Instruction 3-1
*Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed.
Rounding Rules: 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 decimals 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 3-1 . Eager, a tipped employee, reported to his employer that he had received $320 in tips during March. On the next payday, April 6, he was paid his regular salary of $400.

Question

Instruction 3-1  
*Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. 
Rounding Rules: 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 decimals 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  3-1 . Eager, a tipped employee, reported to his employer that he had received $320 in tips during March. On the next payday, April 6, he was paid his regular salary of $400.

Quizplus · Accepted Answer

The Answer of Instruction 3-1  
*Employee HI: Plus an additional 0.9% on wages over $200,000. Also applicable to self-employed. 
Rounding Rules: 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 decimals 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  3-1 . Eager, a tipped employee, reported to his employer that he had received $320 in tips during March. On the next payday, April 6, he was paid his regular salary of $400.