In: Accounting
A wage earner receives a gross pay of $699.93 for 52.5 hours of work. What is his hourly rate of pay if a regular workweek is 42 hours and overtime is paid at time-and-a-half the regular rate of pay?
Total hours = 52.5
Regular hours = 42.0
Overtime hours = 10.5
At time-and-a-half, 10.5 overtime hours are equivalent to 10.5×1.5 =15.75 regular hours Hourly rate of pay = 699.93/57.75 = $12.12
The overtime hours rate is $15.75 and the regular hours rate is $12.12
The overtime hours rate is $15.75 and the regular hours rate is $12.12.