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

question 65

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 . Kerr receives an annual $25,700 base salary for working the territory in Arizona. A quota of $900,000 in sales has been set for that state. Kerr receives an 8 percent commission on all sales in excess of $900,000. This year, the sales are $965,000. The total earnings due Kerr this year are __________.

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Definitions:

Social Responsibility

The ethical framework suggesting that entities, whether individuals or organizations, are obligated to act for the benefit of society at large.

Discretionary Responsibilities

Tasks or responsibilities assigned to employees that require them to use their judgment and make decisions within their area of authority.

Biodegradable Packaging

This is packaging made from materials that can break down and decompose naturally in the environment, minimizing pollution.

Corporate Social Responsibility (CSR)

A strategy in business that promotes sustainable development through the provision of economic, social, and environmental advantages for every stakeholder involved.