Compute hourly rate and overtime rates as follows: 1. 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). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. PROBLEM Gorman is paid $10.50 per hour for a 35-hour workweek. This past week, he worked an extra 10 hours on a job at a pay rate of $13.00 per hour. If he is only paid overtime for hours over 40 and the employer uses the average rate method, his total earnings for the 45 hours of work would be __________.
Compute hourly rate and overtime rates as follows: 1. 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). 2. If the third decimal place is 5 or more, round to the next higher cent. 3. If the third decimal place is less than 5, drop the third decimal place. PROBLEM Gorman is paid $10.50 per hour for a 35-hour workweek. This past week, he worked an extra 10 hours on a job at a pay rate of $13.00 per hour. If he is only paid overtime for hours over 40 and the employer uses the average rate method, his total earnings for the 45 hours of work would be __________.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Compute hourly rate and overtime rates as follows:
| 1. | 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). |
| 2. | If the third decimal place is 5 or more, round to the next higher cent. |
| 3. | If the third decimal place is less than 5, drop the third decimal place. |
PROBLEM
Gorman is paid $10.50 per hour for a 35-hour workweek. This past week, he worked an extra 10 hours on a job at a pay rate of $13.00 per hour.
If he is only paid overtime for hours over 40 and the employer uses the average rate method, his total earnings for the 45 hours of work would be __________.
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