The gross pay for a 50-hour week is $719.625.
What is gross income?
- Gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings before any deductions or taxes for households and individuals.
- It contrasts with net income, which is defined as gross income fewer taxes, and other deductions (e.g., mandatory pension contributions).
- Gross income (also known as gross profit, sales profit, or credit sales) is the difference between revenue and the cost of producing a product or providing a service before deducting overheads, payroll, taxation, and interest payments for a business.
- This is not the same as operating profit (earnings before interest and taxes)
To find what is the gross pay for a 50-hour week:
Given - A baker starts at $14.25 per hour with time and a half hrs worked after 40 hours and double time on Sunday with every other Saturday and Sunday off.
- Pay for half an hour = 14.25/2 = $7.125
- Pay of 50 days = 14.25 × 50 = $712.5
So,
- $712.5 + $7.125 = $719.625
Therefore, the gross pay for a 50-hour week is $719.625.
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