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Does anyone know how to make a formula that will do a calculation between the results of the 2 highlighted columns.  For example something like this pseudo code: sum(round({hours})) / count({checkdate})

Can you explain in plain English what the result you want is? 

hours per pay period worked. Total hours worked / number of paychecks.

the result will be an average of hrs worked per pay period. for example 240 hours worked / 6 paychecks = 40 hours

got the formula working btw. round(sum({hours}) / count(unique({checkdate})),2)

the trick was using formula text and setting summary type to max