Instruction 2-1 Unless Instructed Otherwise, Compute Hourly Rate and Overtime

question 67

Essay

Instruction 2-1 Unless instructed otherwise, 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.
Also, use the minimum hourly wage of $7.25 in solving these problems and all that follow.
Refer to  Instruction 2-1 . Jack Kenston works a 40-hour week with overtime paid at 1 times his regular rate of pay of $14.88. This week he worked 42 hours, which resulted in a gross pay of __________.

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Definitions:

Written Agreement

A formally documented contract between parties, outlining the terms and conditions that are binding.

Principal Duties

Principal Duties refer to the fundamental obligations or tasks that need to be fulfilled in a role or under a contract.

Waived

The act of voluntarily relinquishing or forgoing a right, claim, or privilege.

Varied

Marked by diversity or difference; not uniform or identical.