Regular rate
In accounting, regular rate means the hourly rate overtime is computed from. For a salary meant to cover 40 hours, the weekly salary divided by 40 — a monthly salary is first turned weekly by multiplying by 12 and dividing by 52.
Authority: 29 CFR §778.113 (opens in a new tab). Sources
The lesson that teaches this
From the free founder back-office course, taught on one company's books, with exercises to work it yourself.
What it is not called
Each of these means something else. Use one here and an accountant reading the product notices.
- base rate unqualified
- minimum wage
Also in Payroll
Defined in Lexicon. This page is generated from that document, so the two can't disagree.