Element that Pays 5% increase of Employee Base Pay

Summary

We have a new requirement to pay an employee a 5% increase on top of the base salary for each hour worked.

Content

We have a new requirement to create an Element that pays an employee their Base Salary+ 5% per each hour worked. So for example if my base salary was $100,000 a year and a 5% increase puts me at $105,000 and if my yearly working hours were 2080 hours. That would put me at $50.4807 per hour. A user would then be able to select a Time Type in time card called 'Acting pay' and select the number of hours and get paid for those hours at that bumped up rate.