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Chapter 6: Payroll Section 6.1

Chapter 6: Payroll Section 6.1. Gross Earnings, Wages and Salaries. Calculating gross earnings:. Gross Pay = # of hours worked x hourly rate Overtime Earnings for over 40 hours per week: Typically “time and a half” Gross Pay = regular pay + overtime pay

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Chapter 6: Payroll Section 6.1

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  1. Chapter 6: PayrollSection 6.1 Gross Earnings, Wages and Salaries

  2. Calculating gross earnings: • Gross Pay = # of hours worked x hourly rate • Overtime Earnings for over 40 hours per week: • Typically “time and a half” • Gross Pay = regular pay + overtime pay (up to 40 hr) (time above 40 hr)

  3. Example: • Joseph works the following hours. His regular rate is $9.70 per hour and time and a half for hours over 40 per week. Find his gross earnings:

  4. Overtime Premium method of calculating Gross Pay: EX: Tabitha worked 40 regular hours and 10 overtime hours this week. If her regular pay is $12.50 per hour, find her gross earnings.

  5. Sometimes O.T. is calculated daily! (over 8 hours per day) • EX: Luke is paid $11.20 per hour and time and a half for all hours over 8 worked per day. Find his gross earnings for the following week:

  6. Other Premium Payment Plans: • Double Time • Shift Differential • Split-Shift Premium • Compensatory (Comp) Time

  7. Pay Period Vocab • Monthly: 12 paychecks per year. • Semimontly: two per month = 24 paychecks per year. • Biweekly: every 2 weeks = 26 paychecks per year. • Weekly: 52 paychecks per year.

  8. Example • 1. Glen receives a weekly salary of $834. Find: • Annual earnings: • Monthly earnings: • Semimonthly earnings: • Biweekly earnings:

  9. O.T. for salaried employees: • Divide pay to find the hourly wage, then multiply by 1.5 for “time and a half.” • EX: Elinor has a normal workweek of 35 hours and is paid $725.20 each week. What are her gross earnings in a week in which she works 41 hours?

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