Weekly Earning Paycheck Calculator with Overtime Rates
Career Payroll Earning Overtime
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Description:
This calculator determines the gross earnings for a week. It does calculate net pay. Net pay would deduct taxes, Social Security, Medicare, local, state and federal taxes, health insurance and retirement savings (401K and IRA) from your paycheck. This would be difficult to compute and is beyond the scope of this app.
The calculator includes rates for regular time and overtime. Pay rates include straight time, time and a half, double time and triple time. In addition, a rate of nothing is included for people who work for free for part of the week. For example, some professionals have to work several hours for free before straight time or overtime is earned. Usually, this is called professional time. Check with your company for policies and local laws to determine your rates.
Two overtime rates are included for people being paid different overtime rates depending on how many hours are worked. For example, a person is paid time and a half for the hours worked between 40 and 46. After 46 hours they are paid double their normal rate.
A graph or plot is included to give a visual representation of the earning and pay rates.
Calculation Instructions:
- Hourly Wage - This the the amount of money you are paid or compensated per hour.
- Pay Hours and Periods
- Regular - This the normal working range during the week. Typically, this is set to 40 hours.
- Overtime 1 - This is the hour when overtime begins to be paid. Note, this is binded to the Regular period. Therefore, they will be equal to each other.
- Overtime 2 - This is the hour when the second overtime begins to be paid.Use this when overtime is variable. Select the check box to enable the rate. Note, this should be set to atleast one hour above Overtime 1 hour value.
- Hours Worked - This is the number of hours worked during the week.
- Pay Rates
- Nothing - During these hours nothing is paid. This is used for professional time.
- Straight time - Earnings are paid at the hour pay rate.
- Time and a half - Earnings are paid at 1.5 times the hourly pay rate.
- Double time - Earnings are paid at twice times the hourly pay rate.
- Triple time - Earnings are paid at three times the hourly pay rate.
Outputs/Solution:
- Regular - Provides the normal pay rate, hours worked and earnings.
- Overtime 1 - Provides the Overtime 1 pay rate, hours worked and earnings.
- Overtime 2 - Provides the Overtime 2 pay rate, hours worked and earnings.
- Total - Provides the average pay rate, total hours worked and the total pay. Note, the total pay is what you actually earn per hour. The pay is averaged over the number of hours worked.