Python program to calculate gross pay
Gross pay is the amount of money an employee earns in a specific time period before any deductions. There are lots of different ways to calculate gross pay depending on how an employee is paid. This article describes the two most common ways -hourly and salary.
Hourly paid employee
If an employee is paid hourly, he is paid a fixed amount for every hour of work. So, if he gets paid Rs.100 an hour, and he works eight hours his gross pay is Rs.800. An hourly employee’s gross pay must be calculated on a weekly basis because of a Rule called overtime, the federal government’s Fair Labor Standards Act states that for overtime an employee must receive overtime pay for hours worked over 40 in a work week at a rate not less than 1.5 times regular rates of pay.
Let’s assume A works as an hourly paid employee, and he is paid 100/hour.
If he worked for 50 hours in a week then he will get the overtime pay for the extra hours he worked i.e. he will be paid 1.5 times of Rs.100 for 10 hours (50-40).
if worked_hours > 40 then:
total gross pay = (hourly_wage *40) + (1.5 * hourly_wage * (worked_hours-40)).
if worked_hours < 40 then:
total gross pay = hourly_wage *worked_hours.
ramu’s worked_hours=50 i.e. greater than 40 hours.
total gross pay = 100*40 + (1.5)*100*10 => Rs.5,500.
Total gross pay: Rs.5500.00
Salary is usually quoted annually but commonly, employees are paid monthly. To calculate gross pay of a salaried employee, we need to divide the annual salary by number of pay periods in a year (i.e. how many installments they are getting paid in a year).
Let’s assume B works as a salaried employee, and he is paid 12 lakhs per annum.
If B was paid monthly then the gross payment will be 12 lakhs / 12.
gross pay= 12/12 => 1 lakh.
Total gross pay: Rs.1.00 lakhs
Time complexity : O (1)