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Overtime pay is legally regulated by the U.S. Department of Labor. At a minimum, your overtime rate should be one and a half times the amount you earn hourly, if you work a job that’s not exempt from overtime pay. In some cases, however, this amount may be higher.
Forbes Advisor created a free overtime calculator to help employers and employees figure out how much will be earned per hour of overtime.
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In the simplest terms, overtime refers to hours worked beyond a traditional 40-hour week. This is dictated by law by the Federal Labor Standards Act (FLSA), but the exact requirements of who can earn overtime pay and how much can vary from state to state.
Overtime pay is the pay you earn by working more than 40 hours per week. The actual dollar amount of pay per hour worked overtime starts at minimum wage times one and a half, but again, this can vary from employer to employer.
Overtime and time and a half are often used interchangeably. You might hear someone say both, “I’m working time and a half,” and “I’m working overtime.”
The main difference is time and a half is the minimum amount of payment that you can earn for working overtime, referring to the fact that payment is one and a half times (1.5) times minimum wage. The term “overtime” does not convey a...
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