business math 1.3 regular and overtime pay. goals compute overtime pay calculate regular and...

Business Math

1.3 Regular and overtime pay

Goals

• Compute overtime pay• Calculate regular and overtime pay

Start Up

• Victor and George are employed by the same company. Victor worked 40 regular hours last week and earned $480. In the same week George worked 38 total hours, including 4 overtime hours. He also earned $480. How is this possible?

• DO Skill Builders page 14

Recording time

• Be award that some companies will track time by the ¼ hour or every 15 minutes and others will record time by 1/10 hour or 6 minute intervals.

• If you are late, that time may also be deducted from you pay.

Overtime and overtime pay rates

• Overtime is the time worked beyond the regular working day or week

• Overtime pay is often one and a half (X1.5) times the regular pay. Sometimes overtime is double (X2) the regular pay usually for weekends or holidays.

• To find overtime pay rate you multiple the regular rate * 1.5 and do not round

• Or regular rate * 2 if you are paid double time

Regular and overtime wages

1. Find the number of regular-time and overtime hours worked

2. Find the overtime pay rate or rates3. Find the regular time pay by multiplying the

regular-time rate by the regular-time hours. 4. Find the overtime pay by multiplying the overtime

hourly rate by the overtime hours worked. Match the time-and-a-half overtime hours and rate; match the double-time overtime hours and rate.

• Read wrap up for answer to start up

Team meeting

• In a group, discuss team meeting on page 17 make list of rules.