diff --git a/financial/time_and_half_pay.py b/financial/time_and_half_pay.py
new file mode 100644
index 000000000000..c5dff1bc1ce1
--- /dev/null
+++ b/financial/time_and_half_pay.py
@@ -0,0 +1,40 @@
+"""
+Calculate time and a half pay
+"""
+
+
+def pay(hours_worked: float, pay_rate: float, hours: float = 40) -> float:
+    """
+    hours_worked = The total hours worked
+    pay_rate = Amount of money per hour
+    hours = Number of hours that must be worked before you receive time and a half
+
+    >>> pay(41, 1)
+    41.5
+    >>> pay(65, 19)
+    1472.5
+    >>> pay(10, 1)
+    10.0
+    """
+    # Check that all input parameters are float or integer
+    assert isinstance(hours_worked, (float, int)), (
+        "Parameter 'hours_worked' must be of type 'int' or 'float'"
+    )
+    assert isinstance(pay_rate, (float, int)), (
+        "Parameter 'pay_rate' must be of type 'int' or 'float'"
+    )
+    assert isinstance(hours, (float, int)), (
+        "Parameter 'hours' must be of type 'int' or 'float'"
+    )
+
+    normal_pay = hours_worked * pay_rate
+    over_time = max(0, hours_worked - hours)
+    over_time_pay = over_time * pay_rate / 2
+    return normal_pay + over_time_pay
+
+
+if __name__ == "__main__":
+    # Test
+    import doctest
+
+    doctest.testmod()