Payroll Accounting

timer Asked: Feb 17th, 2016

Question description

Carrie Overwood works fluctuating work schedules. Besides her fixed salary of $1069 per week, her employment agreement provides for overtime pay at an extra half-rate for hours worked over 40. This week she worked 42 hours. Compute the following amounts.

Round all divisions to two decimal places and use the rounded amounts in subsequent computations. Round your final answers to the nearest cent.

a.  The overtime earnings$

b.  The total earnings$

c.  If this was a BELO plan with a pay rate of $22.20 per hour and a maximum of 52 hours, how much would Overwood be paid for 42 hours? 



a. Divide fixed salary by total hours worked; divide by 2 to get special half rate; multiply half rate by hours over 40 to calculate overtime earnings.

b. Add total of fixed salary and overtime earnings.

c. For a Belo Plan multiply maximum hours by hourly rate. Add this to ½ times the regular rate multiplied by the number of hours over 40 = Belo Pay.

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