Note:In this chapter and in all succeeding work throughout the course,unless instructed otherwise, calculate hourly rates and overtime rates as follows:

1.Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the over-time rate).2.If the third decimal place is 5 or more, round to the next higher cent.3.If the third decimal place is less than 5, simply drop the third decimal place.Examples:Monthly rate $1,827

Weekly rate ($1,827 12)/52 = $421.615 rounded to $421.62

Hourly rate $421.62/40 = $10.540 rounded to $10.54

O.T. rate $10.54 1.5 = $15.81Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.

Olney Company is a small manufacturing firm located in Allentown, Pennsylvania. The company has a workforce of both hourly and salaried employees. Each employee is paid for hours actually worked during each week, with the time worked being recorded in quarter-hour increments. The standard workweek consists of 40 hours, with all employees being paid time and one-half for any hours worked beyond the 40 regular hours.

Wages are paid every Friday, with one week's pay being held back by the company. Assume that the first payday for Olney Company is January 14 for the workweek ending January 8 (Saturday).

The information below will be used in preparing the payroll for the pay period ending January 8, 20--.

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