Financial Algebra Fall Semester Review (Ch.5)

Front

What is Medicare tax rate for employees?

Back

1.45% of gross income.

Front

How to calculate biweekly salary from annual salary?

Back

Divide the annual salary by 26 (number of biweekly pay periods in a year).

Front

What is piecework pay?

Back

A payment system where workers are paid a fixed rate for each unit produced or task completed.

Front

How to calculate annual salary from semimonthly salary?

Back

Multiply the semimonthly salary by 24 (number of semimonthly pay periods in a year).

Front

What is the formula to calculate gross pay for hourly workers?

Back

Gross Pay = (Regular Hours x Hourly Rate) + (Overtime Hours x Overtime Rate).

Front

What is the overtime pay rate?

Back

Typically, it is 1.5 times the regular hourly rate.

Front

If a worker earns $11 per hour and works 40 hours, what is their gross pay?

Back

$440 (40 hours x $11/hour).

Front

How much does a worker earn if they work 8 hours of overtime at a rate of $11 per hour?

Back

$132 (8 hours x $16.50/hour, where $16.50 is 1.5 times $11).

Front

What is the total earnings for picking 370 containers at a piecework rate of 55 cents for the first 300 and 60 cents for the remaining?

Back

$207 (300 x $0.55 + 70 x $0.60).

Front

How to find the total earnings from piecework if the rate changes after a certain quantity?

Back

Calculate earnings for each rate separately and sum them up.