My Math project

Wages & salary

Student name: Jay Bernard

Teacher’s name: Mr. Harris
Grade: 945
Subject: Mathematics
Due: 1/10/18
 Table of content

Introduction.............................................................. 1
Employee 1................................................................. 2
Employee 2 & 3 ......................................................... 3
Employee 3................................................................. 4
Pay slips ................................................................. 5-6
Glossary .................................................................... 7
 Introduction
Hello I’m jay a fairly good math student, I express gratitude for giving us this
amazing project. It was a great, entertaining and fantastic project. I acquire
knowledge about salary and wages, however creating the pay slip was quite
challenging. I made the pay slip regardless of the risk of failure. I completed
this project in Microsoft word, my project contain a lot of useful information
such as definition and problem solving about salary and wages. Overall the
project was fun and a new experiences.

Page | 1
Task one: You are hired as an accountant in a sales company. You are
tasked with preparing a salary and wages pay slip for three employees. Use
the information below to create the salary and wages for the employees

Employee 1: Kerry-Ann McDonald is a sales assistant. She is paid a

basic wage of $13550 per week. In addition, she is paid a commission of
12.5% on the value of goods she sells.

Her sales are as follows:

Monday $16500.00
Tuesday $25000.00
Wednesday $46450.00
Thursday $27600.00
Friday $10000.00

1. Calculate her commission for the week.

12.5 $125550
× = $15,693.75
100 1

2. Calculate her gross wage

$13,550.00 + $15,693.75 = $29,243.75

Page | 2
Employee 2: Sharon starts work each day at 7:30 a.m. and finishes at
4:30 p.m. each day. She has a 1 hour lunch break.

1. Calculate the number of hours she works in a normal 5-day week.

9 ℎ𝑜𝑢𝑟𝑠 − 1 ℎ𝑜𝑢𝑟 = 8 ℎ𝑜𝑢𝑟𝑠

2. Find her basic wage if her rate of pay is $7.25 per hour.
$7.25×8 = $58.00

3. Overtime is paid at $2.50 per hour. If she works a total overtime of 5

hours for a particular week, what is her basic wage at the end of that
week?
$2.50 × 5 = $12.5
$58 × 5 = $290.00 + $12.50 = $302.5

Employee 3: Taneisha William works as the manager in the Human

Resource Department she is paid $75000.00 per month. She is given the
following allowances each month.

1. Lunch money - $12,000.00

2. Travel expenses - $18,000.00
3. Uniform supplies -$10,000.00

A. Calculate her gross monthly salary.

$75000 + $12000 + $18000 + $10000 = $115,000.00

Page | 3
 1. She pays life insurance of $10,000.00 every month and her monthly
statutory deductions are as follows:

NIS - $2500.00
NHT - $3000.00
Income tax - $11500.00
Educational tax - $2400.00

I. Calculate her net monthly salary

$115,000 − $10,000 − $2500 − $3000 − $11500 − $2400 = $85,600

II. Calculate her net annual salary

$85,600 × 12 = $1,027,200

Page | 4
 Salary and wages pay slips

Company Name Pay Slip

Pay Slip

4/1/18
Employee’s Name: Kerry-Ann McDonald For Year: 2018
Month: January

Basic wages $13,550.00 Deductions: 000000 Received a Sum of

Over Time 000000 $29,243.75
Allowances 000000
commission $15,693.75

Gross _______________________
wages $29,243.75 Net wages $29,243.75 Signatures

Employee’s Pay Slip

Pay Slip
4/1/18

Employer’s Name: Sharon For Year: 2018

Month: January

Basic wages $290.00 Deductions: 000000 Received a Sum of

Over Time $12.50 $302.50
Allowances 000000
commission 000000

_______________________
Gross Signatures
wages $302.50 Net wages $302.50

Employee’s
Page |Pay
5 Slip
 Pay Slip
4/1/18

Employee’s Name: Taniesha William For Year: 2018

Month: January

Basic Salary $75,000.00 Deduction: $29,400.00 Received a Sum of

Over Time 000000 Life INS $10,000.00 $85,600.00
Allowances $40,000.00 NIS $2,500.00
Commission 000000 NHT $3,000.00
Income Tax $11,500.00
Educational $2,400.00
Tax
Gross _______________________
Salary $115,000.00 Signatures
Net Salary $85,600.00

Employee’s Pay Slip

Page | 6
 Glossary
Salary - a fixed regular payment, typically paid on a monthly or
biweekly basis but often expressed as an annual sum, made by an employer
to an employee, especially a professional or white-collar worker.

Commission - an amount of money, typically a set percentage of the

value involved, paid to an agent in a commercial transaction.

Basic pay - is a fixed amount of salary that an employee is eligible for

in return of the work he does.
Education tax - A type of tax credit available to students of a post-
secondary educational institution, such as a college or university

Net pay - The remaining amount of an employee's gross pay after

deductions, such as taxes and retirement contributions, are made.

Overtime - is the amount of time someone works beyond normal

working hours.

Income tax - An income tax is a tax that governments impose on

financial income generated by all entities within their jurisdiction.

Gross wages - An employee's pretax compensation based on hours

worked times an hourly rate of pay. Production workers and no
management employees are usually paid wages.

Net salary - is the amount received by an employee. It is computed

by subtracting any deductions and contributions from the gross pay total.
Page | 7