Our overtime calculator is the perfect tool to help you see how much money you will earn in exchange for those extra hours at work. Fill in the information about how much your hourly rate is and the calculator will do all the rest. It will show you the rate of overtime and the total pay you can expect. It can also give you an annual wage, taking your overtime into account.
It is so easy to use. All you need to do is:
- Out in your hourly rate of pay
- Enter the hours you normally work
- Use the overtime multiplier given by your employer (see note below)
- Put in the pay period, as in how often you are paid
- Input how many hours per pay period
- If needed, then select the currency you are paid in
From this information, our calculator will give you the details you need to know regarding your overtime.
Note on overtime rates. Your employer will give you these rates when you ask, or check your contract. They could be one of the following:
- "Time and a Half" which is one and one half times your normal rate.
- "Double Time" which is twice your normal hourly rate.
- "Triple Time" which is, of course, three times your normal rate.
- Or another multiple, which can be entered by selecting "Other" and inputting the multiple.
What is Overtime Rate?
Overtime Rate, sometimes known as OT, is the hours you work in addition to the set limit of the 40-hour working week. Anything worked in excess of 40 hours is subject to overtime pay, as dictated by the Fair Labor Standards Act or FLSA. This is a set hourly minimum of at least one and one half times the standard wage.
As an example, an employee who works 5 extra hours a day and has an hourly rate of $15 will see the following calculation for their OT –
- Regular pay of $15 × 8 hours = $120
- Overtime pay of $15 × 5 hours × 1.5 (OT rate) = $112.50
- Wage for the day $120 + $112.50 = $232.50
Don't forget that this is the minimum figure, as laid down by law. An employer may choose a higher rate of overtime pay. Some companies pay 2.5 times the standard rate for overtime and sometimes even more. On the United States the different states may have their own legislation regarding OT. Check with the State Labor Office if you have any questions.
The Overtime Formula
The basic overtime formula is (Hourly Rate) × (Overtime Multiplier) × (Number of Overtime Hours worked in a particular week).
The overtime calculator uses the following formulae:
- Regular Pay per Period (RP) = Regular Hourly Pay Rate × Regular Hours
- Overtime Pay Rate (OTR) = Regular Hourly Pay Rate × Overtime Multiplier
- Overtime Pay per Period (OP) = OTR × Overtime Hours per Pay Period
- Total Pay per Period (TP) = RP + OP
- Regular Pay per Year (RY) = RP × Pay Period
- Overtime Pay per Year (OY) = OP × Pay Period
- Total Pay per Year (TY) = RY + OY,
Where: Pay Period = 12 for Monthly, 24 for Semi-Monthly, 26 for Bi-Weekly, 52 for Weekly.