Unit 1 Income (1.07)

Example - Nelly works at an hourly rate of $11.28 per hour and worked 45 hours last week. she earns overtime for hours exceeding 40 hours. She is paid overtime at a rate of time and half. What was her gross pay last week?

451.2 is regular pay 16.92 is overtime rate 16.92 * 5 hours = 84.6 is overtime pay 84.6 + 451.2 = 535.80 is the gross pay

Salary

A salary is a set amount of money paid for a given amount of time, such as a year. Salaries are paid over pay periods

Gross Pay Without Overtime

Gross pay = hourly rate * hours worked

Gross Pay

Gross pay = salary + commission

Gross Pay Per Pay Period

Gross pay per pay period = annual salary divided by number of pay periods

Gross Pay With Ovetime

Overtime rate = 1.5 * Regular hourly rate Overtime pay = overtime rate * overtime hours worked Gross Pay = regular pay + overtime pay

Commission

Commission = commission percentage * sales

Gross Pay Plus Tips

gross pay with tips = regular pay + tips

Monthly

occurring every month, or 12 times per year

Biweekly

occurring every two weeks, or 26 times per year

Weekly

occurring every week, or 52 times per year

Semimonthly

occurring twice per month, or 24 times per year