Personal Finance

Dave earns $150.00 per week plus 38% commission. he sold $4175.68 in the month of February ( 29 days ) write a formula to caculate his gross monthly earning. then caculate his earnings in February

$150 x 52 / 12 = $650.00 38% = 0.38 x $650 = $247

Jim Grosses $27,000,000 a year. if he gets paid every other week , what is his gross wage per paycheck?

$27,000,000 / 26 ( half of 52 weekands in a year ) = $103.84...

A seamstress is paid $9.55 for every pair of pants made. How many pants would have to be made to receive $525.00 a week?

$525.00 / $9.55 = $54.9738 = 55 pants

In additon to social security and Medicare , Joe also has a federal withholding deduction of $84.00 , State withholding deduction of $38.00 , Medical deduction of $25.00 , and a=retirement 401K deduction of $40.00. Caculate Joe's total deduction amount for this paycheck.

$84.00 +$38.00 $59.52 $13.92 $ 25.00 $40.00 = $260.44

In additon to social security and Medicare , Joe also has a federal withholding deduction of $84.00 , State withholding deduction of $38.00 , Medical deduction of $25.00 , and a=retirement 401K deduction of $40.00. Cacualte Joe's net pay.

$84.00 +$38.00 $59.52 $13.92 $ 25.00 $40.00 (total) (goss pay) = $260.44-$960.00 = $699.56

what are hidden costs of working ?

1. cost to get to and from work , parking 2. required chlothing / uniform 3. professional dues or union dues 4. tools and equipment required for job 5. child care 6. license or education required for job

Employee Benefits add value to jobs :

1. paid leave 2. insurance 3. savings plans 4. tuition assistance 5. training 6. employee discounts 7. wellness programs

Medicare rate ?

1.45%

Teen income problems

1.Irregular work hours 2.Part-time hours 3.Low-paying jobs 4.Seasonal work 5.Temporary work

More income flow challenges

1.Reduced hours 2.Commission work 3.Job change 4.Interruption in work situation: 5.Layoff 6.Fired 7.Disability leave 8.Unpaid leave 9.Military duty 10.Sabbatical 11.Personal choice 12. Incarceration

how many months are in a year ?

12 months

how many days are in 2 weeks ?

14 days

how many hours are in a day ?

24 hours

How many days are in every other week ?

26

how many days are in a month ?

28 , 30 , 31

how many days are in a year ?

365 days

how many weeks are in a year ?

52 weeks

Social security rate ?

6.2%

how many days are in 1 week ?

7 days

Joe Works the same amount of hours each month joe worked 80 hours in the last pay period and he earns $12 per hour What Joe's Gross pay?

80 hours x $12.00 = $960.00

Contributions

=FICA ( 7.65%)

Uneployment

Job loss can't be your fault Employer must approve unemployment benefits Collect weekly check up to 26 weeks if approved Check amount depends on state formula, usually no more than half of average weekly earnings Unemployment benefits are taxable income

How to caculate annual salary

Multiply the number of hours you work per week by your hourly wage. Multiply that number by 52 (the number of weeks in a year). If you make $20 an hour and work 37.5 hours per week, your annual salary is $20 x 37.5 x 52, or $39,000. ex. Divide that amount by the number of hours you worked in that pay period. For example, suppose your gross pay was $190 for a week in which you worked 10 hours. Calculate $190 / 10 = $19. Your hourly salary is $19 per hour.

How to caculate Yearly income

Multiply your hourly wage times the number of hours you work in a week. If you worked over 40 hours and are eligible for overtime, only multiply the number of hours up to 40 hours. Anything over that is calculated at a different rate. ex. As an example, if you regularly work 50 hours a week, 40 are considered regular time and 10 hours are considered overtime. If you are paid $10 per hour, multiply 40 times $10 to calculate a $400 regular weekly wage.

Pay Stub

a receipt that is attached to most paychecks. it shows what deductions have been made.

Tax Credit

an amount of money that can be offset against a tax liability.

Voluntary life insurance

is an optional benefit offered by some employers where the employee pays the premium. The premiums, which are based on age and the amount of insurance purchased, may be less expensive than individual life insurance premiums because of an employee group discount.

Example of how to do get the yearly taxable income

is any type of compensation that triggers a tax liability. Salary - Benefits = yearly taxable income For example, let's assume that Jane works for Company XYZ. Her salary is $75,000 per year. At the end of the year, Company XYZ will send a W-2 form to the IRS reporting that it paid Jane $75,000 that year. When Jane fills out a Form 1040 to calculate her federal income tax owed, the $75,000 in earned income, less any deductions, credits, or exemptions, will be used to calculate her taxable income.

Gross Pay

is what you earn ex. if a person makes $14 an hour and works 20 hours during the week, their gross pay is $280.

mark is a word processor operator . he makes $11.50 an hour. Determine his earnings for a week if he worked 52 hours . ( a regular work week is 40 hours ) overtime pay is time and one-half )

regular earnings : $11.50 x 40 = $460 Overtime earnings : 52 - 40 = 12 Time - and - a - half = 1.5 1.5 x $11.50 = $17.25 $17.25 x 12 = $207 Regular overtime = $460 + $207 = $667

Deduction

the action of deducting or subtracting something.

Joe Works the same amount of hours each month joe worked 80 hours in the last pay period and he earns $12 per hour Caculate Joe's social security deduction , which is 6.2% of his gross pay .

Gross pay = $960.00 x .062 = $59.52

Joe Works the same amount of hours each month joe worked 80 hours in the last pay period and he earns $12 per hour Caculate Joe's Medicare deduction , which is 1.45% of his gross pay.

Gross pay= $960.00 x 0145 = $13.92

How to caculate Monthly income

For hourly employees, the calculation is a little more complicated. First, to find your yearly pay, multiply your hourly wage by the number of hours you work each week, and then multiply the total by 52. Now that you know your annual gross income, divide it by 12 to find the monthly amount.Sep 3, 2015 ex. For example, if you are paid $12 per hour and work 40 hours per week, your weekly gross pay is $480. Multiplying this by 52 shows an annual gross income of $24,960. Finally, dividing by 12 reveals a gross income of $2,080 per month.

Net Pay

What comes home or gets deposited ex. if the person pays $40 in tax and $10 in voluntary contributions to an Individual Retirement Account (IRA), then $280 minus $50 equals a net pay of $230.