Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, calculate hourly rates and overtime rates a 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. Tf the third decimal place is less than 5, simply drop the third decimal place. Examples: Monthly rate $1,827 Weekly rate ($1,827 x 127/52 = $421.615 rounded to $421.62 Hourly rate $421.62/40 - $10.540 rounded to $10.54 0.1.rate $10.54 x 1.5 - $15.81 Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow. Figure 2.3 Time Card No. 312 Pay Ending October 17, 20-- NAME GARY A. SCHNEIDER 000-00-7471 Hours Rate Amount OASDI 32 66 Reg. 40 10.75 430 00 HI 7 64 O/T 6 16.13 96 78 FIT 63 00 SIT 10 54 DEDUCTIONS 1 60 Group Life Ins. Hospital Ins. 3 15 Total Earnings 526 78 U.S Sav, Bonds 5 00 Less Deductions 123 59 Other Time Card No. 312 Pay Ending October 17, 20.. NAME GARY A. SCHNEIDER 000-00-7471 Hours Rate Amount OASDI 32 66 Reg. 401 10.75 430 00 HI 7 64 O/T 61 16.13 96 78 FIT 63 00 SIT 10 54 DEDUCTIONS 1 60 Group Ufe Ins. Hospital Ins. 15 Total Earnings 526 78 U.S Sav. Bonds 00 Less Deductions 123 59 other NET PAY 403 19 Total 123 59 MORNING AFTERNOON DRYS OVERTIME IN OUT Daily Totals IN OUT IN OUT 1 M 759 M 1200 M 109 M 505 8 2. TU 750 TU 1204 TU 1259 TU 507 8 W 751 W 1201 W 1250 W 504 W 529 W 735 10 4 TH 800 TH 1202 8 TH 1258TH 502 FR 103 FR 506 5 FR 800 FR 1209 8 6 SA 29 SA 1204 7 Signature Gary A. Schnelder Mine Festa BU wi www HE WORKER IR tm Out his 11 DE Refer to the partial time card and compute the following: a. The hours worked each day. Enter any fraction of an hour as a decimal. For example 2 hours would be entered as 2.3. Monday hours Tuesday hours Wednesday hours Thursday hours Friday hours The total hours worked. Round your answer to one decimal place. hours c. The gross earnings for the week. Use the rounded total hours worked and round your answer to the nearest cent