   Chapter 8, Problem 2SEB

Chapter
Section
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 F’s overtime rate of pay. Total rate of overtime=Regular hourly rate ×(1.5 times increase in for hours worked over 40 a week)=$18.75(3)×1.5=$28.125 Therefore, the overtime rate of pay is$28.125.

Working Notes:

(1) Calculate the amount of annual pay:

Amount of annual  pay = Regular salary for a month × 12 months = \$3,250×12

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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