solve the problems from 1 to 36 please

I NEED ANSWERS FOR THE PROBLEMS ON THESE PAGES PLEASE

Wage Earnings and 0ther Income LEARNING OBJECTIVE Wage Earnings Perform calculations necessary for figuring different 1. Applied Computers, Inc, is a company that assembles and distributes types of income. computers to retail stores. Sarah Powers, an Applied Computers employee, earns $9.25 an hour. She worked 40 hours last week and wants to calcu- WAGE EARNINGS Many employees earn income in the form of wages, late her wages for the week, How much did Satah earn? which means they are paid by time rate (employees are paid an hourly rate that is multiplied by the number of hours worked). To keep track of hours worked, each employee has a time card (cards that show the number of hours worked and the hourly rate). Regular time is the number of hours worked in Name Vadeline Kopriva a regular 40 -hour week. Overtime is the number of hours worked beyond 40 hours a week. Employers usu- Soc. Sec. No. March30,999005790 ally pay time and a half for every hour an employee works over regular time. For example, when calculating overtime wages, multiply the regular hourly rate by 1.5 to calculate the overtime hourly rate. To work Problem 1: Read Problem 1. To calculate Sarah's wage eamings for the week, multiply the number of hours worked (40) by the hourly rate (9.25). To work lroblem 2: 1. Add the Regular Hours and record the total in the Hours column. 2. Add the Overtime Hours and record the total in the Hours column. 3. Add the Regular Hours and the Overtime Hours and record the answer in the Total Hours column. 4. Multiply the Regular Hours by the Regular Rate and record the answer in the Earnings column. 5. Multiply the Regular Rate by 1.5 and record the answer in the Overtime Rate column. 6. Multiply the Overtime Hours by the Overtime Rate and record the answer in the Earnings column. 7. Add the Regular Earnings and the Overtime Earn- 3. Applied Computers' employees are paid for a 40 -hour week with time ings to calculate the Gross Pay. and a half for overtime. John Kramer worked 44 hours at $8.00 an hour, To work Problem 3: regular rate. What is John's gross pay? Read Problem 3, then calculate John's gross pay Wage Earnings and Deductions Answers WAGE EARNINGS AND DEDUCTIONS Some deductions from earned wages, or gross pay, are required by law. These include federal income taxes and Social Security taxes. Income tax deductions are based on the employee's income and number of dependents (people supported by the income). The employer takes out a certain amount of the employee's wages each pay period. The Social Security program provides survivor and disability benefits for eligible citizens, as well as old age and medical benefits for elderly citizens. The tax was established by the Federal Insurance Contributions Act (FICA) and is also known as FICA tax. The employee and employer contribute equal percentages (7.65%) of the employee's gross pay for Social Security. To work Problerns 4-8: 1. Add the Hours column on the Time Record to calculate the Total Hours. 2. Multiply the Total Hours by the Wage Rate ( 8.50 an hour) to calculate Gross Pay. 3. Multiply the Gross Pay by 7.65% to calculate the FICA tax deduction. 4. Subtract the FICA tax deduction from Gross Pay. 5. Subtract the federal income tax ( 48.00) from the result of Step 4 to calculate Net Pay. 6. Prove your calculations and record your answers in the Answers column. STRAIGHT COMMISSION Straight Commission Some companies pay their salespeople a com- 9. The Central High School Band sold wrapping paper to raise money for mission, which is the money an employee eatns a statewide competition in Columbus, Ohio. The group made $3.50 on for making a sale. When employees' earnings are every package of wrapping paper sold. If the band sold 850 packages, how based only on the sales made, it is called straight commission. much money did it raise? $2,975.00 A commission based on the quantity sold is calcu- 10. Brad Gatlin, a college student, has a summer job selling magazine subscriplated by multiplying the amount of commission by tions to earn money for the upcoming school year. Brad is paid a straight the quantity sold. commission of $9.25 for every magazine subscription sold. At the end of To work Problems 9-10: the summer he had sold 326 subscriptions. What is the total amount he Multiply the Amount of Commission ( 3.50 ) by the earned for the summer? Quantity Sold (850) to calculate the amount earned 11. To raise money, the Dallas Jr. League sponsors a Christmas Bazaar every (2,975.00) year. The Ir. League charges each vendor a 5% commission based on the A commission based on the total value of sales is total amount of money each vendor makes. This year Laurel Jones sold a calculated by multiplying the total value of sales by total of $16,878.00 worth of Christmas clothing. How much money did the rate of commission. Laurel have to pay the Ir. League? S843.90 To work Problems 11-12: 12. Tiffany Parker works at a snow ski clothing store for a straight commission Multiply the Rate of Commission ( 5% ) by the lotal of 15%. To encourage ski jacket sales, Tiffany's boss told her that she could Value of Sales (16,878.00) to calculate the amount earned (843.90). SALARY AND COMMISSION Sometimes salespeople are paid a salary in addition to a commission. The commission is either a percentage Salary and Commission of the total amount sold or a percentage of the total 13. Joy Daniel works for a pharmaceutical company on a salary and commisamount sold over the amount that the salesperson sion basis. Ms. Daniel's beginning salary is $22,000 a year. Her commission must sell. is 5%. If Ms. Daniel sold $850,000 worth of pharmaceuticals a year, what To work Problems 13-14: would be her total income? $64,500.00 1. Multiply the Rate of Commission (5%) by the 14. Pat Abbott works as a travel agent for Voyage Travel, Inc. He is paid a salary Total Value of Sales (850,000) to calculate the of $2,200 a month and a 7% commission. If Pat sold $38,680 worth of amount of earned commission (42,500). cruise vacations, how much did he earn last month? 2. Add the amount of earned commission (42,500) to the salary (22,000) to calculate the total income (64,500.00). Savings Account Interest Answers SAVINGS ACCOUNT INTEREST 16. $8.52 union. The depositor is paid interest because the bank uses the money for making loans. The interest is usu- 17. ally added to the savings account quarterly, The quar- 18. terly interest rate is calculated by dividing the annual 19. interest rate by 4 . Interest is calculated on the whole- 20. dollar amount of the account balance. The balance is 21. not rounded to the nearest dollar. Instead, the cents portion is dropped from the amount. If the account 22. balance is $354.86, interest is calculated on $354.00. 23. To work problems 15-30: 24. 1. Divide the Annual Interest Rate (5.75%) by 4 25. (four quarters in a year) to calculate the Quarterly Interest Rate (1.44% ). Use the Decimal Equiva- 26. lents of Fractions table on page 122 to convert 27. the fraction (3/4) to its decimal equivalent (.75). 28. 2. Drop the cents portion of the Account Balance Stock Dividends 29. (592) and multiply by the Quarterly Interest Rate 30. (1.44\%) to calculate the Quarterly Interest (8.52). 31. $132.00 STOCK DIVIDENDS 32. You can also earn money by investing in stocks. An 33. investor buys shares of stock, or part ownership, in a 34. corporation. The corporation distributes dividends, or profits, to the shareholders. The amount of divi- 35. dends paid is based on the par value of the stock (the value of a share of stock before it is issued to the shareholder). Dividends can be distributed annually as a percentage of par value or quarterly as a certain dollar amount per share. To work Problems 31-36: 1. Multiply the Shares Owned (55) by the Par Value per Share (40) to calculate the total par value (2,200). 2. Multiply the total par value (2,200) by the annual Dividend Rate (6% ) to calculate the Total Annual Dividend (132.00)