Salary & Wages!

Question 1

What is salary?

Answer 1

Fixed payment typically paid on a monthly basis

Question 2

What is a wage?

Answer 2

Money paid on an hourly, weekly or daily basis. Calculated using number of hours worked.

Question 3

What is gross salary?

Answer 3

Total money received before deductions are made

Question 4

What is net salary?

Answer 4

Final amount received after necessarily deductions

Question 5

What is the formula to find gross annual salary?

Answer 5

Gross monthly salary × 12

Question 6

What is the formula to find Gross monthly salary?

Answer 6

Gross annual salary ÷ 12

Question 7

What is the formula to find the net monthly salary?

Answer 7

Gross monthly salary - monthly deductions

Question 8

What is the formula to find net annual salary?

Answer 8

Net monthly salary × 12

Question 9

Formula to find basic wage?

Answer 9

Basic rate × basic week/fortnight

Question 10

Formula to find basic week or fortnight?

Answer 10

Basic wage ÷ basic rate

Question 11

Formula to find basic rate?

Answer 11

Basic wage ÷ basic week or fortnite

Question 12

What is basic week/fortnite written in?

Answer 12

Hours!

Question 13

Formula for overtime rate at time-and-a-quarter?

Answer 13

1.25 × the basic rate

Question 14

Formula for overtime rate at time-and-a-half?

Answer 14

1.5 × basic rate

Question 15

Formula for overtime rate at double-time?

Answer 15

2 x the basic rate

Question 16

Formula for overtime rate at triple-time?

Answer 16

3 x basic rate

Question 17

Formula for the overtime wage?

Answer 17

Overtime rate × overtime work

Question 18

Formula for gross wage?

Answer 18

Basic wage + overtime wage

Question 19

Formula for overtime wage when the gross wage and basic wage are given?

Answer 19

Gross wage - basic wage

Question 20

Formula for basic wage overtime?

Answer 20

Gross wage - overtime wage

Question 21

Formula for overtime worked?

Answer 21

Overtime wage ÷ overtime rate

Question 22

A quantity surveyor earns $70,740 annually. Deductions of $2,016 are made each month.
A) Calculate his gross monthly salary
B) Calculate his net monthly salary
C) Calculate his net annual salary

Answer 22

A) $5,895
Gross monthly salary = Gross annual salary ÷ 12
= $70,740 ÷ 12
= 5,895

B) $3,879 
Net monthly salary = Gross monthly salary - 
deductions 
= 5,895 - 2,016 
= $3,879 

C) $46, 548
Net annual salary = Net monthly salary × 12
= $3,879 × 12
= $46, 548

Question 23

An employee worked a basic week of 45 hours and her basic rate is $6.25 per hour. Calculate her basic wage for the week.

Answer 23

$281.25

Basic wage = basic rate × basic week
= 6.25 × 45
= 281.25

Question 24

An operator works a basic fortnite at a basic rate of $8.95 and earns $671.25. Determine the basic fortnite for the operator.

Answer 24

75 hours
Basic fortnite = basic wage ÷ basic rate
= 671.25 ÷ 8.95
= 75