Skill Builder 12-1 Calculating Individual Incentives

Complete the Math for the Following Six incentive Programs,

 

Bonus: You have a salary of $46, 000 per year and you get a 7% bonus at year end. (1) How much is your bonus, and (2) what is the premium percentage on your annual salary?

 

Commission: You are an independent real estate agent in a rural area in the south, and you get a 5% commission on every house you sell. Your monthly expenses are around $10,000. This month you sold two houses: one for $168,000 and the other for $116, 000. (A) How much revenue did you earn this month? (B)What was your profit for the month? (C) If this was an average month, what would be your profit for the year?

 

Merit Pay: You are a top performer in your department, so you are getting a 2% merit rise over the 2% that everyone else will get. (1)How much is your merit pay if your current salary is $35,000? (2) What is the Merit pay premium percentage on your annual salary of $35,000. (3)What will your total pay be for next year? (4)What is the total premium percentage for next year?

 

Straight Piece-Rate: You make car parts. You get paid $1.10 for every part you make. This week you made 423 parts. (1) What is your pay for the week? (2) The estimated average pay is $450, so how much more or less than average did you make? (3) What is the premium percentage?

 

Differential Piece-rate: You sell cell phones and phone service contracts in a small rural town. You are paid a salary of $7.50 per hour for a 40-hour week-$300 or $1,350 for the (180-hour) month. You also get paid $8 for every phone you sell in excess of 5 for the month. This month you sold 15. (1)What is your total pay for the month? (2) What is your premium if the average pay is $1,400 per month? (3) What is your premium percentage over the average?

 

Standard Hour: You rebuild transmissions. The standard rate is 6 hours each. You are paid $25 per standard hour. During this 40-hour week, you rebuilt 8 transmissions. (1) What is your pay for the week? (2) What is your premium for the week, and (3) what is your premium over the standard percentage?

 
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