Overtime - SharpSchoolp2cdn2static.sharpschool.com/UserFiles/Servers/Server_3121542/File... · AMDM Foldable.notebook January 17, 2013 commission Straight Commission pay = % x $ of

AMDM Foldable.notebook January 17, 2013

Gross Pay

Straight Time

Straight time = number hours worked x hourly rate

Overtime

Rates: 1.5 = time and a half2 = double time

Chapter 1

Overtime pay = $ per hour x rate x # hours worked over regular hours

Total Pay = straight time pay + overtime pay

Need three 1/4 sheet folded towards the center into a flip book

1

2


Time Cards

Example

In 11:35 amOut 5:15 pm

Hours worked = time Out time In

+ 12

17:15-11:35 =

Convert using Clock chart

5:40

Time Cards

Use key after each numbero , "

5:15 - 11:35

5.75 hrs

3

Convert time to decimal for each day then add the totals for the week.


Piecework

Total Pay = $ each piece x # pieces made

Piecework and Salary

Paycheck = Annual Salary ÷ # times paid per year

Salary

weekly = 52monthly = 12biweekly = 26semimonthly = 24annually = yearly

4

5

Annual Salary = Paycheck x # times paid per year


commission

Straight Commission pay = % x $ of sales

Graduated Commission

Commission

6

paid by level of sales

Example: $5240 sales

8% first $1500 = $120

10% next $3000 = $300

12% over $4500 = $88.80$740 $508.80 total

$5240 - $4500 $740

subtract the $4500 from the sales to see how much sales are "over"

Multiply across chart thenadd down last column to get the total commission!


Tire Size

Width in mm

P 265/75R16

The size of the tire in mm is the number after P

Aspect Ratio

P265/75R16The aspect ratio is a percent.

Tire Height in inches

75% x 265 x 1 in 25.4 mm

aspect ratio X width x 1 in 25.4 mm

Diameter of Entire Wheel

D = 2 x tire height + rim size

Circumference of tire

C=πd Use 3.14 for pi

C = 3.14 x diameter3.14 X 31.648 = 99.4 inches

Flip chart for changing tire sizes Three 1/4 sheets in bookletfolded to middle

h

h

rim

1

2

3

4

5

or 75% x 265 ÷ 25.4

1 mile = 5280 ft

Turns a tire circumferencemakes in a = 5280 ÷ (of tire in inches ÷ 12) mile

Example: 5280 ÷ (99.375 ÷ 12) = 637.585 turns per mile

To compare tires:

1. Find the comparison multiplier (put larger tire number on top) multiplier = diameter of larger tire diameter of smaller tire2. Can be used as a fraction or as a decimal3. Use this number to multiply by mileage, mph, or mpg to compare values for the larger tire to the smaller tire.

Turns in a mile and Comparing Tires

tire height is 7.82 inches

This formula changes mm to inchessince the rating is in mm! It works because 1 in = 25.4 mm

Example:

2 x 7.825 + 16example:

total distance around the tire

This tire's height is 75% of the width

Rim size = 16P265/75R16


Weighted Averages Need one 1/4 sheet folded hamburger style tabbed to the middle

top flap

Slugging Averages

SLG = 1 x S + 2 x D + 3 x T + 4 x HR AB

S = singles T = triplesD = doubles HR = home runs

AB = # times at batThis formula looks at how many bases a batter earns.

R = 25 x A + 1000 x C + 50 x Y + 4000 x T 5000 x I

12 x A

NFL Quarterback Passing Rating

R = ratingA = attempted passes per game (yr)C = completions per game (yr)Y = total passing yards per game (yr)T = touchdowns per game (yr)I = interceptions per game (yr)


UPC and Credit Card numbers Need 1 quarter sheet folded top to bottom with a tab left at the bottom.

UPC and Credit Card numbers

UPC Formula

(Multiply odd positions by 3)(Add the even positions)

example

1

Credit Card Numbers

Visa cards begin with 4, Mastercards begin with 5. There are 16 numbers

example

2

AMDM Foldable.notebook January 17, 2013Ch 2 Net Pay 6 part flip book. Need three 1/4 sheets

folded to the middle.

Income TaxNet Pay

Use tax tables $ on left exemptions on top

Federal Withholding Taxes (FIT)

State Withholding Tax

1. Find total exemptions2. Find taxable wages (subtr)3. Find annual state tax (mult)4. Find tax for pay period (div)

ExemptionsSingle $2000Married $4000Each dependent $2000

top flap

2

Graduated State Taxes

1. Find taxable income (subtr exemptions)2. Mult across each level on the chart3. Adjust pay on the last level then mult4. Add answers to all levels.

3

4Social Security and Medicare Tax

6.2% = Social Security1.45% = Medicare

7.65% combined

% X earnings = tax withheld

1. Find % paid by employee

% employee pays = 100% % paid by employer 2. Find total for year paid by employee

Total paid for year = Premium X % paid cost per year by employee

3. Deductions per pay period = Total paid annually ÷ # times paidby employee per year

Group Insurance

personal deduction

Taxes:

FITStateSocial SecurityMedicare

All other deductions are considered personal

Net Pay = Gross pay - Total deductions

Earnings Statement

This info is found onthe stub of your paycheck

1

5

6

This works just like the graduated commission charts!

Also known as FICA

Everyone pays FICA taxes

This is not a tax. It is a personal deduction.

Personal:insurancesunion duessavings programsretirement


Flip book

Savings Deposit and Withdrawal

Savings Accounts

Passbook and Statements

Simple Interest

Deposit = currency + coins + checks - cash backCash back is cash received from teller. Only sign slip if you get cash back.

Withdrawal is the same process as writing a check.

New balance = previous balance + interest + deposits - withdrawals

Passbook is to savings as register is to checking!

Savings account statements are usually quarterly.

interest = principal x APR % x time in years 3 months = 3/12 or 1/4 year

You will need 3 quarter sheets folded to center to make flipbook

1

2

3

4

amount in account = principal + interest months are written as fractions with a denominator of 12

i=prt

principal = original amountAPR = annual percentage rateinterest = money earned in account


A = P(1 + ) ∧ (n*t)rn

P is the principal or original amount in the accountr is the annual interest rate as a decimaln is the number of times the interest is compounded per year annually = 1, semiannually = 2, quarterly = 4, monthly = 12t is the number of years 6 months=.5 yrs 3 months=.25 yrs A is the final amount in the account

To find just the interest subtract P after you find A.

use fraction button on calculator

carat key

Compound Interest 5

x


How to use a compound interest table

1. Find total number of interest periods(years x number of times per year)

2. % rate per period(% divided by number of times per year)

3. find number in chart in the correct column and row4. Multiply principal times the number from the chart (this is how much you will have in your account)

5. Subtract the original amount to get your interest

Shortcut: for interest only, leave off the number in front of the decimal on the chart number.

How to use a compound interest table 6

tab 6 in booklet


Annuitiescover

Annuities

rate per period = r÷ndo not use % key

# of periods = n x t

inside

Formulas

Future Value of Ordinary Annuity = deposit x chart #

Future value of Annuity due = future value of ordinary x (1+ r %) annuity n

use % key

Use annuity chart


3 quarter sheets booklet

Buying With Cash

Contents

Sales Tax 2Total Purchase 3Unit Price 4Best Buy 5Coupons/Rebates 6-7Markdowns 8-9Sale Price 10% markdown 11

2 3

Total Selling Price =Add up all items bought

Sales Tax =Total selling price xTax %

Total Purchase Price =Total selling Price (subtotal) +Sales Tax

1

Unit 5 Buying with Cash


unit 5 unit price best buy

4 5Unit Price =Price of one item ÷# measure or count

Cost per unit =money ÷ measure

Best BuyUnit Price

∎compare unit prices∎lowest unit cost is usually best buy!

Round to the nearest tenth of a cent.

$0.01 = 1


ch 5 Coupons and Rebates

6 7CouponsCoupons are redeemed at the register

RebatesRebate has a form to fill out and mail in with UPC label and sales receipt. You must provide postage and an envelope.

Final Price =Total selling price -Total of coupons/rebates


ch 5 Markdowns

Markdowns

Markdown can be a $ amountoff the regular price

Markdown =Regular Price Sale Price

Markdown can also be a %of an original price.

Markdown =Regular Price X % off

8 9

10 11Sale Price

Sale price is always lowerthan the original price.

Sale Price =Regular Price - Markdown

How to find the % of markdown if you know the sale price and original price:

% Markdown =Sale Price ÷ original price X 100


Credit Card Purchases 2 hamburger halves in booklet form

Credit Cards

Sales Receipts 2

Account statements 3Finance Charge: Previous Balance 4Finance Charge: Unpaid Balance 5

(adjusted balance)Finance Charge: Average Daily Balance

Finance Charge: Average Daily Balance

(without new purchases)

(with new purchases)

6

7

1

2 3Sales Receipts Account Statements

Total Purchase Price =total selling salesprice + tax

New Balance =previous balance +finance charge +new purchases -payments -credits (returned items)

Master Formula

Add if debt is increasedSubtract if debt is decreased


4 5Previous Balance Method

1. Compute finance charge

FC = % x previous balance

2. Use the master formula to compute the new balance (page 3)

Unpaid Balance orAdjusted BalanceMethod

1. Previous balance Payments

2. compute finance charge FC = % x adjusted balance

3. Use the master formula to compute the new balance (page 3)


Note folder

Average Daily Balance without new purchases

ADB = sum of each day's balance ÷# days in cycle

To find ADB: Separate month into 3 parts1. before payment2. day of payment3. days after payment

Steps:1. Find ADB using method above2. Find Finance charge FC = ADB x %3. Find new balance using master formula.

6


ADB with new purchases

Average Daily Balance with new purchases

To find ADB: sum of each day's balance

÷ # days in cycle

Steps:1. Find ADB using a chart. Make a new row EVERY time the balance changes.2. Find the finance charge FC = % x ADB3. Find New Balance using the master formula (p 3)

7


Loans

exactordinary

need half sheet folded into envelope

Simple Interest

i = prt

i = p x r x days 360

i = p x r x days 365

i = interestp = principalr = %t = time in years

Maturity Value =principal + interest

Maturity value is the total amount to be paid back

Payback amount

opened up

closed

OR

Maturity Value =

monthly payment amount

X

# of monthly payments


Loans Need four quarter sheets in a booklet

Loans

Single Payment 2Installment 3

Amount FinancedFinance Charge

Monthly PaymentsWithout chart 4-5With Chart 6-7Allocation 8-9

Paying Off a Loan 10-11Find the APR 12-13

Single Payment

Ordinary orexact interest

Maturity Valuetotal amountowed

2 3

Installment Loanmake monthly payments

1. Find down payment% X principal

2. Amount to befinanced =

Principal down payment

3. Finance charge =rate % X Amt financed

4. Add amt to be borrowedand Finance charge

Monthly Paymentusing a chart

monthly payment= Chart # X loan amount 100need % and# of monthsChart on page 177

6 7

To find monthly payment without a chart1. calculate the down payment2. subtract down payment3. multiply amount to be borrowed by the % and # of years.4. add amount to be borrowed and the interest5. divide total by the number of monthly payments to be made

4 5

Maturity value or totalamount repaid =# payments X amount of monthly payment


Monthly payment

Amount interest

Amt to principal Balance

Find the monthly payment from a chart or compute using a calculator.Find the interest for the month by multiplying the balance by the % and 1/12Find the amount paid to the principal by subtracting the interest from the monthly payment.Find the balance by subtracting the amount paid to the principal from the balance for the month before (previous balance).

Make a chart with these headings.

8 9

Allocation of Monthly Payment

Paying Off a Loan

Need to know

rate of loan %Balance owed

2. Add interest back to balance

Pay off = interest+ previous balance

1. Find interest owed by multiplying balance owed X % X 1/12

10 11

Finding the APR

If you know these numbers:Finance Charge# monthsAmount financed

1. find Finance charge ÷ amount financed X 100 interest ÷ maturity value X 100

2. Look for this number or a number close to it on the line for the # of months3. The APR will be at the top of the column

Finding the APR

If you know these numbers:cash pricemonthly payment# months

ads in paper or on TV!

1. monthly payment X # months = maturity value2. maturity value - cash price = finance charge3. Finance charge ÷ amount financed X 1004. Go to chart and look for a number close to it on the line for the # of months. APR will be at top of the column.12

13


Ch 8 TransportationNew CarsUsed CarsInsuranceOperating CostsLeasingRenting

2345

1213

1415

69

1011

1Ch 8 Transportation Need 4 quarter sheets in a booklet


2 3New Cars

To find sticker price:

1. Add up all options

2. Base price + Options + destination charges = Sticker Price

Dealer's Cost

1. Base price x % base

2. Options total x % options

3. Dealer's base + Dealer's options + destination charges = Dealer's Cost


4 5USED CARS

To find Average RetailPrice

AverageRetailvalue

AdditionalOptions+

optiondeductions

mileagedeductions

Average Loan Valueis amount bank will loan.

Average TradeinValue is negotiable!


InsuranceTypes

6 7

Liabilitycovers otherperson bodily injury

property damageother Vehicle damage

Comprehensive: coversacts of naturevandalismhit and run

Collision: damageyou cause toyour car

Required by the state ofGeorgia!

Full coverage is required by lenders to protect their investment.

Uninsured motorist: covers hit and run as well as uninsured motorists.


8 9Insurance Costs

Annual BasePremium

Annual Premium=

Other payment options

=liability + collisioncost cost+ comprehensive cost

Annual DriverBase x RatingCost Factor

monthly = yearly ÷ 12quarterly = yearly ÷ 4

Annual premium uses driverrating factor!

Base premium is based on typeof car.


10 11Operating Costs1. Add up variablecosts.gas, oil, maintenancetires, etc.

2. Add up fixed costsinsurance, tags,registration,depreciation

3. Cost per mile=

total of all costs

# miles÷


12 13

LEASINGlong term contractdeposit requiredmonthly payments

Close ended lease means carhas to be returned

Open ended lease means carcan be purchased at end oflease.

Total Cost of Lease

=

( # payments x monthly payment)

deposit+

+any other fees


14 15Renting a Vehicle

Add all of these:

# days X cost per day

# miles X cost per mile

gasoline cost

# days X daily insurance cost

+

+

+

Cost per mile=

Total cost ÷ # miles


Documents

Overtime - SharpSchoolp2cdn2static.sharpschool.com/UserFiles/Servers/Server_3121542/File... · AMDM Foldable.notebook January 17, 2013 commission Straight Commission pay = % x $ of