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

question 103

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 . Stacy Forvour is a salaried employee who works fluctuating workweeks. She is paid $680 per workweek. This week, she worked 46 hours. Forvour's total gross pay if her employer uses the special half-rate (based on total hours worked) for overtime pay is __________.

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Definitions:

Cognitive Style

An individual’s preferred method for gathering information and evaluating alternatives.

Evaluating Alternatives

The process of comparing and assessing different options in order to select the most appropriate or effective solution to a problem.

Gathering Information

The act of collecting data or facts from various sources for analysis or decision-making.

Risk Aversion

The tendency to choose options that entail fewer risks and less uncertainty.