 # Question & Answer: Note: In this chapter and in all succeeding work throughout the course, unless instructed otherw…..

Note: In this chapter and in all succeeding work throughout the course, unless instructed otherwise, calculate hourly rates 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 over-time 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, simply drop the third decimal place. Examples: Monthly rate \$1,827 Weekly rate (\$1,827 × 12)/52 = \$421.615 rounded to \$421.62 Hourly rate \$421.62/40 = \$10.540 rounded to \$10.54 O.T. rate \$10.54 × 1.5 = \$15.81

Also, use the minimum hourly wage of \$7.25 in solving these problems and all that follow.

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Example 2-6

John Dilcher is paid an hourly rate of \$18.50 per hour, and he worked 49 hours this week. His gross pay is:

 40 hours × \$18.50 = \$740.00 9 hours × \$27.75 (\$18.50 × 1.5) = 249.75 Total gross pay = \$989.75

The wages and hours information for five employees of McNeese Enterprises for the week ended July 7 is given below. Employees work a standard 40-hour workweek and are paid time and one-half for all hours over 40 in each workweek. 