Typically this would be an easy calcuation but due to peak seasonal periods( during the months from May til Sept ) I'm paid tons of overtime (130 +hour on average per check)
I want to propose the best/ most reasonable salaried amount that compensates me for the overtime I will lose during out peak periods.
2006-12-12 07:44:44 · 7 answers · asked by plenoptic_aeon 2 in Business & Finance ➔ Careers & Employment
Do you know what's the highest you've been paid w/ your OT? If so, there is a fair amount. Possibly add an additional 2%-5% for times you may exceed your previous highest check.
You'll need to break down what you're currently making.
You paycheck stub should have a breakdown.
Regular 40 hours, then OT pay.
Take the gross amount showing next to regular pay and divide by 40. That should give your hourly wage.
If there isn't a break down, it should show your annual salary. Use the same concept.
Take yearly salary, divide by 52 (weeks), divide that by 40 (hours) do get hourly wage.
OT is time and a half. So add what you get paid hourly (example $15 an hour) and add additional amount ($22.50 if paid $15 an hour).
Take that amount and add the average number of hours you work for OT.
Add it all up and bingo.
2006-12-12 07:55:32 · answer #1 · answered by jhollywood 3 · 0⤊ 0⤋
Look at you current paycheck and see how much you have earned so far this year.
Also check are you salaried exempt or non exempt, for example I am salaried I also earn overtime, basic rule of thumb is you have to be at least supervisor level to not get overtime.
Alas the way it is quite often looked at does not usually take overtime into account unless it is expected overtime, if the overtime is expected then include the full amount into your calculations, if not then take approx 2/3 off the overtime into your calculations.
2006-12-12 15:57:50 · answer #2 · answered by Calum H 2 · 0⤊ 0⤋
Use your current annual pay as a base then add a small percentage - 5, 8, 10%. When you become salaried, your employer will mostly ask you to work even more overtime. Why do you think they want to make you salaried? You are currently making more than they want to pay you.
2006-12-12 15:59:04 · answer #3 · answered by ThePerfectStranger 6 · 0⤊ 0⤋
Hm...
Take your hourly rate x 160 to get a "normal" month rate
Ex: 8.00/hr x 160 = $1280/mo with no overtime
Multiply by 12 months = $15,360 per year if only 40 hrs per week
Figure out your time & 1/2 rate (multiply by 1.5)
Ex. 8.00 x 1.5 = 12.00 for overtime pay
Multiply by average number of OT per week hours and number of weeks=
130 x 12.00 x 20 weeks = $31,200 in additional overtime pay
Total for the year = $31,200 + $15,360 = $46,560
Or, you can just look at your W-2 and go from there....
2006-12-12 15:56:01 · answer #4 · answered by duritzgirl4 5 · 0⤊ 0⤋
I would use a figure of 55 hours a week. That's how many hours you'll be working once you're on salary.
2006-12-12 15:52:50 · answer #5 · answered by Anonymous · 1⤊ 0⤋
How long have you been working there? Did you at least save your stubs from the busy season so that you could add that up ? I would add those up, add it into your annual minus the OT, and maybe go up maybe 3%.
2006-12-12 15:52:52 · answer #6 · answered by Sunidaze 7 · 0⤊ 0⤋
people that work their @sses off and get paid salary get screwed all the time. aim high...
2006-12-12 15:47:23 · answer #7 · answered by mmh 4 · 1⤊ 0⤋