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

question 92

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 . Every two weeks, Linda Corson is paid $650. Corson works a 32-hour week. For overtime, she receives extra pay at the regular hourly rate up to 40 hours. For any hours beyond 40 during the workweek, she receives time and one-half. During one biweekly pay period, she worked 17 hours overtime. Only 3 hours of the overtime were beyond 40 hours in any one week. Corson's gross earnings for the biweekly pay period are __________.

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Definitions:

Organizational Stakeholders

Individuals or groups that have an interest or stake in the success and activities of an organization, such as employees, customers, shareholders, and suppliers.

Economic Conditions

The state of an economy at a given time, including factors like inflation rate, employment levels, and growth rate.

Corporate Social Responsibility

A business model that requires companies to operate in a socially responsible manner, considering their impact on society, the environment, and the economy.

Organizational Obligation

Duties or responsibilities that an organization is bound to perform or adhere to, often ethically or legally.