MI: Hourly Wages & OT

Front

What is the formula to calculate weekly pay?

Back

Weekly Pay = Hourly Rate x Hours Worked

Front

If an employee earns $15.00 per hour and works 40 hours a week, what is their weekly pay?

Back

$600.00

Front

What is overtime pay?

Back

Overtime pay is the pay rate for hours worked beyond the standard 40 hours per week, typically calculated at 1.5 times the regular hourly rate.

Front

How do you calculate annual salary from hourly wage?

Back

Annual Salary = Hourly Rate x Hours Worked per Week x 52 weeks

Front

What is gross pay?

Back

Gross pay is the total earnings before any deductions such as taxes or benefits.

Front

If an employee's hourly rate is $20.00, what is their overtime rate?

Back

$30.00 (1.5 times the hourly rate)

Front

What is the difference between gross pay and net pay?

Back

Gross pay is the total earnings before deductions; net pay is the amount received after deductions.

Front

If a worker earns $12.50 per hour and works 45 hours in a week, how much do they earn in overtime?

Back

$18.75 (Overtime rate is $12.50 x 1.5) and total earnings = $12.50 x 40 + $18.75 x 5 = $625.00

Front

What is the total monthly salary for someone earning $500 per week?

Back

$2000.00 (4 weeks x $500)

Front

If an employee works 50 hours in a week, how many hours are considered overtime?

Back

10 hours (50 hours - 40 hours)