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Laars earns an annual salary of $90,000. Determine his gross earnings per pay period under each of the following payment frequencies: a. Monthly b. Semi-monthly c. Biweekly d. Weekly

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Answer:

To determine Laars' gross earnings per pay period under different payment frequencies, we need to divide his annual salary of $90,000 by the number of pay periods in a year for each frequency.

a. Monthly: Laars will receive 12 paychecks per year, one per month.

Gross earnings per pay period = $90,000 / 12 = $7,500 per month

b. Semi-monthly: Laars will receive 24 paychecks per year, two per month.

Gross earnings per pay period = $90,000 / 24 = $3,750 per semi-monthly period (twice per month)

c. Biweekly: Laars will receive 26 paychecks per year, one every two weeks.

Gross earnings per pay period = $90,000 / 26 = $3,461.54 per biweekly period (every two weeks)

d. Weekly: Laars will receive 52 paychecks per year, one per week.

Gross earnings per pay period = $90,000 / 52 = $1,730.77 per weekly period (every week)

Therefore, Laars' gross earnings per pay period are $7,500 per month, $3,750 per semi-monthly period, $3,461.54 per biweekly period, and $1,730.77 per weekly period.

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