This free online income calculator will calculate your overtime rate of pay based on your regular hourly rate, multiplied by the OT multiplier that applies to your job (time and a half, double time, triple time, etc.).
Plus, this calculator will also calculate the total gross overtime wages for a given number of OT hours worked. So if you want to know how much OT pay you will receive, just enter the number of hours and the calculator will instantly calculate it for you.
Finally, the calculator will even estimate your total annual overtime wages based on the number of OT hours you work per pay period, and on your pay period type.
In case you're not familiar with the term, overtime (often referred to as "OT") is a term typically used to describe the excess of hours worked beyond 40 hours per week.
Your employer is required by federal law (Fair Labor Standards Act) to pay time and a half wages (regular hourly rate x 1.5) for all hours worked beyond 40 hours per week.
So if your regular hourly rate is $8.00, and you work 50 hours during a given workweek, you will end up receiving $120.00 in overtime wages ($8.00 x 1.5 = $12.00 x 10 OT hours = $120.00) for that week  which is in addition to the 40 hours of regular wages.
Note that your state may offer greater overtime benefits (contact your state wage law office from this List of State Labor Offices) and your employer may offer higher benefits (more than 8 hours per day, double time, etc.) as part of their incentive package.
Also note that the U.S. Department of Labor provides an interactive FLSA Overtime Calculator Advisor that will walk you through the various stages and possible exemptions involved in determining you or your employees' overtime rate and wages.
As it applies to all hourly rates of pay, you are the one who ultimately determines how much compensation you receive from one hour of work.
If you spend the wages earned from one hour of work on a nonessential product or service, you have effectively limited your hour's worth of work to its face value.
In other words, if you earn $10 for 1 hour of work, and you spend it on a movie ticket, you have limited your wage for that hour to $10.
On the other hand, if you were to invest the $10 you received for one hour of work, you could effectively double, triple, (or more) your wage depending on the rate of return you earn and on how long you leave the wage invested.
So how do you double your overtime rate? The same way you would double your normal hourly rate. Invest your overtime wages and leave them invested until they double in value (refer to the bottom of this page for links to calculators that can calculate how much you can earn/save from your invested wages).
The really cool thing is, once your overtime investment has doubled, you can then withdraw your original overtime wage and leave the balance to continue to increase your compensation from that one hour of work.
But again, if you use your overtime wages to splurge on nonessentials, it is you who is limiting your compensation, not your employer.
With that, let's use the overtime calculator to calculate your overtime rate of pay, and if desired, your overtime wages for a given number of OT hours worked.

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