Salary EmployeeSalaried employees are employees that are paid a fixed or set amount of money eachyear. They may be paid weekly, bi-weekly or monthly. Salary employees are often referredto as"exempt employees!For example, their compensation plan may read as '$45,000 per year'. It means thatif they work extra hours, they are not paid for it. So overtime is not a "thing". It isjust part of their job.Teachers are paid to work from September through to the end of June, and are onlypaid for 6.5 hours a day, according to their contract. However, most teachers spend8-12 hours a day working, and they work through the March break and Christmasbreak getting caught up with marking. In the summer they take training courses.They still only get paid for the 6.5 hours a day, at the annual salary. This is a salaryjob. The benefit is stability and consistency. You know your income, you know ifthings get busy, you need to work extra, and if it slows down, you still get paid.Challenge Question:If you have the following expenses, what gross salary do you think you will need to be"okay" and able to afford your lifestyle? (HINT, gross is before deductions, so assume youlose 30% to deductions. You need a new income in order to see if you can afford your basicbeliefbelow)Rent, utilities, home repairs:$ 810Groceries, toiletries, transportation: $ 345Entertainment and savings:$ 260Total minimum expenses:$Net income needed: $add 30% deductions (tax): $Gross annual salary needed: $divide by 12 months =$ ??? per monthavailable Salary EmployeeSalaried employees are employees that are paid a fixed or set amount of money eachyear. They may be paid weekly, bi-weekly or monthly. Salary employees are often referredto as "exempt employees."For example, their compensation plan may read as '$45,000 per year'. It means thatif they work extra hours, they are not paid for it. So overtime is not a "“thing". It isjust part of their job.Teachers are paid to work from September through to the end of June, and are onlypaid for 6.5 hours a day, according to their contract. However, most teachers spend8-12 hours a day working, and they work through the March break and Christmasbreak getting caught up with marking. In the summer they take training courses.They still only get paid for the 6.5 hours a day, at the annual salary. This is a salaryjob. The benefit is stability and consistency. You know your income, you know ifthings get busy, you need to work extra, and if it slows down, you still get paid.Challenge Question:If you have the following expenses, what gross salary do you think you will need to be“okay" and able to afford your lifestyle? (HINT, gross is before deductions, so assume youlose 30% to deductions. You need a new income in order to see if you can afford your basicbelief below)$ 810Rent, utilities, home repairs:Groceries, toiletries, transportation: $ 345Entertainment and savings:Total minimum expenses:Net income needed: $add 30% deductions (tax): $$260 Gross annual salary needed: $divide by 12 months = $ ??? per monthavailable

Question

Salary EmployeeSalaried employees are employees that are paid a fixed or set amount of money eachyear. They may be paid weekly, bi-weekly or monthly. Salary employees are often referredto as&#34;exempt employees!For example, their compensation plan may read as '$45,000 per year'. It means thatif they work extra hours, they are not paid for it. So overtime is not a &#34;thing&#34;. It isjust part of their job.Teachers are paid to work from September through to the end of June, and are onlypaid for 6.5 hours a day, according to their contract. However, most teachers spend8-12 hours a day working, and they work through the March break and Christmasbreak getting caught up with marking. In the summer they take training courses.They still only get paid for the 6.5 hours a day, at the annual salary. This is a salaryjob. The benefit is stability and consistency. You know your income, you know ifthings get busy, you need to work extra, and if it slows down, you still get paid.Challenge Question:If you have the following expenses, what gross salary do you think you will need to be&#34;okay&#34; and able to afford your lifestyle? (HINT, gross is before deductions, so assume youlose 30% to deductions. You need a new income in order to see if you can afford your basicbeliefbelow)Rent, utilities, home repairs:$ 810Groceries, toiletries, transportation: $ 345Entertainment and savings:$ 260Total minimum expenses:$Net income needed: $add 30% deductions (tax): $Gross annual salary needed: $divide by 12 months =$ ??? per monthavailable Salary EmployeeSalaried employees are employees that are paid a fixed or set amount of money eachyear. They may be paid weekly, bi-weekly or monthly. Salary employees are often referredto as &#34;exempt employees.&#34;For example, their compensation plan may read as '$45,000 per year'. It means thatif they work extra hours, they are not paid for it. So overtime is not a &#34;“thing&#34;. It isjust part of their job.Teachers are paid to work from September through to the end of June, and are onlypaid for 6.5 hours a day, according to their contract. However, most teachers spend8-12 hours a day working, and they work through the March break and Christmasbreak getting caught up with marking. In the summer they take training courses.They still only get paid for the 6.5 hours a day, at the annual salary. This is a salaryjob. The benefit is stability and consistency. You know your income, you know ifthings get busy, you need to work extra, and if it slows down, you still get paid.Challenge Question:If you have the following expenses, what gross salary do you think you will need to be“okay&#34; and able to afford your lifestyle? (HINT, gross is before deductions, so assume youlose 30% to deductions. You need a new income in order to see if you can afford your basicbelief below)$ 810Rent, utilities, home repairs:Groceries, toiletries, transportation: $ 345Entertainment and savings:Total minimum expenses:Net income needed: $add 30% deductions (tax): $$260 Gross annual salary needed: $divide by 12 months = $ ??? per monthavailable

Accepted Answer

Gross income for a salaried employee is the total income the employee earns while net income is the…