Calculating Salaries (#2)

Front

What is the formula to calculate yearly salary from monthly salary?

Back

Yearly Salary = Monthly Salary × 12

Front

If Benny makes $22,000 monthly, what is his annual salary?

Back

Benny's annual salary = $22,000 × 12 = $264,000

Front

How do you determine who earns more between two individuals with different salary structures?

Back

Convert both salaries to the same time frame (monthly or annually) and compare.

Front

What is the definition of Net Pay?

Back

Net Pay is the amount of money you will be paid after taxes and deductions.

Front

What is Gross Pay?

Back

Gross Pay is the total amount of money earned before any deductions or taxes.

Front

How do you calculate monthly salary from annual salary?

Back

Monthly Salary = Annual Salary ÷ 12

Front

What is an Hourly Rate?

Back

The amount of money that is charged, paid, or earned for every hour worked.

Front

If Luke earned $48,048 last year, how much did he earn monthly?

Back

Luke's monthly salary = $48,048 ÷ 12 = $4,004

Front

What is the difference between Gross Pay and Net Pay?

Back

Gross Pay is the total earnings before deductions; Net Pay is what you take home after deductions.

Front

If a person earns $3,000 monthly, what is their annual salary?

Back

Annual Salary = $3,000 × 12 = $36,000