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Payroll: Smartacus Study Sheet: Payroll

College-Cram.com:: Business Math:: Payroll:: Smartacus Study Sheet: Payroll
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Description: Use this Smartacus Study Sheet to understand the basics of payroll. Print it for easy reference, or use it to explore definitions and formulas (including commissions, gross pay using hourly wages, and gross pay using piecework rates).
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Contents

  1. Business Math Terms

Business Math Terms

  • Gross Pay, the total sum of all taxable wages to be paid an employee.
  • A Commision is a percentage of the total sales generated by that person.
  • Hourly Rate a fixed amount of money per hour for services rendered.
  • Piece Work Rate a fixed amount of money for each item satisfactorily produced or assembled.

Calculating Commissions

    Commissions = Sales x Rate

Gross Pay Using Hourly Wages

    Gross Pay = (Regular Rate x Regular Hours) + (Overtime Rate x Overtime Hours)

Gross Pay Using Piece Work Rate

    Gross Pay = (Sum of Pieces) x (Rate)

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