Exam 3: Gross Pay Computation

Lloyd is the CFO for a firm that uses ISOs as part of its executive compensation plan.He receives $150,000 annually,paid semimonthly,in base salary plus 25 shares of the firm's stock per month.The stock is omitted from gross pay calculations and is valued at $52.50 per share and he may exercise his option within five years at $0.10 per share.What is Lloyd's gross pay for mid-October?

Brandie is an hourly worker whose employer uses the quarter-hour method.During a one-week period,she worked the following hours: Using the quarter-hour method,how many hours did she work that week?

Al works in the warehouse for his company and receives $12.75/hour.He occasionally works in the Quality Assurance (QA)department as a receiving clerk and earns a 15% differential for hours worked there.During a two-week pay period,he worked 72 hours in the warehouse and 12 hours in the QA department.He worked all overtime hours in the warehouse.Standard workweek has 40 hours.What is his gross pay for the pay period? (Do not round intermediate calculations.Round your answer to 2 decimal places. )

The minimum wage for salaried employees is:

Adam is a nonexempt employee who is single with one withholding allowance and earns $15 per hour and has a standard 40-hour workweek.During a weekly pay period,he worked 46 hours.What is Adam's gross pay for the period? (Do not round intermediate calculations.Round your answer to 2 decimal places. )

Which of the following best describes the purpose of the payroll register?

Libby is an hourly employee who earns $14.32/hour.She is paid overtime only for hours worked past 40 in one week.During a weekly pay period,she worked the following hours: What is the difference between her pay using the quarter-hour and the hundredth-hour methods? Which method pays Libby the greater amount? (Do not round intermediate calculations.Round your answer to 2 decimal places. )

Quinn works the following hours during a one-week period: Under the hundredth-hour method,how many hours has he worked?

Diane is a salaried,nonexempt worker with a standard workweek of 40 hours.During the last weekly pay period,she earned $148.24 in overtime pay for 5 hours overtime.What is her annual salary? (Do not round intermediate calculations.Round your answer to the nearest whole dollar. )

Breon works as a clerk in the human resources department for her company for which she receives an hourly rate of $9.50.Occasionally she fills in for the receptionist at the front desk and receives a $1.50 per hour differential.During a weekly pay period,she worked 35 hours in the human resources department and 5 hours at the front desk.What is Breon's gross pay for the week?

Betsy is a salaried nonexempt worker who earns $39,500 per year for a 40-hour workweek.During a weekly pay period,she worked the following hours: Her employer uses a hundredth-hour method to computer overtime pay.The employer pays overtime for all time worked in excess of 40 hours per week.What is Betsy's gross pay for the week? (Do not round intermediate calculations.Round your answer to 2 decimal places. )

Clark is a piece rate worker who earns $8.25 per completed unit.During a 40-hour workweek,Clark completed 57 units.What is Clark's hourly rate?

The difference between the tipped employee minimum wage and the federal minimum wage is called the ________.

Brendan is an hourly worker and earns $15.25/hour.During a week's pay period,he worked the following hours and minutes: Using the hundredth-hour method,what is Brendan's gross pay for the week? The employer pays overtime for all time worked in excess of 40 hours per week.(Do not round intermediate calculations.Round your answer to 2 decimal places. )

Huynh is a piece rate worker who creates custom molds for a plastics manufacturer.During a 40-hour workweek,he created 22 molds at a piece rate of $38.25 per mold.His hourly rate during the workweek is ________.(Do not round intermediate calculations.Round your answer to 2 decimal places. )

Phillippe is an inside salesperson who earns a base annual salary of $24,000 plus a 5% commission on total sales that he makes during the pay period.During a semimonthly period,he made $27,500 in sales.What is Phillippe's gross pay for the period? (Do not round intermediate calculations.Round your answer to 2 decimal places. )

Andre works for a bakery as a cake decorator and receives a base annual salary of $30,000 (paid weekly)as well as piece-rate pay of 25% of the retail price for any wedding cake that he decorates.His piece-rate earnings are totaled on a monthly basis and are paid on the first pay date of the following month.During the month of June,he decorated eight wedding cakes with a total retail value of $2,650.What is Andre's gross pay for the first week in July? (Do not round intermediate calculations.Round your answer to 2 decimal places. )

Mac is a cook at a local restaurant and earns $9.15 per hour.He occasionally serves as the crew chief,for which he receives an additional $2.50 per hour.During a biweekly pay period,he had the following time data: Cook: 75 hours (including 8 hours overtime) Crew chief: 13 hours His gross pay for the pay period would be ________.(Do not round intermediate calculations.Round your answer to 2 decimal places. )

Lawrin is a real-estate salesperson whose compensation is commission-only.She earns a 3% commission on the sale price of each house that she sells and receives 1.5% commissions at the end of each month (the broker retains the rest per the employment agreement).During the month of July,Lawrin sold two houses totaling $385,420.What is her gross pay for the month of July?

Bruce is a nonexempt employee at Grissom Industries,where he works in both the manufacturing and design departments.He is married with three withholding allowances and is paid biweekly.He earns $25 per hour in the manufacturing department and $31.50 per hour in the design department.During the most recent biweekly pay period,he worked a total of 92 hours,20 of which were in the design department.All overtime was in the manufacturing department.What is his gross pay? (Do not round intermediate calculations.Round your answer to 2 decimal places. )