Simple Compute Pay Function
Welcome to Code Review. I think the simpler way of expressing your code would look like this:

def compute_pay(hours: int, rate: float) -&gt; float:
    return (min(hours, 40) + (max(0, hours - 40) * 1.5)) * rate

hrs = int(input('Hours: '))
hrs_rate = float(input('Rate: '))

print('Pay:', compute_pay(hrs, hrs_rate))