Final answer:
To calculate overtime pay, subtract regular workweek hours from total hours worked and multiply the result by 1.5 times the regular pay rate. Use cell C21 to find the actual hours worked and apply this formula to determine the overtime compensation.
Step-by-step explanation:
To calculate the overtime pay, you need to identify the number of overtime hours worked. According to the information provided, any hours beyond the standard workweek are considered overtime. The overtime rate is 1.5 times the regular rate. Let's denote the normal workweek hours as 'N', the standard hourly pay rate as 'R', and the hours worked reference cell C21 as 'H'.
If 'H' > 'N', then the number of overtime hours is 'H' - 'N'. You would calculate the overtime pay (OTP) by using the following formula: OTP = (H - N) * (1.5 * R). Remember to check the cell C21 for the actual hours worked by the employee.
For example, if the standard workweek is 40 hours, the pay rate is $10 per hour, and the employee worked 50 hours, then the overtime hours are 50 - 40 = 10 hours. The overtime pay would be 10 * (1.5 * $10) = $150.