Instruction 3-1 *Employee HI: Plus an Additional 0

question 39

Essay

Instruction 3-1 *Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed.
Rounding Rules: 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 decimals 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  3-1 . Dee is paid $2,345 on November 8, 20--. Dee had cumulative gross earnings, including overtime pay, of $131,600 prior to this pay.

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Definitions:

Generic Business Strategy

A strategy that can be adopted by any firm, regardless of the product or industry involved, to achieve a competitive advantage.

Competitive Advantage

The edge a business has over its competitors, allowing it to generate greater sales or margins and/or retain more customers.

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R&D-Manufacturing Efficiencies

Enhancements and optimizations in the research and development and manufacturing processes to improve productivity and reduce costs.