Time and a half means one and a half times your normal hourly rate. It is the standard premium for overtime hours in the US, and the arithmetic is a single multiplication.
The formula
Time and a half rate = hourly rate x 1.5
Worked example
Take someone on $18 an hour who works six premium hours. Their premium rate is $18 times 1.5, which is $27 an hour. Six hours at $27 is $162. The same six hours at the normal rate would have been $108, so the premium is worth an extra $54.
The multiplier applies to the whole hour rather than to some extra portion of it, which is the part people second guess. A premium hour pays the full 1.5 times rate. The mental shortcut is to halve your rate and add it back on, so $18 plus $9 gives $27 without reaching for a calculator at all.