Instruction 2-1 Unless Instructed Otherwise,compute Hourly Rate and Overtime Rates as Follows

question 12

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.Gorman is paid $10.50 per hour for a 35-hour workweek.This past week,he worked an
extra 10 hours on a job at a pay rate of $13.00 per hour.If he is only paid overtime for hours over 40 and the
employer uses the average rate method,his total earnings for the 45 hours of work was __________.

---

Definitions:

Stale Check

A check that is presented for payment after a certain period (typically six months) from its issue date, leading to its potential refusal by the bank.

Settlement

An agreement reached between parties in a dispute to amicably resolve their differences, often involving a compromise and the cessation of further legal action.

Provisional

Not final.

Substitute Check

An electronic or digital version of an original paper check, used in the banking industry to streamline check processing.