Instruction 2-1 Unless Instructed Otherwise,compute Hourly Rate and Overtime Rates as Follows

Essay

Instruction 2-1
Unless instructed otherwise,compute hourly rate and overtime rates as follows:
1.Carry the hourly rate and the overtime rate to 3 decimal places and then round off to 2 decimal places (round the hourly rate to 2 decimal places before multiplying by one and one-half to determine the overtime rate).
2.If the third decimal place is 5 or more,round to the next higher cent.
3.If the third decimal place is less than 5,drop the third decimal place.
Also,use the minimum hourly wage of $7.25 in solving these problems and all that follow.
-Refer to Instruction 2-1.Gates is paid a semimonthly salary of $900.00.Overtime is paid for hours beyond 40 in
each workweek.One week,Gates works hours overtime.Gates' pay for this semimonthly pay period is _____.