Wages (Hourly, Salary, Overtime)

Front

What is the definition of hourly wages?

Back

Hourly wages are payments made to employees based on the number of hours they work. Employees earn a specific amount for each hour worked.

Front

How do you calculate weekly pay for hourly workers?

Back

Weekly pay is calculated by multiplying the number of hours worked in a week by the hourly wage.

Front

What is a salary?

Back

A salary is a fixed regular payment, typically paid on a monthly or biweekly basis, regardless of the number of hours worked.

Front

What is overtime pay?

Back

Overtime pay is the additional compensation paid to employees who work more than their standard hours, usually at a higher rate.

Front

If an employee works 40 hours a week at $15 per hour, what is their weekly pay?

Back

$600.00

Front

What is the formula to calculate monthly salary from annual salary?

Back

Monthly salary = Annual salary ÷ 12.

Front

If an employee earns $72,000 annually, what is their monthly salary?

Back

$6,000.00

Front

What does biweekly pay mean?

Back

Biweekly pay means employees receive their paycheck every two weeks.

Front

How many paychecks does an employee receive in a year if paid biweekly?

Back

26 paychecks.

Front

What is the standard hourly wage for overtime in most jobs?

Back

Typically, overtime is paid at 1.5 times the regular hourly wage.