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Overview
CAEC Math
Number Sense
5. Financial Mathematics: Solving Problems with Fractions, Decimals, and Percentages
5.11 Types of pay
Types of Pay
Compare hourly wage, salary, overtime, commission, and piece rate, and learn how to calculate gross pay for each type.
What You'll Learn
Identify the four common types of pay: hourly wage, salary, commission, and piece rate
Calculate hourly gross pay with \( P = r \times h \), where \( r \) is the rate and \( h \) is hours worked
Apply the time-and-a-half rule \( r_{OT} = 1.5 \times r \) to find overtime pay
Convert an annual salary into weekly or hourly amounts by dividing by the number of pay periods
Compute commission earnings using \( C = p \times S \), where \( p \) is the commission rate and \( S \) is sales
Compare piece-rate pay \( P = u \times n \) to hourly pay to see which method benefits a worker more
This Unit Includes
Learning resources
TEST-PREP Curriculum Aligned