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Steps Overtime timecard element rate

we have a multiple timecard element with various factor OT 1.5/2.0/2.5 etc. during timecard element creation steps i only selected default rate. All OT's are paid at different rate. Can you please let me know if we need to define a rate definition and attach it to already available elements to have payroll calculated with right rate?

OT 1.5 = Hourly Rate* 1.5

OT 2.0 = Hourly Rate* 2.0

OT 2.5 = Hourly Rate* 2.5

Hourly rate for salaried employee = (Salary Value / 173.36)

And we have population of both Hourly type and Salaried. Any input will be helpful

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