Pay, Benefits, and Working Conditions
Gross Pay - The total amount you earn before any deductions are subtracted.
(Rate x Hours Worked = Gross Pay)
Overtime - The time worked beyond the regular hours.
(Regular Pay + Overtime Pay = Gross Pay)
A standard workday is 8 hours with payed breaks plus an unpaid lunch break. You make $8.00/hour (regular pay),
and $12.00/hour. If you work 12 hours then your gross pay would be $368.00. Salaried workers usually do not get
paid for overtime work, therefore your gross pay would be the same as your salary.
Deductions - Amounts subtracted from your gross pay.
Some deductions, such as Social Security tax and federal income tax are required by law. Others are optional.
Such as having your employer deduct a certain amount to put in your company savings account. With each paycheck,
you will have a list of all deductions taken from your gross pay.
Net Pay - When all deductions are taken out of your gross pay, the amount left is the net pay. "take-home pay"
Net Pay is less than gross pay because you subtract the deductions from the gross pay to get the net pay.
(Regular Pay + Overtime Pay = Gross Pay - Deductions = Net Pay)
Self-Employment Tax - The total Social Security and Medicare tax, including employer-matching contributions, paid by people who work for themselves.
Incentive Pay - Money offered to encourage employees to strive for higher levels of performance.
Most businesses provide full-time employees with a set amount of paid vacation time. A benefit that you are
likely to receive for any full-time job is paid time off for holidays.These holidays typically include:
Christmas
Thanksgiving
Fourth of July
Labor Day
Memorial Day
Many businesses also include an allowance of days each year for illness, with pay as usual.
Flexible Scheduling - Or flextime, is a type of work schedule that allows employees to choose their working hours
within a limit.
Compressed Workweek - a 40 hour workweek fit into less than five days.
Job Rotation - A job design in which employees are trained to do more than one specialized task. Employees rotate from one task to another.
Job Sharing - A job design in which two people share one full-time position. They split the salary and benefits according to each person's contributions.
Labor Union - A group of people who work in the same or similar occupations, organized for the benefit of all employees in these occupations.
Labor Unions have four major functions:
Recruit new members
Engage in collective bargaining
Support political candidates who support members' interests
Provide support services for members
Types of Unions:
Craft Union - Includes those who practice that craft or trade (for example, bricklayers, carpenters, or plasterers).
Industrial Union - Includes skilled, semi-skilled, or unskilled employees in a particular place, industry, or group.
Professional Orgainization - consists of people in a particular occupation that requires considerable training and specialized skills. Professional organizations also collect dues from members and provide support services.
(Rate x Hours Worked = Gross Pay)
Overtime - The time worked beyond the regular hours.
(Regular Pay + Overtime Pay = Gross Pay)
A standard workday is 8 hours with payed breaks plus an unpaid lunch break. You make $8.00/hour (regular pay),
and $12.00/hour. If you work 12 hours then your gross pay would be $368.00. Salaried workers usually do not get
paid for overtime work, therefore your gross pay would be the same as your salary.
Deductions - Amounts subtracted from your gross pay.
Some deductions, such as Social Security tax and federal income tax are required by law. Others are optional.
Such as having your employer deduct a certain amount to put in your company savings account. With each paycheck,
you will have a list of all deductions taken from your gross pay.
Net Pay - When all deductions are taken out of your gross pay, the amount left is the net pay. "take-home pay"
Net Pay is less than gross pay because you subtract the deductions from the gross pay to get the net pay.
(Regular Pay + Overtime Pay = Gross Pay - Deductions = Net Pay)
Self-Employment Tax - The total Social Security and Medicare tax, including employer-matching contributions, paid by people who work for themselves.
Incentive Pay - Money offered to encourage employees to strive for higher levels of performance.
Most businesses provide full-time employees with a set amount of paid vacation time. A benefit that you are
likely to receive for any full-time job is paid time off for holidays.These holidays typically include:
Christmas
Thanksgiving
Fourth of July
Labor Day
Memorial Day
Many businesses also include an allowance of days each year for illness, with pay as usual.
Flexible Scheduling - Or flextime, is a type of work schedule that allows employees to choose their working hours
within a limit.
Compressed Workweek - a 40 hour workweek fit into less than five days.
Job Rotation - A job design in which employees are trained to do more than one specialized task. Employees rotate from one task to another.
Job Sharing - A job design in which two people share one full-time position. They split the salary and benefits according to each person's contributions.
Labor Union - A group of people who work in the same or similar occupations, organized for the benefit of all employees in these occupations.
Labor Unions have four major functions:
Recruit new members
Engage in collective bargaining
Support political candidates who support members' interests
Provide support services for members
Types of Unions:
Craft Union - Includes those who practice that craft or trade (for example, bricklayers, carpenters, or plasterers).
Industrial Union - Includes skilled, semi-skilled, or unskilled employees in a particular place, industry, or group.
Professional Orgainization - consists of people in a particular occupation that requires considerable training and specialized skills. Professional organizations also collect dues from members and provide support services.