Example 2-17 Nancy Seigle earns a monthly salary of $3,100 for a 35-hour week. For overtime she receives her regular hourly rate of pay for the hours up to 40 and time and one-half beyond 40 hours in any week. For this semimonthly pay period, Seigle worked 8 hours overtime-only 1 hour was beyond 40 in any week, and she was paid $1,723.74 based on: $3,100 x 12 - $37,200 annual $37,200/52 - $715.38 weekly $715.38/35 = $20.44 hourly $20.44 x 1.5 - $30.66 overtime $1,550.00 (semimonthly pay) + (7 x $20.44) + (1 x $30.66) - $1,723.74 Sheila Williams, a medical secretary, earns $2,497 monthly for a 34-hour week. For overtime work, she receives extra pay at the regular hourly rate up to 40 hours and time and one-half beyond 40 hours in any week. During one semimonthly pay period, williams worked 10 hours overtime. Only 2 hours of this overtime were beyond 40 hours in any one week. Compute the following amounts. Round I divisions to two decimal places and use the rounded amounts in subsequent computations. Round your final answers to the nearest cent. a. The regular semimonthly earnings b. The overtime earnings c. The total earnings

Example 2-17 Nancy Seigle earns a monthly salary of $3,100 for a 35-hour week. For overtime she receives her regular hourly rate of pay for the hours up to 40 and time and one-half beyond 40 hours in any week. For this semimonthly pay period, Seigle worked 8 hours overtime-only 1 hour was beyond 40 in any week, and she was paid $1,723.74 based on: $3,100 x 12 - $37,200 annual $37,200/52 - $715.38 weekly $715.38/35 = $20.44 hourly $20.44 x 1.5 - $30.66 overtime $1,550.00 (semimonthly pay) + (7 x $20.44) + (1 x $30.66) - $1,723.74 Sheila Williams, a medical secretary, earns $2,497 monthly for a 34-hour week. For overtime work, she receives extra pay at the regular hourly rate up to 40 hours and time and one-half beyond 40 hours in any week. During one semimonthly pay period, williams worked 10 hours overtime. Only 2 hours of this overtime were beyond 40 hours in any one week. Compute the following amounts. Round I divisions to two decimal places and use the rounded amounts in subsequent computations. Round your final answers to the nearest cent. a. The regular semimonthly earnings b. The overtime earnings c. The total earnings

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 1PA

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