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 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 2-12

John Hazelton earns $412 a week for a workweek consisting of 40 hours. If Hazelton worked 43 hours in a particular week, compute gross pay as follows:

$412.00 40 hours = $10.30 hourly wage rate
$10.30 hourly wage rate 1.5 = $15.45 overtime wage rate
Gross pay = $412.00 + (3 hours $15.45) = $458.35

Pat Kunz receives $725 for a regular 40-hour week and time and one-half for overtime. For a workweek of 44 hours, compute the following amounts.

If required, round your interim computations to two decimal places and use the rounded amounts in subsequent computations. Round your final answers to the nearest cent.

a. The regular earnings $
b. The overtime earnings $
c. 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

Dcaa Audits Widespread Problems With Audit Quality Require Significant Reform: Gao 09 1009t

Authors: U. S. Government Accountability Office

1st Edition

1287232027, 978-1287232025

More Books

Students also viewed these Accounting questions

Question

4. Describe the factors that influence self-disclosure

Answered: 1 week ago

Question

1. Explain key aspects of interpersonal relationships

Answered: 1 week ago