Gross Pay Practice Day 2

Front

What is gross pay?

Back

Gross pay is the total amount of money earned by an employee before any deductions such as taxes, insurance, or retirement contributions.

Front

How do you calculate weekly gross pay?

Back

To calculate weekly gross pay, multiply the hourly wage by the number of hours worked in a week.

Front

What is the formula for calculating annual salary from hourly wage?

Back

Annual salary can be calculated by multiplying the hourly wage by the number of hours worked per week and then by the number of weeks worked in a year (typically 52 weeks).

Front

If an employee earns $15 per hour and works 40 hours a week, what is their weekly gross pay?

Back

$600 (calculated as $15 x 40 hours).

Front

What is the difference between gross pay and net pay?

Back

Gross pay is the total earnings before deductions, while net pay is the amount received after all deductions are taken out.

Front

How do you convert weekly earnings to monthly earnings?

Back

To convert weekly earnings to monthly earnings, multiply the weekly earnings by 4.33 (the average number of weeks in a month).

Front

If a gardener earns $15 per hour and works 20 hours, how much will he earn?

Back

$300 (calculated as $15 x 20 hours).

Front

What is the significance of knowing your hourly wage?

Back

Knowing your hourly wage helps you understand how much you earn for each hour worked, which is essential for budgeting and financial planning.

Front

How do you find the hourly wage from gross income and hours worked?

Back

To find the hourly wage, divide the gross income by the total hours worked.

Front

What is the total gross pay for an employee who earns $750 per week for 4 weeks?

Back

$3000 (calculated as $750 x 4 weeks).