Can anyone tell me how the dollar amount for a salary employee is calculated?
Example: Employee works 88 hours and has a salary of 86941.40, a biweekly salary of $3622.56 and an hourly rate of 41.80. They used 14 hours of PTO and it calculated at 576.32 and we thought it should calculate at 585.18 (14 x $41.80) and the regular calculated at the rate of 41.166 instead of the 41.80 also.
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Dawn,
Your thought that this employee would be paid at different hourly rates is incorrect. When you enter alternate hours for a salaried employee the system then uses the hourly rate as entered on the employee screen. It does not calculate the hourly rate for the portion of the salary not taken up by the alternate earnings (PTO in your example).
As Mark indicated, the corresponding hourly rate you entered is incorrect. It appears that you took the annual salary and divided it by 2080 (the normal hours in a year for a full-time employee) instead of dividing by 2112.
If the Semi-Monthly pay period is 88 hrs (defined in the PayGroup screen), then that is 88 hrs * 24 pay periods or 2,112 hrs/yr. Divide the Annual Salary by this denominator, and you get an hourly rate of $41.166.
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