F.M. Module 2 Review

Front

What is gross earnings?

Back

Gross earnings refer to the total amount of money earned by an employee before any deductions such as taxes or benefits.

Front

How do you calculate gross earnings for hourly workers?

Back

Gross earnings for hourly workers can be calculated by multiplying the hourly wage by the total number of hours worked in a week.

Front

If an employee earns $11.50 per hour and works 52 hours, what is their gross earnings?

Back

Gross earnings = $11.50 * 52 = $676.00.

Front

What is the formula to calculate gross earnings for piecework?

Back

Gross earnings for piecework can be calculated by multiplying the payment per unit by the total number of units produced.

Front

If a worker is paid $0.17 per tree and plants 2,437 trees, how do you find their wage?

Back

Wage = $0.17 * 2,437 = $414.29.

Front

What is double time pay?

Back

Double time pay is when an employee is paid twice their regular hourly rate for hours worked beyond their normal schedule, often during holidays or overtime.

Front

How do you calculate net pay?

Back

Net pay is calculated by subtracting deductions (like taxes and benefits) from gross earnings.

Front

If Doug works 40 hours at $14.20/hour and 4 hours at double time, what is his total gross earnings?

Back

Total gross earnings = (40 * $14.20) + (4 * $28.40) = $568.00.

Front

What is the significance of statutory holidays in wage calculations?

Back

Statutory holidays often require employers to pay employees at a higher rate (like double time) for hours worked on those days.

Front

How many pairs of pants must a seamstress make to earn $525 if paid $9.55 per pair?

Back

Number of pants = $525 / $9.55 = 55 pairs.