Questions: What is your monthly take-home pay if your take-home pay is calculated as 40 hours from Monday to Friday and 8 hours two Saturdays per month; regular hourly rate is 17.30; pay is double for weekends; 31% is deducted for taxes and insurance? Round intermediate calculations and the final answer to the nearest cent; use 52 weeks in a year.

Solution Steps

To calculate the monthly take-home pay, follow these steps:

1. Calculate the weekly pay for regular hours (40 hours at the regular rate).
2. Calculate the pay for the two Saturdays worked per month (8 hours each at double the regular rate).
3. Sum the regular weekly pay and the Saturday pay to get the total weekly pay.
4. Calculate the monthly gross pay by multiplying the total weekly pay by the number of weeks in a month (52 weeks divided by 12 months).
5. Deduct 31% for taxes and insurance from the monthly gross pay to get the take-home pay.

The regular weekly pay is calculated by multiplying the regular hourly rate by the number of regular hours worked per week: \[ \text{Weekly Regular Pay} = 40 \times 17.30 = 692.0 \]

The pay for two Saturdays per month is calculated by multiplying the overtime rate (double the regular rate) by the number of hours worked on Saturdays: \[ \text{Overtime Rate} = 2 \times 17.30 = 34.60 \] \[ \text{Saturday Pay} = 2 \times 8 \times 34.60 = 553.6 \]

The total weekly pay is the sum of the weekly regular pay and the Saturday pay: \[ \text{Total Weekly Pay} = 692.0 + 553.6 = 1245.6 \]

The monthly gross pay is calculated by multiplying the total weekly pay by the number of weeks in a year and dividing by the number of months in a year: \[ \text{Monthly Gross Pay} = \left(\frac{1245.6 \times 52}{12}\right) = 5397.60 \]

The monthly take-home pay is calculated by deducting 31% for taxes and insurance from the monthly gross pay: \[ \text{Monthly Take-Home Pay} = 5397.60 \times (1 - 0.31) = 3724.34 \]

Final Answer