Overtime pay is the additional compensation employees receive for working hours beyond their standard workweek, often paid at a higher rate.
Enter your regular hourly wage, the number of overtime hours worked, and the overtime rate multiplier (usually 1.5). Click calculate to see your earnings.
The formula is: Hourly Rate × Overtime Hours × Multiplier. For example, $20/hr × 10 hours × 1.5 = $300.
"Time and a half" refers to an overtime rate that is 1.5 times the employee's regular hourly wage.
Yes, overtime pay is generally considered part of your gross income and is subject to income tax and other deductions.