Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise , calculate hourly rates and overtime rates as follows: 1.

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 = $15.81

Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.

Example 2-6

John Dilcher is paid an hourly rate of $18.50 per hour, and he worked 49 hours this week. His gross pay is:

40 hours $18.50 = $740.00
9 hours $27.75 ($18.50 1.5) = 249.75
Total gross pay = $989.75

The following time card shows the time worked one week by Ken Pace. The employer disregards any time before 8:00 A.M. or between 12:00 and 1:00 P.M. and after 5:00 P.M. Employees do not begin work until 8:00 A.M. or 1:00 P.M., and do not work beyond 5:00 P.M., unless they are asked to work overtime.

Hours worked beyond the regular 8-hour day and on Saturday are paid at one and one-half times the regular rate. Hours worked on Sunday are paid double the regular rate. Fractions of the hour for time worked are based on full quarter-hour increments.

No. Name 72 Ken Pace (a)
Day Morning Afternoon Overtime Hours Worked
In Out In Out In Out
M 7:50 12:00 12:50 5:01
T 7:56 12:01 12:49 5:02 5:30 7:31
W 7:59 12:02 12:58 5:03
T 7:45 12:00 12:55 5:00 5:29 8:02
F 8:01 12:01 1:00 5:01 6:00 7:30
S 7:48 12:02
S 2:00 6:03
Total Hours Worked
Remarks

Pace's regular wage rate is $13.66 per hour, and the regular workweek is 40 hours with five 8-hour days. Compute the following:

a. The hours worked each day. (Ignore the one-minute tardiness on Friday.) Enter any fraction of an hour as a decimal. For example 1 1/2 hours would be entered as 1.5.

Monday hours
Tuesday hours
Wednesday hours
Thursday hours
Friday hours
Saturday hours
Sunday hours

b. The total hours worked hours

For (c)-(e), round overtime rate to two decimal places and round your answers to the nearest cent. Use the rounded amounts in subsequent computations.

c. The regular earnings $

d. The overtime earnings $

e. The total earnings $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Implement the eight-stage model of planned change. AppendixLO1

Answered: 1 week ago

Question

Whats My Comfort with Change?

Answered: 1 week ago