Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help in this. I did first part but i am stuck on lengetivity pay system and i can not find the correct method

I need help in this. I did first part but i am stuck on lengetivity pay system and i can not find the correct method of how to increase payment. Please do it correctly

image text in transcribed

image text in transcribed

Questions: A. Under a merit pay system, calculate Samantha's salary based on a 4 percent annual increase through the year 2025. For John, apply a 3 percent annual increase rate. What are their adjusted salaries for each year? Samantha pay=40000 John = 70,000 Samantha ($) 4% increase 2021 John (S) 3% increase 41600 72100 2022 43264 74263 2023 44994.56 76490.89 2024 46794.34 78785.62 2025 48666.12 81149.19 B. Let's assume that both employees have reached the maximum pay rates for their jobs in 2021. Under a longevity pay system, calculate the annual longevity payments for each employee through the year 2025. Using a 5 percent rate for each, what is each annual increase amount? Samantha ($) John Williams (S) 2021 2022 2023 2024 2025 Activate Windows Go to Settings to activate V C. Under the longevity pay system, what is Samantha's base pay rate at the end of 2025? What is John's? D. Under which pay system - merit or longevity is base pay higher? Why? Please explain using what you've learned this week. Questions: A. Under a merit pay system, calculate Samantha's salary based on a 4 percent annual increase through the year 2025. For John, apply a 3 percent annual increase rate. What are their adjusted salaries for each year? Samantha pay=40000 John = 70,000 Samantha ($) 4% increase 2021 John (S) 3% increase 41600 72100 2022 43264 74263 2023 44994.56 76490.89 2024 46794.34 78785.62 2025 48666.12 81149.19 B. Let's assume that both employees have reached the maximum pay rates for their jobs in 2021. Under a longevity pay system, calculate the annual longevity payments for each employee through the year 2025. Using a 5 percent rate for each, what is each annual increase amount? Samantha ($) John Williams (S) 2021 2022 2023 2024 2025 Activate Windows Go to Settings to activate V C. Under the longevity pay system, what is Samantha's base pay rate at the end of 2025? What is John's? D. Under which pay system - merit or longevity is base pay higher? Why? Please explain using what you've learned this week

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Night Audit Shenanigans With Winston No Longer Working At The Hotel Luna Is Dealing Without Days Off

Authors: Kentucky Elayne NightHawk

1st Edition

B0BYLVMSV7, 979-8361945702

More Books

Students also viewed these Accounting questions