ECONOMICS
INCENTIVES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$24.73
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$2.47
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$247.25
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None of the Above
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Detailed explanation-1: -Alternatively, you can calculate your gross income as (1) your monthly salary before taxes or (2) the number of hours you will work in a given month multiplied by your hourly pay rate.
Detailed explanation-2: -Net Pay = Gross Pay – Deductions and Taxes It’s that simple. All you have to do is figure out your gross pay and total deductions and taxes, then subtract the latter from the former.
Detailed explanation-3: -First, determine the total number of hours worked by multiplying the hours per week by the number of weeks in a year (52). Next, divide this number from the annual salary. For example, if an employee has a salary of $50, 000 and works 40 hours per week, the hourly rate is $50, 000/2, 080 (40 x 52) = $24.04.
Detailed explanation-4: -Pay as you earn (PAYE) refers to a repayment or withholding scheme that incrementally makes deductions as paychecks are received. For income tax withholding, employees that elect automatic withholding see pre-payments made to federal and/or state taxing authorities with each paycheck.