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Modern Business Mathematics: Calculating Gross Pay for Employees - Prof. Brigitte Martinea, Study notes of Mathematics

Monroe Community CollegeMathematics
Prof. Brigitte Martineau

This document from 'modern business mathematics' by brigitte martineau explains how employees can be paid based on time, production, or a combination of both. It provides formulas and examples for calculating gross pay for hourly wage and salary employees, piece rate and commission workers, and employees with a base salary and commission. Exercises for practice.

Typology: Study notes

Pre 2010

Uploaded on 08/09/2009

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MTH 130 Modern Business Mathematics
Brigitte Martineau Section 10.1
Page 1 of 3
Gross Pay
Employee can be paid 3 different ways:
1. Time Basis How ___________ you work
a. Wage
b. Salary
2. Production Basis How __________ you produce
a. Piece rate
b. Commission
3. Combination of both Base salary + Commission
FORMULA: Gross Pay = Regular Time Pay + Overtime Pay
Assumptions:
• Regular time is up to ______ hours a week
• Overtime is paid at a rate of _____ times regular rate
pf3

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Download Modern Business Mathematics: Calculating Gross Pay for Employees - Prof. Brigitte Martinea and more Study notes Mathematics in PDF only on Docsity!

Brigitte Martineau Section 10.

Gross Pay

Employee can be paid 3 different ways:

  1. Time Basis  How ___________ you work

a. Wage

b. Salary

  1. Production Basis  How __________ you produce

a. Piece rate

b. Commission

  1. Combination of both Base salary + Commission

FORMULA: Gross Pay = Regular Time Pay + Overtime Pay

Assumptions:

  • Regular time is up to ______ hours a week
  • Overtime is paid at a rate of _____ times regular rate

Brigitte Martineau Section 10.

  1. Becky Briggs earns $10.10 per hour as a waitress. Her employer pays her time and one half after 30 hours and double time on Sunday. Last week she worked 32 hours during the week and 6 hours on Sunday. What was her gross pay?
  2. Jack Klein is head of repair services for a utility company and receives a monthly salary of $2600. He is paid time and one half on all over time during the week and double time for work on Sunday. Last month he worked 20 hours overtime during the week and 12 hours overtime on Sundays. What was his gross pay?
  3. Dave Fenton works in an automotive manufacturing plant installing radios in new cars. He is paid $12.50 for each radio installed. If he worked 44 hours last week, and installed 54 radios, including 4 during the 4 hours of overtime, find his gross pay.