Labour Costing: Calculation of Wages & Bonuses
Labour Costing: Calculation of Wages & Bonuses
ACCOUNTING
BY
SAJID MUNIR
0300-9466136
Calculation
Hourly/Time rate system:
wages are paid on the basis of hours worked using an agreed hourly rate.
5 days
Overtime is paid at a premium rate i.e. time and a half , time and a quarter ,double time
etc.
Time and a half means if someone works 2 hours overtime he/ she would be paid for 3
hours.
Calculation
Piece rate system:
ALEVEL
ACCOUNTING
BY
SAJID MUNIR
0300-9466136
Bonus schemes:
ACCOUNTING
BY
SAJID MUNIR
0300-9466136
ALEVEL
ACCOUNTING
BY
SAJID MUNIR
0300-9466136
ALEVEL
ACCOUNTING
BY
SAJID MUNIR
0300-9466136
40 hours*$30 = $1200
10 hours*$42= $420
Total wages = $1620*20
ALEVEL
ACCOUNTING
BY
SAJID MUNIR
0300-9466136
ALEVEL
ACCOUNTING
BY
SAJID MUNIR
0300-9466136
$8*30% = $2.40