Financial Algebra/Calculus Unit 5 - 9/17

I need a job, what do I do?

• Write a resume

  • Short account of your education and qualifications

  • Make a list of your education

    • Most recent then backwards

  • Make a list of things you’re good at - sports, hobbies, subjects, activities, apple products, social media

  • Make a list of previous jobs you’ve had, if any

  • Qualities that describe you

Classified Ad

• Lists hours, education needed, training, location, salary, etc.

Looking for Employment Key terms

• Employment agency - business that lists job openings to potential employees

• Fee paid - how the job listed when the employer is willing to pay fee to agency

• W-4 Form - Used by employers for income tax reasons

• Benefits - additional compensation from your employer (childcare, retirement, travel expenses, etc.)

• Discount - amount a fee or price was lowered

Example (Ken):

Ken makes $395 and must pay the agency 20% of four week’s pay. How much is he paying?

$316

Example (Newspaper):

A local newspaper charges $13 for the first 4 lines and $7.50 for each addition. Write the piecewise function for c(x).

c(x) = 13x when c is less than/equal to 4

c(x) = 52 + 7.50(x-4) when c is greater than 4

Key Terms (Pay period)

• Weekly - 52 checks

• Bi-weekly - 26 checks

• Semi-monthly - 24 checks

• Monthly - 12 checks

• Direct deposit

• Hourly rate

• Overtime (OT)

• Overtime hourly

• Time ½ OT

• Double time pay

• Gross pay = total amount paid

• Minimum wage

Example (Riley/Sophia):

Riley is paid $1239 semi-monthly.

Sophia is paid $1200 biweekly.

Who gets paid more?

• Sophia: $31,200

• Riley: $29,736

Example (Do Now Salary):

1. Salary: $67.3k

2. What’s the monthly?

• $5608

Example (Lillian):

Lillian gets $10/hr. Her regular hours is 40, but with ½ how much is her total pay a week for 45 hours?

$475

Example (Pizza):

Pizza worked 40 regular hours plus 7 hours of OT for time 1/2. The gross pay is $611.05. What’s her hourly pay?

$12.10

Example (Mia):

Mia works gets a regular rate of r dollars for 40 hours. She gets paid time ½ for up to 16 hours OT and double for greater than 16 hours. Find the piecewise function p(z) for her pay when she works z hours.

p(z) = rz when z less than/equal to 40

p(z) = 40r + 1.5r(z-40) when 40 is greater than z but less than 56

p(z) = 40r + 1.5r(56-40) + 2r(z-56) when z is greater than 56

Key Terms (Commissions, piecework, etc.)

• Commission - car salesman, TikTok shop

• Royalty - Musicians, shark tank people - Money paid per piece of public performance sold

• Pieceworker - Gets money for each piece they produce (artisan, craft)

  • Piecework rate

Example (Jay):

Jay writes a book and gets 10% royalty on total sales. The book sells for $47.95 and there are 17k books sold. What’s her payment?

• $81,515

Example (Katie):

Katie sells cosmetics part time door to door. She gets a monthly commission: 11% of her first $900 in sales and 17% of the balance of her sales. She sold $1,250. How much did she get?

• $158.50

Example (Abigail):

Abigail works in a dress factory. She is paid a piecework rate of $85/unit produced. She made 3 dresses yesterday. How much did she earn?

• $255

Example (Josephine):

Josephine is paid by commission. She gets 10% of her first $900 in sales and 15% of the balance of her sales. She earned $750 last week. What was the total value of the furniture she sold?

• $5300

Key Terms (Benefits)

• employee benefits - anything a job can provide for you, usually taken out of your paycheck

• insurance

• PTO

• paid holiday time

• retirement plans

• stock ownership plans

• Childcare leave (maternal, paternal)

• family healthcare

• worker’s compensation

• base period

• unemployment insurance

• pension

• individual healthcare

Social Security

• Insurance program provided by the US government and your employer

• Started by FDR in 1935

• Came out in the Federal Insurance Contributions Act

Key Terms (SS and Medicare)

• Social security

• FICA

• FICA tax

• SS tax

• Medicare tax

• Maximum taxable income

• SS number