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Chapter 6: Problem 9

Last year Beth鈥檚 annual salary was \(38,350. This year she received a promotion and now earns \)46,462 annually. She is paid biweekly. a. What was her biweekly salary last year? b. What is Beth鈥檚 biweekly salary this year? c. On a biweekly basis, how much more does Beth earn as a result of her promotion?

Short Answer

Expert verified
a. Beth's biweekly salary last year was approximately $1475.00. b. For this year, her biweekly salary is approximately $1787.00. c. As a result of her promotion, Beth is earning approximately $312.00 more on a biweekly basis.

Step by step solution

01

Compute last year's biweekly salary

Divide Beth's annual salary from last year($38,350) by the number of biweekly periods in a year(26). The equation will be: \[ \frac{38350}{26} \]
02

Compute this year's biweekly salary

Similarly, divide this year's salary($46,462) by 26: \[ \frac{46462}{26} \]
03

Determine the increase in salary

Subtract the biweekly salary of last year from this year's salary to find the increase in income. So the equation becomes: \[ This \: year's \: salary - Last \: year's \: salary \]

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Key Concepts

These are the key concepts you need to understand to accurately answer the question.

Salary Increase
When an employee receives a raise, it's essential to know how to calculate the impact on their income. Salary increase can occur for various reasons such as promotions, performance raises, or cost of living adjustments. Understanding the salary increase allows an individual to plan their finances more accurately. A typical approach to calculate the increase is by subtracting the previous salary from the new salary. For example, if Beth's annual salary was \(38,350 last year, and now due to a promotion, it rose to \)46,462, the increase can be calculated as follows:

\begin{align*} \text{Salary Increase} &= \text{New Annual Salary} - \text{Old Annual Salary} \ &= \(46,462 - \)38,350 \ &= \(8,112 \text{ per year} ewline \text{ For biweekly salaried employees like Beth, break this down further by dividing the annual increase by the number of pay periods in a year. The increase in her biweekly salary would be: } ewline \frac{\)8,112}{26} &\text{ which can then be simplified further to compute the exact biweekly increase. }
Annual Salary Conversion
Annual salary conversion to a biweekly salary is straightforward, yet an important financial knowledge skill. When paid biweekly, an employee receives a total of 26 paychecks throughout the year because there are 52 weeks, and the pay is distributed every two weeks. To calculate Beth's biweekly salary from her annual amount, the method involves dividing her yearly earnings by the total number of biweekly periods. For instance:

\begin{align*} \text{Last Year鈥檚 Biweekly Salary} &= \frac{\text{Annual Salary}}{26} \ &= \frac{\(38,350}{26} \ &= \)1,475 \text{ per biweekly period} ewline \text{ Similarly, for the current year: } ewline \text{This Year鈥檚 Biweekly Salary} &= \frac{\(46,462}{26} \ &= \)1,787 \text{ per biweekly period}. ewline \text{ This conversion is vital for employees to manage their budgets and anticipate their income throughout the year. }
Pay Period Calculations
Understanding pay period calculations is crucial for both budgeting and anticipating financial resources. Pay periods are the intervals at which an employer pays out salaries to employees. The most common types in the U.S. include weekly, biweekly, semi-monthly, and monthly. Beth, in our exercise, gets paid biweekly, which typically amounts to 26 pay periods within a year.

During each of these pay periods, Beth receives a portion of her annual salary. For example, to find out how much Beth earned each pay period last year, divide her annual salary by the number of pay periods:\begin{align*} \text{Biweekly Pay} &= \frac{\text{Annual Salary}}{\text{Number of Biweekly Periods}} \ &= \frac{\(38,350}{26} \ &= \)1,475 \text{ per period.} ewline \text{ After her promotion: } ewline \text{Biweekly Pay} &= \frac{\(46,462}{26} \ &= \)1,787 \text{ per period.} ewline \text{ These calculations are indispensable for employees who are trying to determine how much money they will receive in each paycheck and to calculate the effect of any salary changes due to raises or promotions. }

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Most popular questions from this chapter

Aileen is a salesperson at Lopez Sporting Goods. She is paid a monthly commission on all Little league uniforms she sells. She receives 10\(\%\) of her first \(\$ 2,000\) in sales and 12\(\%\) of the balance of her sales. Last week she earned \(\$ 231.20 .\) What was the total value of the uniforms she sold?

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