How much an hour?

Question

I have a new Job (woot woot) lol I'm a bit over excited hahaha, now I can finally quit my crappy job!

I've being working Part time the past years, because I've being studying in High School & College.
I've being paid by the hour (wages) and with the new job I'm given a Salary Package of $41,000 + Super Annuation & bonuses and stuff.

The Question is, How much do I get payed an hour?
I will work 40 hours a week.

So it's 41,000 divded by 52(weeks) = $788.45
$788.45 divided by 40(hours) =$19.70

so I can defiantly say $19.70 an hour?

lol hahahaha I know I kind of sound dumb, but is my calculations right?....$19.70/hour

How much does the superannuation take?

Answer 1

ok beautiful, first of all congrats on your new job!!! (go ahead, do the happy dance! lol).

well, the 41,000 is your Salary, but your take home pay is slightly less then that. Superannuation or pension fund will be deducted form that, and then Tax will be deducted form that. And if there is a group insurance, that will also be deducted.

The amount of superannuation And all other deduction, you will have to ask your employer to find out, how much is that. The amount of Tax, depends on the state you live in. In Ontario we give 14% of Base Salary, in your case the 41000. Then your bonuses are also Taxable.

But good news you will get back the Superannuation when you retire! But you wont get back Tax or insurance or any other deduction. So your take home pay, after deducting all the stuffs is less then your base pay.

And your hourly wage calculation is ok, but if you want to calculate hourly wage for take home pay then devide take home pay by the hours, that's it. But since you are also getting bonuses, you might as well wana add the Tax less bonus to your take home pay to find out how much you are actually puting in pocket, if you work the hole year!

Have a good day.

Answer 2

From what I understand, superannuation is a form of pension, so it shouldn't be counted in your direct salary. We can probably leave your bonuses out too for now.

Your math is correct, though you may want to account for the fact that you should have some vacation each year. Let's say it was 2 weeks a year, then you are really only working 50 weeks. That makes 2,000 hours a year or approximately $20.50 an hour.

Answer 3

That is correct. You take the salary and divide by 2080 (52 x 40). You are being paid for the vacation time, so you still use 52 weeks, not 50 as the previous poster said.