goodafter noon to all. I would like to know how would you find the annuel income, if a person works 40 per wk, and their pay rate is 10.15 per hour, and that the person gets paid bi-wkly. how would i get the annuel income or gross income? can any body help with this problem.
2007-08-07 07:48:19 · 5 answers · asked by trini2323 1 in Business & Finance ➔ Taxes ➔ United States
gross income is no problem. 10.15 per hour x 40 hours x 2 x 26 = $21,112. That should also be their annual income as well. Net income after deductions and taxes would depend on other factors, such as children, marital status, age, itemized deductions vs standard deduction, etc.
2007-08-07 07:55:39 · answer #1 · answered by Anonymous · 2⤊ 1⤋
Take:
40 x 10.15=406 x 2=812
812 x 26 weeks=$21,112 is your gross income.
2007-08-07 14:56:53 · answer #2 · answered by Jess 3 · 1⤊ 1⤋
40 x 10.15 x 50 (with a 2 week non paid vacation)= $20,300.00
40 x 10.15 x 52 (with a paid vacation) = $21,112.00
Your annual income is this number...as above, usually referred to as your Annual Pay, or annual wage...
GROSS income is a term used for IRS purposes and takes into account all the variables which are included in the job but not paid via wage or cash. These are health Insurance Premiums, tips, and other valued non-cash benefits.
2007-08-07 14:56:23 · answer #3 · answered by Marvinator 7 · 1⤊ 2⤋
There are 2,080 hours in a work year (52 weeks x 40 hrs). So multiply 2,080 by $10.15 (your pay rate) to get annual (or gross) income.
2080 x 10.15 = $21,112
2007-08-07 14:56:49 · answer #4 · answered by euchre_king_03 2 · 1⤊ 1⤋
40 hr x $10.15 rate x 52 weeks
Do the math and that's your gross annual income.
2007-08-07 14:56:18 · answer #5 · answered by bdancer222 7 · 1⤊ 2⤋