Question

time units: 1 year ≈ 52 weeks 1 year = 12 months 1 year = 365 days

1. sally makes a gross annual salary of $47,000. if sally is paid weekly, what should the amount of her weekly paycheck?
2. justin earns $2,140 each month at his job. what is the amount of his annual salary?
3. scott works as a college professor at a community college. he is paid $950 for each credit hour of classes he teaches. if he teaches a total of 51 credit hours how much can he expect to make annually?

scott was told he should expect to work a total of 205 days of the year and work 8 hours each day. if this is accurate, what is scotts effective hourly rate of pay?

1. david started a job at as a mechanic and is being paid $13.28 an hour. the company suggested that he would be working 254 days and 8 hours each day. what should be davids gross annual salary?
2. tim just took a job working for a software company. his contract states he will receive an annual salary of $61,500 and be paid monthly. each month he will have the following deduction made from his paycheck:

• social security at a rate of 6.2%
• medicare at a rate of 1.5%
• state taxes at a rate of 3%
• federal taxes at rate at 11%
• insurance premiums in the amount of $290

how much can tim actually expect to receive on his net paycheck each month?

Explanation:

1. Sally's weekly paycheck

Step1: Divide annual salary by number of weeks

We know that \(1\) year \(\approx52\) weeks. Sally's annual salary is \(A = 47000\). To find the weekly paycheck \(W\), we use the formula \(W=\frac{A}{52}\).

$$W=\frac{47000}{52}\approx903.85$$

Step1: Multiply monthly salary by number of months

We know that \(1\) year \( = 12\) months. Justin's monthly salary is \(M = 2140\). To find the annual salary \(S\), we use the formula \(S = 12\times M\).

$$S=12\times2140 = 25680$$

Step1: Multiply credit - hour rate by number of credit hours

Scott is paid \(r=\$950\) per credit hour and he teaches \(n = 51\) credit hours. The annual income from credit - hours \(I_{1}\) is given by \(I_{1}=r\times n\).

$$I_{1}=950\times51=48450$$

Step2: Calculate total hours worked

He works \(d = 205\) days and \(h_{d}=8\) hours per day. So the total hours worked \(H=205\times8 = 1640\) hours.

Step3: Calculate effective hourly rate

The effective hourly rate \(r_{h}\) is \(\frac{I_{1}}{H}\), where \(I_{1} = 48450\) (from step 1) and \(H = 1640\) (from step 2)

$$r_{h}=\frac{48450}{1640}\approx29.54$$

Answer:

\(\$903.85\)

2. Justin's annual salary