The calculation being used by Spectrum is taking total wages / total hours = x.
x/2= y
y * OT hours = Qualified OT Premium.
Example = employee makes $20/ hr. ($20*1.5= $30/hr OT) $30-$20 = $10. This $10 is the .5 that the IRS is referring to. He worked 46 hours, 40 regular, 6 OT. $980 total earnings, $800 regular, $180 OT.
Spectrums formula calculates:
$980/46 = 21.30
21.30/2 = 10.65
10.65 × 6 = 63.90
Qualified OT Premium has nothing to do with "total wages". It is the .5 of OT wage * OT hours.
Our CPA firm has confirmed our calculation of OT wages / 3 = Qualified OT Premium.
The above example corrected:
$180 OT wages/3 = $60
Confirming the $10 (.5 from above) x the 6 hours of OT = $60 Qualified OT Premium.
$3.90 difference.
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| Company | Clifty Group |
| I need it... | Yesterday...Come on already |
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