003finding gross pay

What is the formula to calculate gross pay for an hourly wage?

• Gross Pay = Hourly Wage + Number of Hours Worked

• Gross Pay = Hourly Wage * Number of Hours Worked

• Gross Pay = Hourly Wage / Number of Hours Worked

• Gross Pay = Hourly Wage - Number of Hours Worked

If an employee works 40 hours in a week with an hourly wage of $10, what is their gross pay?

• $400

• $300

• $200

• $500

What is the formula to calculate overtime pay?

• Overtime pay = Regular pay + Overtime rate

• Overtime pay = Number of overtime hours * Overtime rate

• Overtime pay = Number of regular hours * Overtime rate

• Overtime pay = Number of overtime hours / Overtime rate

If an employee works 50 hours in a week with an hourly wage of $12, how much overtime pay will they receive?

• $150

• $120

• $200

• $180

What are some common deductions and taxes that may be subtracted from an employee's gross pay?

• Federal income tax, state income tax, Social Security tax, Medicare tax, voluntary deductions

• Personal income tax, corporate tax, capital gains tax

• Health insurance premium, retirement contributions, union dues

• Sales tax, property tax, excise tax

If an employee's gross pay is $500 and their deductions and taxes amount to $100, what is their net pay?

• $400

• $600

• $300

• $200

What is the difference between salary and hourly pay?

• Salary is a fixed amount paid regularly, while hourly pay is based on the number of hours worked.

• Salary is only given to full-time employees, while hourly pay is given to part-time employees.

• Salary is based on performance, while hourly pay is fixed.

• Salary is paid monthly, while hourly pay is paid weekly.

If an employee earns a salary of $40,000 per year, what is their monthly gross pay?

• $2,500

• $3,000

• $3,500

• $3,333.33

What are some examples of payroll deductions?

• overtime pay, bonuses, stock options

• federal and state income taxes, Social Security and Medicare taxes, health insurance premiums, retirement contributions, and garnishments for child support or other court-ordered payments

• vacation and sick leave accruals, transportation expenses, employee loans

• 401(k) contributions, union dues, life insurance premiums

If an employee's gross pay is $800 and their deductions amount to $200, what is their net pay?

• $600

• $400

• $1000

• $300