Every overtime hour at a $16 wage pays $24.00 — your usual $16 plus a $8.00 premium. That premium is the whole point of the overtime rules: hours past 40 in a workweek cost your employer half again as much, and that extra half goes to you.
Stretch a standard $640 week (40 hours) to 50 hours and the paycheck becomes $880 — the 10 overtime hours contribute $240, more than a quarter of the total. Kept up over a year, even 5 overtime hours a week at $24.00 adds roughly $6,240 on top of a $33,280 base salary.
Working these hours in 2025–2028? The $8.00/hour premium portion may be federally deductible — see the no tax on overtime calculator. And if your employer pays 2x for some hours, that's $32.00/hour — the double time calculator covers it.