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what formulas can I use to find pension? when all I know is the hours worked and pay rate and gross pay and A 6.1% deduction is to be made from each employee's gross pay for the first 30 hours of work as pension plan deduction.

Guest Mar 18, 2017
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 #1
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for example if:

Hours worked = 45.5

pay rate = 9.39

gross pay = 453.07

pension = 17.18

net pay = 435.89

 

what formula can I use to find pension and net pay I see an easy way for net pay = gross pay - pension but how do I find the formula for pension???? please help

Guest Mar 18, 2017
 #2
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Well, it tells you the percentage to be deducted on the first 30 hours worked. So:

30 x 9.39 (pay rate) =$281.70 - From this you take 6.1% as follows:

$281.70 x 6.1%(6.1/100) =$17.18 - The amount of pesion to be deducted from each employee.

Guest Mar 18, 2017

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