BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Find the employee’s average annual income over the past 3 years
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Find the overtime pay rate or rates.
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Add the regular-time pay and the overtime pay.
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Find the number of regular-time and overtime hours worked. Find the number of regular-time and overtime hours worked.
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Detailed explanation-1: -To calculate gross pay for hourly workers, multiply the hourly rate by the hours worked during a pay period. For example, a part-time employee who works 35 hours at $12 per hour will have a gross pay of $420. Overtime rates must also be accounted for, if applicable.
Detailed explanation-2: -How to Calculate Gross Pay with overtime. Federal labor law regulates the minimum overtime you must pay an employee. To Calculate Gross Pay with overtime, it is 1 and 1/2 times the employee’s hourly rate for any hours worked over 40 in a week. You can pay overtime at a higher rate, but not any lower rate.
Detailed explanation-3: -To calculate an employee’s gross pay, start by identifying the amount owed each pay period. Hourly employees multiply the total hours worked by the hourly rate plus overtime and premiums dispersed. Salary employees divide the annual salary by the number of pay periods each year. This number is the gross pay.
Detailed explanation-4: -Basic salary is a rate of pay agreed upon by an employer and employee and does not include overtime or any extra compensation. Gross salary, however, is the amount paid before tax or other deductions and includes overtime pay and bonuses.