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7-2 Activity 1 Salary and Wage Plans {Objective 7-25} 1. Find the total gross pay for the three workers listed below. Overtime pay is 1.5 times the hourly rate for hours more than 37 per week. Employee No. Hours Worked Hourly Rate 2?86 3? $14.50 23"04 42 $11.00 2954 40 $13.50 2. An employee's gross yearly salary is $42,500. If the employee is paid monthly, how much will the gross pay be? If the employee is paid weekly, how much will the gross pay he? 3. An employee has a base salary of $24,000 per year. The employee also receives a 2 percent commission on sales over $10,000 per month. The employee is paid monthly. In March, the employee sold $1 5,75 0 in prod- ucts. 'What will the employee's gross pay be for March?-l 4. The employee in question 3 was offered a change in salary plans to a straight salary (with no commission} of $30,000. For the month of March, how much more or less would the employee make under the new straight salary plan