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How is overtime calculated on a bi monthly pay payroll?
Overtime pay.. . Most overtime hours are payed 1& 1/2 times your original hourly pay. SO if your payed $10.00 an hour you will be payed $15.00 for every overtime hour. $12.…00 would be $18.00 an hour in overtime pay. $6.50 an hour would be $9.75 an hour overtime rate. Some states have their own policy on overtime pay but the national law is 1 1/2 times your original hourly wage. Some professions are excluded ,see your labor rights poster which should be posted at your job in an area where all employees are readily able to read and understand it.. Time and one-half the "regular hourly rate." If an employees regular pay is not expressed as an "hourly" rate, their regular pay rate must be converted to an hourly equivalent. Hourly rate -- (regular pay rate for an employee paid by the hour). If more than 40 hours are worked, at least one and one-half times the regular rate for each hour over 40 is due. Piece rate -- The regular rate of pay for an employee paid on a piecework basis is obtained by dividing the total weekly earnings by the total number of hours worked in that week. The employee is entitled to an additional one-half times this regular rate for each hour over 40, plus the full piecework earnings. Another way to compensate pieceworkers for overtime, if agreed to before the work is performed, is to pay one and one-half times the piece rate for each piece produced during the overtime hours. The piece rate must be the one actually paid during nonovertime hours and must be enough to yield at least the minimum wage per hour. Salary -- the regular rate for an employee paid a salary for a regular or specified number of hours a week is obtained by dividing the salary by the number of hours for which the salary is intended to compensate. If, under the employment agreement, a salary sufficient to meet the minimum wage requirement in every workweek is paid as straight time for whatever number of hours are worked in a workweek, the regular rate is obtained by dividing the salary by the number of hours worked each week. To illustrate, suppose an employee's hours of work vary each week and the agreement with the employer is that the employee will be paid $420 a week for whatever number of hours of work are required. Under this agreement, the regular rate will vary in overtime weeks. If the employee works 50 hours, the regular rate is $8.40 ($420 divided by 50 hours). In addition to the salary, half the regular rate, or $4.20 is due for each of the 10 overtime hours, for a total of $462 for the week. If the employee works 60 hours, the regular rate is $7.00 ($420 divided by 60 hours). In that case, an additional $3.50 is due for each of the 20 overtime hours, for a total of $490 for the week. In no case may the regular rate be less than the minimum wage required by FLSA. If a salary is paid on other than a weekly basis, the weekly pay must be determined in order to compute the regular rate and overtime pay. If the salary is for a half month, it must be multiplied by 24 and the product divided by 52 weeks to get the weekly equivalent. A monthly salary should be multiplied by 12 and the product divided by 52.
How? In what sense? Taxes & withholding? If you want to do an yearlong average, there are 4.3 weeks in each month.
If your payment is for a balance owed to the IRS then yes, they will take any money due to you from a refund and apply it to your balance. Should your balance due be less than… what you owe them you should receive a refund for what's left.
Certified payroll must be filed weekly, beginning with the first week you actually perform work on a specific job, and continuing weekly until the job is completed.
If overtime pay is 1 1/2, then it would be calculated like so... (hours worked) x (regular pay) x 1.5
Example: Enter in cell: A1 - Rate of pay A2 - Hours worked A3 - =(A2-8) A4 - =(A1*8)+(A1*1.5*A3) I double time is involed use A1*2 in Cell A4 This formula can be shortened …but this is the simplest way I know.
The most common pay dates are the 15th and End of Month. The next most common is the 1st and 15th. While the 2nd and 4th Friday of the month seems to be the next most common. …There are many other combinations but these seem to cover a very high percentage that we see in our business.
24....bi-monthly twice a month so 12x2.....that is of course assuming that you mean bi-monthly and not the every two weeks style pay period. In that case it would be 52/2 or 2…6 (depending of course on when you started getting payed or paying out to employees)
Overtime is paid at 1.5 times the employee's normal wage for any time work over 40 hours in a given workweek. If you earn $7.25 per hour normally, you would earn $10.88 per ho…ur when on overtime.
(Number of employees) X (number of hours worked by each in the given period.)
Not where I live unless you can prove it is a requirement of employment. And then it is a huge fight
This is a common misconception and is overly simplified. A trueovertime rate should be time and 1/2 on the "Base Rate" of pay orthe factor of 1.5 against the unburdened rate. …Example: Eachemployer (or a Contractor that supplies and laborer) has profit,overhead, and taxation built into a billable rate. If I provide alaborer to a client at a Rate of $50 an hour, only $40 of this isactually being paid to the laborer. The rest is taxes, insurence,benefits, and profit. An overtime factor should never be applied toa rate that contains this. The OT rate should be 1.5 X $40 plus the$10 overhead costs. Which would be $70.00 hour. If you're beingcharged an OT rate of $75 hour then you're being gouged.
If payday is the 5th and the 20th then the pay period should end the 15th and the 31st of the month
Overtime rate is 1.5. Overtime pay is standard pay (per hour) x number of overtime hours x 1.5. Overtime pay rate is then the standard pay (hourly wage) x 1.5. Example…: If an employee has an 8-hour working period per day, with standard pay is $10.00 per hour, and 2 hours of overtime (for a total of 10 hours in a single day), then the overtime pay calculates to $30.00. The overtime pay is in addition to standard pay of $80.00 for the first eight (8) hours worked for that day, yielding a pre-tax wage total of $110.00 for the day.
at one and one half times the hourly rate
Weekly pay x 52 (as there are 52 weeks in the year) ---> This will give you total pay for the whole year. Dividing that number by 12 gives the monthly pay.