Question
What is the gross pay per pay period? Annual salary: \( \$ 71,290 \) Pay period: semimonthly ( \( \$ 2970.42 \) O \( \$ 5940.83 \) O \( \$ 10.184 .29 \) \$11.881.67
Ask by Beck Marshall. in the United States
Jan 27,2025
Real Tutor Solution
Tutor-Verified Answer
Answer
The gross pay per semimonthly pay period is \$2,970.42.
Solution
To calculate the **gross pay per semimonthly pay period** based on an **annual salary of \$71,290**, you can use the following steps:
1. **Determine the number of pay periods in a year:**
- **Semimonthly** means you are paid **twice a month**, resulting in **24 pay periods** per year.
2. **Calculate the gross pay per pay period:**
\[
\text{Gross Pay per Pay Period} = \frac{\text{Annual Salary}}{\text{Number of Pay Periods}}
\]
\[
\text{Gross Pay per Pay Period} = \frac{\$71,290}{24} = \$2,970.42
\]
**Answer:**
• $2,970.42
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Simplify this solution Mind Expander
To calculate the gross pay per pay period when you have an annual salary of $71,290 and are paid semimonthly, you need to divide the annual salary by the number of pay periods in a year. There are 24 pay periods in a year for semimonthly pay. So, \( \frac{\$ 71,290}{24} \) gives approximately \( \$ 2,970.42 \) per pay period. Now, for anyone entering a new position or salary structure, it's crucial to know how often you’re getting paid to properly budget. If it sounds overwhelming, just remember to celebrate every time you receive that pay; each one is a sign of hard work paying off!
