BUSINESS MATHEMATICS CHAPTER 9 PAYROLL
QUESTIONS WITH CORRECT ANSWERS, PROFESSOR
VERIFIED
Weekly - ANSWER When Employers pay Employee wages once a week
When employees are paid once a week, they are paid 52 times in a year.
Biweekly - ANSWER When Employers pay wages every 2 weeks
When employees are paid every two weeks, they are paid 26 times a year.
Semimonthly - ANSWER When employers pay wages twice a month
When employees are paid twice a month, they are paid 24 times a year
Monthly - ANSWER When employers pay wages once a month.
When employees are paid once a month they are paid 12 times a year
estimate an annual salary - ANSWER doubling the full-time hourly rate and then multiplying by 1,000.
Example: $15 an hour, $15 × 2 × 1,000 = $30,000.
estimate an hourly full-time rate - ANSWER dividing an annual salary by 1,000 and then dividing by 2.
Example: $30,000/1,000 = $30; 30/2 = $15.
, Gross Pay - ANSWER Wages before deductions;
Hours Employee Worked x Rate Per Hour
Deductions - ANSWER Amounts subtracted from your gross pay.
Once deductions are subtracted from your gross pay, you get net pay
Overtime - ANSWER Time and a half pay for more than 40 hours of work
Hourly Overtime Pay Rate = Regular Hourly Pay Rate x 1.5
Gross Pay With Overtime - ANSWER Earnings for 40 hours + Earnings at time and a half rate (1.5)
Differential Pay Schedule - ANSWER Pay rate is based on a schedule of units completed
Logan company pays Abby Rogers on the basis of the following schedule:
1 - 50 Units = .50
51 - 150 units = .62
151 - 200 units = .75
Over 200 units = 1.25
Last week Abby produced 300 dolls. What is Abby's gross pay - ANSWER (50 x .50) + (100 x .62) +(50 x
.75) + (100 x 1.25)
25 + 62 + 37.50 + 125 = $249.50
straight commission - ANSWER Wages calculated as a percent of the value of goods sold
QUESTIONS WITH CORRECT ANSWERS, PROFESSOR
VERIFIED
Weekly - ANSWER When Employers pay Employee wages once a week
When employees are paid once a week, they are paid 52 times in a year.
Biweekly - ANSWER When Employers pay wages every 2 weeks
When employees are paid every two weeks, they are paid 26 times a year.
Semimonthly - ANSWER When employers pay wages twice a month
When employees are paid twice a month, they are paid 24 times a year
Monthly - ANSWER When employers pay wages once a month.
When employees are paid once a month they are paid 12 times a year
estimate an annual salary - ANSWER doubling the full-time hourly rate and then multiplying by 1,000.
Example: $15 an hour, $15 × 2 × 1,000 = $30,000.
estimate an hourly full-time rate - ANSWER dividing an annual salary by 1,000 and then dividing by 2.
Example: $30,000/1,000 = $30; 30/2 = $15.
, Gross Pay - ANSWER Wages before deductions;
Hours Employee Worked x Rate Per Hour
Deductions - ANSWER Amounts subtracted from your gross pay.
Once deductions are subtracted from your gross pay, you get net pay
Overtime - ANSWER Time and a half pay for more than 40 hours of work
Hourly Overtime Pay Rate = Regular Hourly Pay Rate x 1.5
Gross Pay With Overtime - ANSWER Earnings for 40 hours + Earnings at time and a half rate (1.5)
Differential Pay Schedule - ANSWER Pay rate is based on a schedule of units completed
Logan company pays Abby Rogers on the basis of the following schedule:
1 - 50 Units = .50
51 - 150 units = .62
151 - 200 units = .75
Over 200 units = 1.25
Last week Abby produced 300 dolls. What is Abby's gross pay - ANSWER (50 x .50) + (100 x .62) +(50 x
.75) + (100 x 1.25)
25 + 62 + 37.50 + 125 = $249.50
straight commission - ANSWER Wages calculated as a percent of the value of goods sold
