Accounting and Finance Foundations

Unit 8

Accounting and Finance Foundations Unit 8: Payroll 669

Payroll

2.3.220.4.3

20.4.2

Calculating Gross Pay20.4.1

Calculate the gross pay for each employee.

Employee Hours Worked Hourly Wage Gross Pay

1 40 $7.00

2 36 $8.00

3 33 $6.75

4 38 $6.50

5 40 $7.15

Computing Overtime Rate

Calculate the overtime rate for each employee.

Employee Regular Rate Overtime Rate

6 $7.00

7 $6.50

8 $9.75

9 $11.25

10 $12.00

Computing Commission

Compute the monthly commission for each employee.

Employee Monthly Sales Commission Rate Commission Amount

1 $5,000 3%

2 $14,000 6.5%

3 $7,800 8%

4 $22,000 4.25%

5 $75,000 5%

Student Assignment

Chapter 20 20.4 Calculating Pay