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Business math

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You asked the employees of Financial Outsourcing , Inc, to provide some sample informational questions to put on the FAQ ( Frequently Asked Questions ) page within the company web site. These are the questions they supplied:

1. Sally worked 48 hours this week. Her overtime rate is 1.5 times the regular rate. When calculating gross pay with overtime, there are two options:

( total regular hours X hourly rate ) + ( overtime hours X overtime rate ) = gross pay, OR

( total number of hours worked X the hourly rate) + ( hours over 40 X 0.5 the hourly rate)

Most businesses prefer to use the first method to calculate gross pay . Discuss the reasons for this preference.

2. Many people think that if an increase in earnings moves their salary to a higher tax bracket , their entire salary will be taxed at the higher rate. Is this true? Give an example to justify your answer.

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Solution Summary

There are two questions here regarding earnings, gross pay, and tax rate.

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1. The reason for this preference is simply from calculation and bookkeeping point of view. It is easier to tabulate the hours worked regularly (which is often 40 hours a week), and the hours worked overtime (over and above 40 hours). In the latter case, you would have to record the overtime hours anyway, which ...

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