Payroll & Procedures Week 2 Computing Wages

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Economics

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Jan 9, 2024

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1 2 3 Example: 1 15 pts a. b. C. 2 15 pts For a workweek of 45 hours, compute: a. b. c. 3 15 pts a. b. 4 15 pts a. b. Please respond to the questions below and submit this template to Blackboard. During this class, calculate hourly rates and overtime rates as follow unless otherwise instruxted: Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate). If the third decimal place is 5 or more, round to the next higher cent. If the third decimal place is less than 5, simply drop the third decimal place. Also, use the minimum hourly wage of $7.25 in solving the problems. Peter Jones is paid $13.76 per hour. During the past week, he worked 44 hours, and he is a covered employee who must be paid overtime. Calculate his gross pay using the overtime premium approach. Barbara Ripa receives $695 for a regular 40-hour week and time and one-half for overtime. Cal DiManfino earns $2,875 each month and works 40 hours each week. Compute: During the first week in November, Erin Mills worked 45 1/2 hours and produced 1,275 units under a piece-rate system. The regular piece rate is $0.45 a unit. Mills is paid overtime according to the FLSA ruling for overtime work under a piece-rate system. Compute:
c. d. 5 15 pts Compute Cohen's total weekly earnings below: a. b. c. d. 6 25 pts Employees Wages Employee name Carson, Fred M. Wilson, William A. Utley, Harry T. Fife, Lawewnce R. Smith, Lucy K. Fay, Gretchen R. Jill Connor is employed as a sales person in the men's department of Fashion Line. In addition to her weekly base salary of $440, Conner is paid a commission of 2% on her total net sales for the week (total gross sales less any customer returns). During the past week, to promote the sale of its fine cashmere sweaters, Fashion Line agreed to pay Conner an additional PM (push money) of 2% of the total net sales of cashmere sweaters. Conner's weekly sales tally is given below: Compute the overtime rate for each of the employees below. Assume a normal 40 hour work week.
Robey, Glenda B. Schork, Thomas K. Hardy, Barbara T. Kipley, Carson C.
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Monthly rate is $1827. O.T. Rate $10.54 X 1.5 = $15.81 Regular pay (44 hours) $13.76 x 44 = $605.44 Overtime premium pay $13.76 x 1.5 x 4 = $82.56 Gross pay Regular earnings $695 Overtime earnings $695 x 1.5 x 5 = $521.25 Total earnings $695 + $521.25 = $1216.25 hourly rate $17.97 The overtime rate at time and one-half $17.97 x 1.5 = $26.96 The piecework earnings The regular hourly rate The overtime hourly rate $12.61 x 1.5 = $18.92 Weekly rate ($1827 x 12)/52 = $421.615 rounded to $421.62 Hourly rate $421.62/ 40 = $10.540 rounded to $10.54 $605.44 + $82.56 = $688.00 1,275 units x $0.45 = $573.75 $573.75 / 45.5 hours = $12.61
The overtime earnings Total earnings Item Gross Sales Customer returns Regular sweaters $400 $48 Cashmere sweaters 995 75 Ties 190 0 Dress Shirts 445 39 Sports Shirts 185 25 Weekly base salary Weekly gross sales Weekly net sales $2215 - $187 = $2028 $2,028 X 2% = Weekly gross sales of cashmere sweaters $75 Weekly net sales of cashmere sweaters $995 - $75 = $920 PM: $920 X 2% Total weekly Earnings Hourly wage or salary Overtime Rate $515 per week $515 / 40 = $12.88 per hour (45.5 - 40) x $18.92 = $100.46 $573.75 + $100.46 = $674.21 $400 + $995 + $190 + $445 + $185 = $2215 Less customer returns $48 + $75 + $39 + $25 = $187 Commission: $ $995 Less customer returns $17.50 per hour $17.50 x 1.5 = $26.25 per hour $17.25 per hour $17.25 x 1.5 = $25.88 per hour $18.10 per hour $18.10 x 1.5 = $27.15 per hour $17.90 per hour $17.90 x 1.5 = $26.85 per hour $19.75 per hour $19.75 x 1.5 = $29.63 per hour
$2700 per month $2700 / (4 weeks x 40 hours) = $16.88 per hour $3,350 per month $3350 / (4 weeks x 40 hours) = $20.94 per hour $2,510 per month $2510 / (4 weeks x 40 hours) = $15.69 per hour $52,000 per year $52000 / (52 weeks x 40 hours) = $25.00 per hour
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$440.00 $40.56 $18.40 ###
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