay, Benefits, and Working Conditions' - amelie

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.

- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript

Chapter #1

### Understanding Pay, Benefits, and Incentives

Section #1.1

Section Goals
• Compute payroll deductions and net pay.
• Identify optional and required employee benefits and recognize their value.
Gross Pay, Deductions, and Net Pay
• Gross pay includes your regular pay plus overtime wages earned during that pay period.
• Gross Pay:
• The total amount you earn before any deductions are subtracted.
• Overtime:
• Time worked beyond the regular hours.
Calculating Gross Pay (Hourly)
• Determine the number of hours you worked during the pay period.
• Multiply your hourly wage by the number of hours worked to calculate your gross pay amount.
Example: Calculating Gross Pay (Hourly)
• M.J. Smith works for \$6.50 an hour. They worked 40 hours during this pay period. What is M.J.’s gross pay for this pay period?

\$6.50 x 40 = \$260.00

Calculating Gross Pay with Overtime
• Determine the number of regular time hours you worked during the pay period.
• Determine your overtime pay rate (hourly wage x 1.5).
• Determine how many overtime hours you worked during the pay period.
• Multiply the number of overtime hours worked by your overtime pay rate.
Example: Calculating Gross Pay with Overtime
• During the next pay period, M.J. Smith worked 40 hours at \$6.50 an hour. In addition to the regular 40 hours worked, she also worked 5 hours of overtime during this pay period. What is her total gross pay with overtime?

\$6.50 x 40 = \$260.00

\$6.50 x 1.5 = \$9.75

\$9.75 x 5 = \$48.75

\$260.00 + \$48.75 = \$308.75

Calculating Gross Pay (Salary)
• Determine how many time you will receive a paycheck during the year.
• Divide your annual salary by the number of pay periods there are during the year.
Example: Calculating Gross Pay (Salary)
• T.S. Jones works for \$24,000 per year. They get paid every two weeks. What is T.S. Jones’s gross pay each pay period?

52 weeks / 2 = 26 pay periods

\$24,000 x 26 = \$923.08

Deductions
• Deductions are subtracted from gross pay to determine net pay.
• Deductions:
• Amounts subtracted from your gross pay.
• Net Pay:
• Gross pay minus deductions.
Calculating Net Pay (Hourly)
• Determine hourly gross pay.
• Add together the amount of each deduction.
• Subtract gross pay from the total amount of deductions.
Example: Net Pay (Hourly)
• M.J. Smith’s gross pay for this pay period was \$260.00. The following deductions were taken out: Federal Tax (\$13.00), Medicare (\$4.48), Savings Account (\$20.00), Health Insurance (\$11.00), Union Dues (\$2.50). What is M.J. Smith’s net pay for this pay period?

\$13.00 + \$4.48 + \$20.00 + \$11.00 + \$2.50 = \$50.98

\$260.00 - \$50.98 = \$209.02

Calculating Net Pay with Overtime
• Determine your total gross pay plus overtime.
• Add together the amount of each deduction.
• Subtract your total gross pay plus overtime from the total amount of deductions.
Example: Net Pay with Overtime
• During the next pay period, M.J. Smith worked 5 hours of overtime which made her total gross pay \$308.75. The following deductions were taken out of her pay: Federal Tax (\$14.50), Medicare (\$5.58), Savings Account (\$20.o0), Health Insurance (\$11.00), Union Dues (\$2.50). What is M.J. Smith’s net pay?

\$14.50 + \$5.58 + \$20.00 + \$11.00 + \$2.50 = \$53.58

\$308.75 - \$53.58 = \$255.17

Calculating Net Pay (Salary)
• Determine the gross pay for each pay period.
• Add together the amount of each deduction.
• Subtract the total amount of deductions from the gross pay amount.
Example: Net Pay (Salary)
• T.S. Jones’s gross pay this pay period was \$923.08. The following deductions were taken out: Federal Tax (\$78.00), Medicare (\$26.88), Savings Account (\$20.00), Health Insurance (\$11.00), Union Dues (\$2.50), Life Insurance (\$3.80). What is T.S. Jones’s net pay for this pay period?

\$78.00 + \$26.88 + \$20.00 + \$11.00 + \$2.50 + \$3.80 = \$142.18

\$923.08 - \$142.18 = \$780.90

Self-Employed Requirements
• Self-employed people pay both the employee and employer portions of social security and Medicare.
• Self-Employment Tax:
• The total social security and Medicare tax, including employer-matching contributions paid by people who work for themselves.
• Self-employed people pay 12.4% of their gross income. for the social security tax and 6.2% of their gross income for the Medicare tax which totals 15.3% of their gross income.
Benefits and Incentives
• Benefits:
• Forms of employee compensation in addition to pay.
• Cafeteria-style plans allow employees to choose the benefits that best meet their needs.
• Benefits in addition to pay may include:
• Profit Sharing:
• Incentive Pay:
• Money offered to encourage employees to strive for higher levels of performance.
• Paid Time Off
• Employee Services
• Insurance Plans
• Bonuses
• Stock Options
• Retirement Plans
• Vested:
• Entitled to the fill retirement account.

### Work Arrangements and Organizations

Section #1.2

Section Goals
• Explain several flexible job arrangements.
• Describe the role of unions and professional organizations in the workplace.
Flexible Work Arrangements
• Flextime, a compressed workweek, job rotation, job sharing, permanent part-time jobs, and telecommuting offer employees flexibility.
• Flextime:
• Allow employees to choose their working hours within defined limits.
• Compressed Workweek:
• A work schedule that fits the normal 40-hour week into less than 5 days.
• Job Rotation:
• Job Sharing:
• A job design in which two people share one full-time position.
Labor Unions
• Labor unions negotiate the terms of work contracts with employers on behalf of their members.
• Labor Union:
• A group of people who work in the same or similar occupations, organized for the benefits of all employees in these occupations.
• Functions of Unions:
• Collective Bargaining:
• The process of negotiating the terms of employment for union members.
• Seniority:
• A policy in which the last workers hired will be the first fired when jobs must be cut.
Professional Organizations
• Professional organizations serve people in highly skilled occupations.
• Professional Organization:
• An organization of people in a particular occupation that requires considerable training and specialized skills.
• These organization maintain standards and keep members current in their fields.
• Lobbying:
• The process of trying to influence public officials to take political action the benefits the profession.
Bibliography
• Ryan, J. (2006). “Managing your personal finances; 5th ed.” Thomson South-western; Mason, Ohio
user
The content structure of the provided text is a PowerPoint presentation on "Pay, Benefits, and Working Conditions," which includes sections on understanding pay, benefits, and incentives, as well as flexible work arrangements and labor unions. The text contains several examples of calculations related to gross pay, net pay, and deductions.

TYPE: MULTIPLE_QUESTIONS_WITH_ANSWERS

The text contains multiple mathematical questions and their corresponding answers, such as calculating gross pay, net pay, and deductions for different scenarios.