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 x 12)/52 = $421.615 rounded to $421.62
Hourly rate $421.62/40 = $10.540 rounded to $10.54
O.T. 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.
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:
$\frac{$412.00}{40 \text{ hours}} = $10.30 \text{ hourly wage rate}
$10.30 \text{ hourly wage rate} \times 1.5 = $15.45 \text{ overtime wage rate}
\text{Gross pay} = $412.00 + (3 \text{ hours} \times $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
18.13 X
b. The overtime earnings
27.2 X
c. The total earnings
834 X
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a. Enter regular earnings.
b. Divide weekly wages by 40 hours to get hourly rate, multiply by 1.5 to get overtime rate; multiply product by overtime hours.
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