For the third week of August, Betty Lewis worked 53.50 hours. Betty earns $15.50 an hour. Her employer pays overtime for all hours worked in excess of 40 hours per week and pays 1.5 times the hourly rate for overtime hours.Calculate the following for the third week of August (round your responses to the nearest cent if necessary):1. Regular pay amount: $2. Overtime pay: $3. Gross pay:
Question
For the third week of August, Betty Lewis worked 53.50 hours. Betty earns 2. Overtime pay: $3. Gross pay:
Solution
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Regular pay amount: Betty worked 53.50 hours, but the first 40 hours are considered regular hours. So, we calculate the regular pay by multiplying the regular hours by her hourly rate. Regular hours = 40 hours Hourly rate = 15.50/hour = $620.00
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Overtime pay: The remaining hours are considered overtime. Overtime is calculated as 1.5 times the hourly rate. Overtime hours = Total hours - Regular hours = 53.50 hours - 40 hours = 13.50 hours Overtime pay = Overtime hours * 1.5 * Hourly rate = 13.50 hours * 1.5 * 313.88
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Gross pay: The gross pay is the sum of the regular pay and the overtime pay. Gross pay = Regular pay + Overtime pay = 313.88 = $933.88
So, Betty's regular pay amount is 313.88, and her gross pay is $933.88.
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