Note: In this chapter and in all succeeding work throughout the course, unless i

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. 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 2-9 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 $

Explanation / Answer

a. The regular earnings $725

b. The overtime earnings $108.75       (725/40=18.125; 18.125x1.5=27.1875x4)

c. The total earnings $833.75

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