SHOW ME The MONEY

1
SHOW ME The MONEY

• Just how much do you know about how people get
  paid?

2
Salary

• A set amount of money earned by an employee per
  year or other fixed length of time

3
Paycheck

• Your total pay for a specific time period minus
  deductions and taxes
• Salaried employees usually can expect the same
  amount of pay each pay period

4
Wages

• Employee earnings that are paid by the hour, day,
  or item
• Piecework is work for which wages are based on
  the number of items of pieces produced

5
Commission

• A fixed percentage or amount of profit given to
  an employee in exchange for making a sale
• A bonus is a sum of money paid to an employee in
  addition to regular pay

6
Tips

• Money given to an employee by customers in
  exchange for a service
• Workers who receive tips often arent paid a
  significant hourly wage

7
Fair Labor Standards Act

• One of may federal laws regulating employment
• Set of standards governing employee payment and
  compensation (including minimum wage)
• Equal pay provision
• Used to prevent discrimination against women,
  minorities, and older workers

8
Minimum Wage

• The lowest hourly rate an employer may legally
  pay most workers.
• US 5.85/hour
• OH 7.00/hour (3.50 for tipped employees)
• Sub minimum wage can be applied to full-time
  students, employees who are younger than 20, and
  employees who are developmentally disabled

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Minimum Wage Increases

• Ohio minimum wage changed January 2008 and will
  adjust with the CPI
• US minimum wage is a phased increase1997
  5.1520075.852008 6.552009 7.25
• The current US minimum wage is approximately
  4.80 in 1997 dollars

10
Overtime

• According to FLSA, for a job that pays hourly
  wages, overtime is any work in excess of 40 hours
  per week
• Compensation is usually at least 1.5 times
  regular rate of pay
• Salaried workers do not receive overtime

11
Employment Classifications

• Full-time Employees hold wage or salary jobs at
  least 35 hours per week, regardless of pay status
• Part-time Less that 35 hours per week. May not
  receive benefits
• Temporary Short-term assignments. May be paid by
  an employment agency
• Contract Employees hired for a specific period
  of time for a specific purpose.

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Benefits

• Compensation other than pay
• Usually only available to full-time employees
• Insurance (health and life)
• Savings and retirement
• Paid holidays, vacation, maternity leave,
  education, adoption/childcare.

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Vested

• After a certain length of service
• Allows employees access to employer contributions
  to savings and retirement accounts.