5.1 - Getting Paid

Hourly Rate: the amount of money you earn for each hour that you work

Straight-Time Pay: the amount of money earned for employees working under 40 hours (full time) each week

Overtime Pay: additional pay rate paid for working over a certain number of hours per week

Time and a Half: a type of overtime pay where you pay rate is multiplied by 1.5 for the overtime hours, only - typically for working over 40 hours per week

Double Time: a type of overtime pay where your pay rate is multiplied by 2 for the overtime hours, only - typical for working on federal holidays or over a certain number of hours per day

Use this for working 40 hours or fewer

 $hourly\ rate\ \times hours\ worked$  

$12.25 per hour for 25 hours

 $12.25\times25=306.25$  

Total Pay: $306.25

For any hours worked OVER 40 hours

 $\left(hourly\ rate\ \times40\right)+\left(hourly\ rate\ \times1.5\times overtime\ hours\right)$  

$12.25 per hour for 45 hours

5 hours of overtime

 $\left(12.25\times40\right)+\left(12.25\times1.5\times5\right)=581.875$  

Total Pay: $581.88

Will vary depending on job so we can't do examples

To find pay RATE for double time, multiply straight time pay rate times 2