Glossary Finance

Overtime

Overtime is time worked beyond the standard hours, usually paid at a higher rate such as time and a half (1.5 times the normal rate).

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In more detail

For 45 hours at $20 an hour with overtime after 40, pay is 40 × $20 + 5 × $30 = $950. Rules on when overtime applies and who qualifies vary by country and job.

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See also

  • Glossary Net pay
    Net pay, or take-home pay, is what you receive after taxes and deductions are subtracted from your gross pay.
  • Cheat sheet Finance Formulas Cheat Sheet
    The interest, loan, investing and everyday-money formulas behind our calculators.
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