Can somebody explain this? Very confusing to me.

You will, however, also receive premium pay for all time worked in excess of 40 hours in a workweek. Your regular hourly rate of pay will be $1346.15 which is calculated by dividing your weekly base salary by 40 hours. Your premium pay rate will be $16.83, calculated by multiplying your regular hourly rate of pay by one- half.
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if hours = 40 weekly.pay = $1346.15 else weekly.pay = $1346.15 + (hours-40)*16.83 end

16.83 because 1346.15/40 = 33.65. 33.65/2 = 16.83

not sure where you're confused... this is a pretty standard contract for SA's.

 

Thanks!

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