Employment and Pay

Front

What does bi-monthly mean?

Back

Bi-monthly means occurring twice a month, which totals 24 times a year.

Front

What is overtime pay?

Back

Overtime pay is the additional pay an employee earns for working more than their regular hours, typically at a rate of time and a half.

Front

How do you calculate overtime pay?

Back

To calculate overtime pay, multiply the hourly wage by 1.5 (time and a half) and then multiply by the number of overtime hours worked.

Front

If an employee works 41 hours in a week, do they earn overtime?

Back

Yes, employees earn overtime if they work more than 40 hours in a week.

Front

What is the formula to calculate annual salary from biweekly pay?

Back

Annual salary = Biweekly pay x 26.

Front

What is the formula to calculate annual salary from bimonthly pay?

Back

Annual salary = Bimonthly pay x 24.

Front

If Jenny earns $23.50 an hour, how much does she earn for 5 hours of overtime?

Back

Jenny earns $176.25 for 5 hours of overtime ($23.50 x 1.5 x 5).

Front

What is the difference between biweekly and bimonthly pay schedules?

Back

Biweekly means getting paid every two weeks (26 pay periods), while bimonthly means getting paid twice a month (24 pay periods).

Front

How do you convert biweekly salary to annual salary?

Back

Multiply the biweekly salary by 26 to find the annual salary.

Front

What is time and a half?

Back

Time and a half is a pay rate that is 1.5 times the regular hourly wage, typically used for overtime.