Pivot Table Calculation Field

I'm stuck. I have a pivot table and I'm trying to calculate a field to get a total dollar value. The formula I used is "Hourly Rate" * "Sum of Hours." The problem with the formula is that excel counts how many times a specific person occurs, instead of just using the sum of hours. i.e If Joe works 8 hours a day for 5 days in a week for $20/hr, excel overstates his pay by thinking he makes $20/hr 5 times * the sum of hours.

My logic:
Joe makes $20/hr and works 40hrs, thus: $20*40 = $800.

Excel:
Joe makes $20/hr and works 8 hours
Joe makes $20/hr and works 8 hours
Joe makes $20/hr and works 8 hours
Joe makes $20/hr and works 8 hours
Joe makes $20/hr and works 8 hours

Joe makes $20/hr (5 TIMES) * 40 total hours = $4,000

Is there a workaround?

I don't know if you would consider this as being "work around" but at least it does not pay Joe $3,200 more than he earned. I used your same formula for the calculated field, however I changed the field setting to "Running total in" and base field to "Date". I also eliminated the grand totals and sub totals in that field.

Running Total Calculation Field.xlsx

Let me know if you have any questions.

this is great, thank you JeteMc. Although, this forces me to use the dates in a row label. I was using the date as a report filter and it won't work setup that way. Since I'm pulling data for 150 employees over 3 months, my pivot table turns into 1,300 rows instead of 50. I guess this solves it, maybe not ideal for larger data.