Each time slip is stamped with the employee's equivalent hourly rate at the time it is created. For hourly staff, this is their pay rate; for salaried employees, it is their equivalent hourly pay rate.
Time Slip Direct Labor is simply the product of the hours and the pay rate.
These values are summarized in your project phases. The phases are then summarized to calculate the project's direct labor costs.
Time Slip Direct Labor = Hours x Hourly Pay Rate
Phase Direct Labor = Sum of Direct Labor from linked time slips
Project Direct Labor = Sum of Phase Direct Labor
Caution:
Any user with a basic calculator can reverse-engineer these values to determine other employees' pay rates. Be aware of who you share this data with.