Business Math Terms
- Gross Pay, the total sum of all taxable wages to be paid an employee.
- A Commision is a percentage of the total sales generated by that person.
- Hourly Rate a fixed amount of money per hour for services rendered.
- Piece Work Rate a fixed amount of money for each item satisfactorily produced or assembled.
Commissions = Sales x Rate
Gross Pay Using Hourly Wages
Gross Pay = (Regular Rate x Regular Hours) + (Overtime Rate x Overtime Hours)
Gross Pay Using Piece Work Rate
Gross Pay = (Sum of Pieces) x (Rate)