Accounting and Finance Foundations

Unit 8

Accounting and Finance Foundations Unit 8: Payroll 674

Payroll Student Assignment

Chapter 2

20.4.10

Chapter 20

Word Problems

Complete each problem below in the space provided. Show your work.

Steve makes $57,800 annually. What is his

monthly salary?

Julie receives a salary of $400 plus a 3% commis-

sion on sales. Julie’s total sales were $5,000. What

is her gross pay?

Mack makes $8 per hour. He worked 40 hours

this week. What is his gross pay?

Amy makes $45,000. What is her weekly pay?

Robert makes $7.50 per hour. What is his over-

time rate?

John’s gross pay is $890. His taxes and deductions

are $332. What is his net pay?

Bobby makes $8.50 per hour. He worked 48

hours this week. What is his total gross pay?

Jake’s gross pay is $675. How much Social Secu-

rity Tax will be deducted from his pay? How much

Medicare Tax will be deducted from his pay?

20.4 Calculating Pay (cont’d)