Pay Periods and Hourly Rates

Front

What is a pay period?

Back

A pay period is the length of time over which employee time is recorded and paid. Common pay periods include weekly, bi-weekly, semi-monthly, and monthly.

Front

How do you calculate weekly pay from an hourly wage?

Back

Weekly pay can be calculated by multiplying the hourly wage by the number of hours worked in a week. Formula: Weekly Pay = Hourly Wage x Hours Worked.

Front

What is the formula to convert annual salary to weekly pay?

Back

To convert annual salary to weekly pay, divide the annual salary by the number of weeks in a year (usually 52). Formula: Weekly Pay = Annual Salary / 52.

Front

Round $19.599 to the nearest dollar.

Back

$20.00

Front

If Rodney earns $8.45 per hour and works 38 hours, what is his weekly pay?

Back

$321.10

Front

How much does Sally earn if she babysits for 3 hours at $10.50 per hour and 5 hours at the same rate?

Back

$84.00

Front

Round $86.138 to the nearest dime.

Back

$86.10

Front

What is the importance of rounding in financial calculations?

Back

Rounding is important in financial calculations to ensure accuracy and simplicity in reporting amounts, especially in transactions involving money.

Front

If George makes $22,550 a year, how much does he make a week?

Back

$433.65

Front

What is an hourly rate?

Back

An hourly rate is the amount of money an employee earns for each hour of work. It is a common way to calculate pay for part-time or hourly workers.