So, I\'ve been looking over my previous homework to study on the payroll materia

Question

So, I've been looking over my previous homework to study on the payroll material. But I can't figure out connect came up with the answers to hourly rate, # of regular hours, and # of holiday hours.

I tried looking in the book but it didn't provide an answer nor how to come up with the answer.

Shawn Ames is a salaried exempt employee at Rush Elevators with a contract that stipulates 37.5 hours per week at $75,000 per year He is married with three withholding allowances. This pay period there was a company-paid holiday for three days. Calculate Shawn's biweekly pay based on a standard five-day workweek. (Hint: determine Shawn's hourly wage to determine holiday pay.) (Round your answer for "Hourly Rate" to 5 decimal places and your other answers for hours and earnings to 2 decimal places.) Company Rush Elevators Period Ended Dec 5, 20XX No. of Regular No. of Holiday Regular Hours Overtime Earnings Name Marital Status No. Withholdings Hourly Rate Gross Earnings Hours Earnings +-001 2,019.23 0 00001 Shawn Ames 52.50 $ 2,884.62-/-002 38.46154 865.36 Explanatlon Regular pay: (($75,000/(375 × 52) × 52.5)= $2,019.23 Holiday pay: (($75,000/(375 × 52) × 22.5)= $86538 Gross pay: ($2.01923-$865.38)= $2.884.61

Explanation / Answer

Hourly rate is calculated as follows:-

Working hours per week = 37.50 hours

No. of weeks in a year = 52 weeks

Annual payroll = $75,000 per year

Total working hours in a year = 37.50 hours*52 weeks = 1,950 hours

Hourly rate = Annual Payroll/Annual working hours = $75,000/1,950 hours = $38.46154 (rounded up to 5 digits)

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