Question

If an employee has an annual salary of $57,980 and he or she is paid on a semi-monthly basis, he or she would receive ______ in gross pay per pay period.

a) $2,416.67
b) $2,415.83
c) $4,833.33
d) $4,815.83

Answer 1

By dividing the annual salary of $57,980 by the number of semi-monthly pay periods (24), the gross pay per pay period is calculated to be $2,415.83.

Step-by-step explanation:

To calculate the gross pay per pay period for an employee with an annual salary of $57,980 who is paid semi-monthly, we need to divide the annual salary by the number of pay periods in a year. A semi-monthly payment schedule means the employee gets paid twice a month, so there are 24 pay periods in a year (12 months x 2). The employee's semi-monthly gross pay is calculated as follows:

Annual Salary / Number of Pay Periods = Semi-Monthly Gross Pay

$57,980 / 24 = $2,415.83

Therefore, the employee would receive $2,415.83 in gross pay per pay period.