Patricia's annual salary of $ 106,296 is paid weekly, based on an average of 52 weeks in a year. What hourly rate would she be paid for overtime at time and a half if her regular work week is 35 hours? Round your final answer properly to two decimal places. The $ sign is not necessary.
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Patricia's annual salary is $106296 -- she is paid approximately $2044.15 per week (assuming 52 weeks per year.)
In order to calculate her hourly pay rate, and then the overtime rate, we need to know how many hours per week Patricia works. We also need to know at what point her employer begins paying overtime. (Many businesses follow the law in paying overtime after 40 hours, but some may pay overtime for less hours.)
If we assume her regular week is 35 hours, then we divide $2044.15 by 35 to get her regular salary of approximately $58.40 per hour.
The overtime rate is 1.5(58.40)=$87.61 per hour.
Patricia is paid 2044.15 dollrs per week, and is paid that 52 times a year.
52 x $2044.15 = $106,292.
I'll take embizze's assumption that Patricia's week is 35 hours. Divide $2044.15 by the 35 and her hourly pay is $58.40. So, Patricia gets paid $58.40 per hour, 35 times a week.
The overtime rate is 1.5 x hourly rate. So, Patricia would get $87.61 per hour overtime.
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