Hourly Rate and Overtime Calculator

Definition

The hourly rate is the amount of money you earn per hour of work. It's calculated based on your annual, monthly, weekly, or daily salary divided by the number of hours you work per week. Overtime pay is additional pay for hours worked beyond the standard workweek hours, often calculated at a higher rate than the regular hourly wage.

Formulas

Time and a Half:

$\text{Time and a Half} = \text{standard rate} \times 1.5 \times \text{number of hours}$

Double Time:

$\text{Double Time} = \text{standard rate} \times 2 \times \text{number of hours}$

Triple Time:

$\text{Triple Time} = \text{standard rate} \times 3 \times \text{number of hours}$

Example

Let's assume the following numbers for the calculations:

Standard Hourly Rate: $20
Overtime Hours: 5
Overtime Type: Time and a Half

Time and a Half Calculation:

$\text{Time and a Half} = 20 \times 1.5 \times 5 = 150$