Question

1. complete the table using a normal hourly rate of \\$17.50/hour:

\

$$\begin{tabular}{|c|c|c|c|c|c|} \\hline name & normal hours & time and a half & double time & total hours & total earned \\\\ \\hline gail & 32 & 3 & - & & \\\\ \\hline malcolm & 15 & 6 & 4 & & \\\\ \\hline \\end{tabular}$$

1. i earned \\$68,700 last year.

a) 31\\% of my income must be paid as tax. how much tax do i have to pay?
b) i pay 0.7\\% of my income in union fees. how much do i pay in union fees?

1. explain the following terms (do some research!):

a) gross pay
b) employee
c) deduction
d) net pay

Explanation:

Calculate hours and earnings for Gail and Malcolm

We calculate the total hours and total earnings for each person.
The normal hourly rate is \(R = \$17.50/\text{hour}\).
Time and a half rate is \(1.5 \times R = \$26.25/\text{hour}\).
Double time rate is \(2.0 \times R = \$35.00/\text{hour}\).

For Gail:

• Normal Hours: \(32\)
• Time and a Half Hours: \(3\)
• Double Time Hours: \(0\)
• Total Hours: \(32 + 3 = 35\) hours
• Total Earned: \((32 \times 17.50) + (3 \times 26.25) = 560.00 + 78.75 = \$638.75\)

For Malcolm:

• Normal Hours: \(15\)
• Time and a Half Hours: \(6\)
• Double Time Hours: \(4\)
• Total Hours: \(15 + 6 + 4 = 25\) hours
• Total Earned: \((15 \times 17.50) + (6 \times 26.25) + (4 \times 35.00) = 262.50 + 157.50 + 140.00 = \$560.00\)

Calculate tax and union fees

The total income is \(I = \$68,700\).

a) Tax calculation:

• Tax rate: \(31\%\)
• Tax amount: \(0.31 \times 68,700 = \$21,297.00\)

b) Union fees calculation:

• Union fee rate: \(0.7\%\)
• Union fees: \(0.007 \times 68,700 = \$480.90\)

Define financial terms

We define the requested financial terms:
a) Gross pay: The total amount of money an employee earns before any taxes or deductions are taken out.
b) Employee: An individual who is hired by an employer to perform specific work or services in exchange for wages or a salary.
c) Deduction: Any amount of money subtracted from an employee's gross pay, such as taxes, health insurance, or union fees.
d) Net pay: The actual amount of money an employee takes home after all deductions have been subtracted from their gross pay.

Answer:

Question 2

NAME	Normal Hours	Time and a Half	Double Time	Total Hours	Total Earned
Malcolm	15	6	4	25	\$560.00

Question 3

a) The tax to pay is \$21,297.00.
b) The union fees to pay are \$480.90.

Question 4

a) Gross pay: The total amount of money earned before any deductions or taxes are subtracted.
b) Employee: A person hired by an employer to perform a job in exchange for regular compensation.
c) Deduction: Any amount subtracted from gross pay, including taxes, benefits, or union dues.
d) Net pay: The final "take-home" pay remaining after all deductions are subtracted from gross pay.