In: Accounting
The basic determination of the number of regular hours and number of overtime hours for pay period is as follows :-
We can do this process in a step-by-step process :-
Step -1 :-
verify the number of hours present in the employment agreement.
In that argument we will find the regular hours to be worked by an employee.
By this we get information about regular hours to be worked by an employee.
Step 2 :-
verify the actual number of hours worked by the employee in the organisation.
This information will be available in the day registers of organisation. By this information we can get the actual hours worked by the employee.
Step 3 :-
1. if the number of hours worked in step one is greater than the number of hours worked in step two to the pay will be for regular hours.
2. if the number of hours worked in step one is lesser than the number of hours worked in step two the pay will be for overtime hours.
The number of hours worked greater than the hours mentioned in the employee agreement is termed as overtime hours.
In this way determine the number of regular hours and overtime hours for the pay period.
These are all the information required to solve the above given question.
I hope, all the above given information and explanations are useful and helpful to you.
Thank you.