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 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 2-4
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) |
Under the decimal system of computing time worked at Timmerman Company, production workers who are tardy are "docked" according to the schedule shown below.
| Minutes Late in Ringing in | Fractional Hour Deducted |
| 1 through 6 | 1/10 |
| 7 through 12 | 2/10 |
| 13 through 18 | 3/10 |
| 19 through 24, etc. | 4/10 |
The regular hours of work, Monday through Friday, are from 7:30 to 11:30 A.M. and from 12:30 to 4:30 P.M. During one week, Henry Vanderhoff, who earns $13.00 an hour, reports in and checks out as shown below. Employees are not paid for ringing in a few minutes before 7:30 and 12:30 nor for ringing out a few minutes after 11:30 and 4:30.
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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 3/10 hours would be entered as 2.3.
| Monday | hours |
| Tuesday | hours |
| Wednesday | hours |
| Thursday | hours |
| Friday | hours |
b. The total hours worked. hours
c. The gross earnings for the week. Round your answer to the nearest cent. $
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