INCOME CALCULATION
Hi all, i am facing difficulty in understanding the question given below, specifically the one which i have put in quotes.
A rate of $10 per hour applies for a 40-hour normal week or any number of hours worked below
40. Any hours worked above 40 hours is considered as overtime.
"For every 5 hours above this
normal 40-hour week, overtime pay rate factor of 1.5, i.e. time and half overtime pay will apply
and a pay rate factor of 2 for anything above 45 hours, i.e. double time."
I'm okay with the codes, but only need explanation on the quoted information above.Thank you.
A rate of $10 per hour applies for a 40-hour normal week or any number of hours worked below
40. Any hours worked above 40 hours is considered as overtime.
"For every 5 hours above this
normal 40-hour week, overtime pay rate factor of 1.5, i.e. time and half overtime pay will apply
and a pay rate factor of 2 for anything above 45 hours, i.e. double time."
I'm okay with the codes, but only need explanation on the quoted information above.Thank you.
If you work 40 hours, you get paid your hourly rate times 40. Let's call this your base pay.
If you work 42 hours, you get paid your base pay plus (2 * hourly rate * 1.5).
If you work 45 hours, you get paid your base pay plus (5 * hourly rate * 1.5).
If you work 48 hours, you get paid your base pay plus (5 * hourly rate * 1.5) + (3 * hourly rate * 2).
If you work 60 hours, you get paid your base pay plus (5 * hourly rate * 1.5) + (15 * hourly rate * 2).
If you work 42 hours, you get paid your base pay plus (2 * hourly rate * 1.5).
If you work 45 hours, you get paid your base pay plus (5 * hourly rate * 1.5).
If you work 48 hours, you get paid your base pay plus (5 * hourly rate * 1.5) + (3 * hourly rate * 2).
If you work 60 hours, you get paid your base pay plus (5 * hourly rate * 1.5) + (15 * hourly rate * 2).
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