hh:mm converted to decimal in same cell

[Gair48]

OK...here's my delimma. I'm creating a spreadsheet and I need to be able to enter hh:mm worked in a cell and have it converted, in the same cell, to a decimal so that it can be multiplied by payrate to give me a total for weekly labor. I've been able to find formulas that will convert HH:MM in A1 to decimal in A2... but I'm looking to simplify if at all possible. I know programs like quickbooks can do this.... I just need help making this a reality on my spreadsheet.

Thanks in advance for you help and patience.

[Gair48]

btw... I'm not sure which version I have. I'm at work...but it IS a new computer running windows 7 it looks like. Please forgive my computardation.

[Huron]

You don't need to convert it in the cell. Just use 24 *hh:mm*payrate for the cost. Make sure the cost cell is formatted as number or currency.

[Charlie_Howell]

do you pay Overtime? if so ,be mindful of the calculations.
I've uploaded an example of time calculations
If you want an example of overtime calculations just let me know.