What Is And How To Calculate Double Time Earnings And Time And A Half Explained
In this video we discuss what is double time earnings and how to calculate double time earnings. We go through an example calculation using the formula to calculate double time earnings. Transcript/notes Many hourly employees in certain industries can earn double time pay for holidays and sometimes for Saturdays and Sundays. Double time is as straight forward as it sounds, an employee will get paid twice their regular hourly rate. As an example, let’s say that an employee gets paid an hourly rate of $14.32. Here is their timesheet of hours worked for the week. They get paid time and a half for overtime, over 40 hours Monday through Friday and double time for any hours worked on Saturday and Sunday. How much did they make in double time, and what was their total earnings for the week? First we need to calculate their time and a half overtime rate, which is 1.5 times their regular hourly rate of $14.32, which equals $21.48 per hour. Next we need to calculate their double time rate, which is 2 times their regular hourly rate of $14.32, which equals $28.64 per hour. Now we can fill in the earnings portion of this table. First is their regular hourly earnings, which is 40 hours times $14.32 per hour, and this equals $572.80. Next, is their overtime earnings for any hours over 40 from Monday through Friday, which is 3.25 hours. So, 3.25 hours times $21.48 per hour, which equals $69.81. Next is their double time earnings for weekend hours. They worked 5.25 hours on Saturday, so, 5.25 hours times their double time hourly rate of $28.64, which equals $150.36. And now we can total up their earnings for the week. We have $572.80 plus $69.81 plus $150.36, and this totals to $792.97. So, to answer the original questions, their double time earnings were $150.36, and their total earnings was $792.97. Timestamps 0:00 What is double time? 0:13 Example timesheet for double time 0:45 How to calculate double time earnings
In this video we discuss what is double time earnings and how to calculate double time earnings. We go through an example calculation using the formula to calculate double time earnings. Transcript/notes Many hourly employees in certain industries can earn double time pay for holidays and sometimes for Saturdays and Sundays. Double time is as straight forward as it sounds, an employee will get paid twice their regular hourly rate. As an example, let’s say that an employee gets paid an hourly rate of $14.32. Here is their timesheet of hours worked for the week. They get paid time and a half for overtime, over 40 hours Monday through Friday and double time for any hours worked on Saturday and Sunday. How much did they make in double time, and what was their total earnings for the week? First we need to calculate their time and a half overtime rate, which is 1.5 times their regular hourly rate of $14.32, which equals $21.48 per hour. Next we need to calculate their double time rate, which is 2 times their regular hourly rate of $14.32, which equals $28.64 per hour. Now we can fill in the earnings portion of this table. First is their regular hourly earnings, which is 40 hours times $14.32 per hour, and this equals $572.80. Next, is their overtime earnings for any hours over 40 from Monday through Friday, which is 3.25 hours. So, 3.25 hours times $21.48 per hour, which equals $69.81. Next is their double time earnings for weekend hours. They worked 5.25 hours on Saturday, so, 5.25 hours times their double time hourly rate of $28.64, which equals $150.36. And now we can total up their earnings for the week. We have $572.80 plus $69.81 plus $150.36, and this totals to $792.97. So, to answer the original questions, their double time earnings were $150.36, and their total earnings was $792.97. Timestamps 0:00 What is double time? 0:13 Example timesheet for double time 0:45 How to calculate double time earnings