Employee Over time Calculator is a ready-to-use template in Excel that helps you easily calculate overtime.
What is Overtime
For an hourly employee, Overtime refers to extra time an employee spends for works in addition to its regular working hours. In other words, any hours that employee works exceeding their schedule work-time is overtime.
So, This employee over time Calculator is prepared to make it easy.
However, Normal working differs from industry to industry and even company to company. As, Some companies have 8 hours and some have 10 hours. So, Companies determine normal working hours depending on the job type and by the best practices of profession.
Payroll Overtime Calculator
So, Overtime Pay means the amount compensated for hours or days worked more than the maximum limit mentioned in your contract or set by federal/provincial law.
Hence, small companies and factories require managing the employee hours for the payment of overtime. It sometimes becomes a very tedious job.
Overtime Pay Formula
There are usually two types of employees: Hourly Employees and Salaried Employees. The calculation of overtime differs for both categories.
Usually, you may use the formula given below to calculate the overtime pay.
Use following formula to calculate overtime pay for an hourly employee:
Overtime Pay = Regular pay X 1.5 X number of extra hours
The calculation of overtime for salaried employee is quiet different. Firstly, we need to find his pay per day and then find his pay per hour.
Formula to Calculate Hourly Pay
Hourly Pay For Salaried = Yearly Salary / 2080 hours
Hourly Pay For Salaried = Monthly Salary / 160 hours
Overtime Calculator Salary
We have create an Overtime Calculator Excel template with predefine formulas. You can easily calculate overtime. Just enter In and Out time along with overtime rate and it automatically prepare pay sheet for you.
Contents of the Employee Overtime Calculator Template
This template consist of 3 sections: Header Section, Summary Section, and Data Input Section.
The header section consists of company name, company logo, and heading of the sheet “Employee Overtime Calculator”.
The summary section consists of following subheadings:
Employee Name: Name of Employee.
Month: Select the month from the drop-down list.
Year: Enter year.
Hours: This cell will display the total number of hours worked by employee for whole month.
Rate/Hr.: Enter rate per hour for overtime.
Total OT: Total OT shows total amount of Overtime earned by an employee.
Data Input Section
This Data Input section consists of following subheadings:
Date: The date from the 1st of every month till the end is displayed here.
In: Employee In time is entered here.
Out: So, Employee Out time is entered here.
Overtime: Therefore, The template automatically calculates the number of hours worked more than the limit.
We have set = limit to 8 hours. You can change this by changing the last part of the formula.
Rate: Rate per hour of Overtime.
Amount: Above all, This column displays the total amount of overtime per day.
In the end, the totals of monthly overtime hours and amounts are displayed.