If Irene worked 50 hours last week, the total number of hours counting as overtime is 50-40 = <<50-40=10>>10 hours.

Since she's given $20 for every hour of overtime, she earned 10*$20 = $<<10*20=200>>200 in overtime.

Her total income, including the overtime, is $500+$200= $<<500+200=700>>700

# Answer

700
<|im_start|>system
You are a helpful assistant.<|im_end|>
<|im_start|>user
Irene earns $500 if she works for 40 hours a week and gets an extra $20 for every hour of overtime. If she worked 50 hours last week, calculate her total income.
Please reason step by step, and put your final answer within \boxed{{}}.<|im_end|>
<|im_start|>assistant

user
700
Irene earns $500 if she works for 40 hours a week and gets an extra $20 for every hour of overtime. If she worked 50 hours last week, calculate her total income.
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