Question
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 overtime 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 2-7
Joanne French works a 40-hour week at $12.40 an hour with overtime hours paid at 1 times the regular rate.
Regular weekly earnings are | $496.00 (40 $12.40) |
The overtime rate is | $18.60 ($12.40 1.5) |
If French works 4 hours overtime, additional earnings for the 4 hours are | $74.40 (4 $18.60) |
French's weekly gross earnings are | $570.40 ($496.00 + $74.40) |
If paid only for time actually worked and she works only 36 hours during a week, French earns | $446.40 (36 $12.40) |
The hours worked and the hourly wage rates for five employees of Kagan Company for the week ended September 9 follow.
When required, round your answers to the nearest cent.
a. For each employee, compute the gross earnings.
b. Compute the total gross earnings for all employees.
(a) | |||
Employee | Hours Worked | Regular Hourly Wage Rate | Gross Earnings |
Darley, R. | 40 | $8.90 | $ |
Waxman, B. | 37 | 9.20 | |
Isaac, J. | 39 | 9.40 | |
Bruner, H. | 39 | 8.45 | |
Kellogg, P. | 31 | 9.95 | |
(b) Total gross earnings | $ |
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