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Olivia Johnson is an exempt employee and earns $125,000 per year. If Olivia was paid on a biweekly basis, he would her gross pay ---
Earning =$125,000
paid biweekly basis:
= 125000/26
= 4,807.69
What is the meaning of gross pay?
Gross pay is what employees earn before taxes, benefits and other payroll deductions are withheld from their wages. The amount remaining after all withholdings are accounted for is net pay or take-home pay.
How do I calculate my gross pay?
For hourly employees, gross wages can be calculated by multiplying the number of hours worked by the employee's hourly wage. For example, an employee that works part-time at 25 hours per week and receives a wage of $12 per hour would have a gross weekly pay of $300 (25x12=300).
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Olivia Johnson makes $125,000 a year as an exempt employee. if Olivia was paid on a biweekly basis her gross pay would be $ 5208.33.
What do you mean by Gross pay?
Before any deductions are done, a person's gross pay is their total earnings for a specific time period. Deductions such as mandated taxes and Medicare contributions, as well as deductions for company health insurance or retirement funds, are not taken into account when calculating gross pay. The gross pay definition differs from the net pay definition in that it does not include an individual's take-home pay.
The formula to calculate gross pay is mentioned below:
Net pay plus taxes and deductions equal gross pay.
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