Chapter 8, Problem 2SEB

### College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

Chapter
Section

### College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

# COMPUTING OVERTI ME RATE OF PAY AND GROSS WEEKLY PAY Mike Fritz receives a regular salary of $3,120 a month and is paid 1½ times the regular hourly rate for hours worked in excess of 40 per week.(a) Calculate Fritz’s overtime rate of pay. (Compute to the nearest half cent.)(b) Calculate Fritz’s total gross weekly pay if he works 46 hours during the week. (a) To determine Calculate Person F’s overtime rate of pay. Explanation Calculate Fâ€™s overtime rate of pay. TotalÂ rateÂ ofÂ overtime=RegularÂ hourlyÂ rateÂ Ã—(1.5Â timesÂ increaseÂ inÂ forÂ hoursÂ workedÂ overÂ 40Â aÂ week)=$18.75(3)Ã—1.5=$28.125 Therefore, the overtime rate of pay is$28.125.

Working Notes:

(1) Calculate the amount of annual pay:

AmountÂ ofÂ annualÂ Â payÂ =Â RegularÂ salaryÂ forÂ aÂ monthÂ Ã—Â 12Â monthsÂ =Â \$3,250Ã—12

2.

To determine

Calculate Person F’s total gross weekly pay if Person F works for 46 hours during the week.

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