Question of the Week: How do I calculate overtime when my company pays on a semi-monthly basis (and pay day ends mid-week)? The answer: Overtime is still calculated on a weekly basis (based on a standard 40 hour work week). The easiest and best way to determine overtime in QuickBooks is to enter time using the Weekly Time Sheet method of recording time. That way, you always have a running total of hours. When your employee hits 40 hours, you know that you need to change the Payroll Item to Overtime for any additional hours worked in that week. If pay periods end mid-week, the overtime will get added to the subsequent paycheck automatically.
Posted on: Fri, 17 Jan 2014 16:00:28 +0000
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