Dennis Murphy is a salaried, nonexempt administrative assistant for Dionti Investments and is paid semimonthly. He...
Dennis Murphy is a salaried, nonexempt administrative assistant
for Dionti Investments and is paid semimonthly. He is married with
two withholding allowances. His annual salary is $70,200, and his
standard workweek is 37.5 hours. During the pay period, he worked
10 hours overtime.
Required:
Compute Dennis's gross pay for the period ending August 18, 20XX.
(Do not round intermediate computations. Round your final
answers to 2 decimal places.)
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Homework Answers
Answer :
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1. Calculation of overtime earnings :
Annual salary = $70,200
No. Of weeks = 52 weeks
Weekly salary = (70200/52) = $1,350
Weekly hrs = 37.5 hrs
Hourly rate = (1,350 / 37.5) = $ 36 per hr
Overtime rate = 36 × 1.5 = $ 54 per hr
Total overtime earnings = 54 × 10 = $540
2. Calculation of regular earnings
Regular earnings paid semimonthly =( 70200/12) ÷ 2 = $2,925
3. Calculation of gross pay
Gross pay for period ending Aug 18, 20xx =
Regular Earnings + Overtime Earnings
= 540 + 2925 = $ 3,465
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