What is a simple formula to calculate your salary?

Question

Is it easier to multiply your hourly pay x hours worked x weeks (52 in a year) or hourly pay x hours worked x months (12 in a year)? I just want to get a more accurate formula.

When interviewing with employers, they throw out this huge yearly salary but when you break it down into such a formula, it is sometimes a lot less. Thanks.

Answer 1

Easy is not what you're looking for, accurate is what you're looking for. If you get paid monthly, multiply by the number of months you work in a year. If you get paid weekly or bi-weekly, multiply by weeks.

Of course if it's actually a salaried position, not hourly, then divide the salary by whatever the pay period is to find out how much you'll be paid... Before taxes and everything.

Answer 2

Hourly To Annual Salary Calculator

Answer 3

Hourly To Yearly Salary Calculator

Answer 4

Question !! A person has $3000 salary and then the company declares that for those staff who have more than $3000 salary their salary will increase by 25% then find the new salary!!

Answer 5

Well, it depends whether you are paid weekly or monthly. If weekly, multiply by 52 and multiply by 12 if paid monthly. Either methods should get you the right amont.

I think perhaps you are not thinking about taax deductions from your paycheck. The employer will usually mention the gross pay amount. He or she will assume that you know that the taxes will be deducted at payday.

If that is not the case, perhaps he is deducting health insurance or transportation/meal allowance.

If none of these, I suggest that you speak with the employer and politely ask him for a breakdown. It is your right by law.

Answer 6

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If you want the formula in a single cell, it would be =0.91*(D15-MAX(0.2*(D15-8105), 0)-MAX(0.12*(D15-7592),0)) This is assuming 52 weeks in a year (actually there are slightly more - not sure if the UK prorates them or what) The formula is easier to read if you make it a few cells, rather than just one. Income tax cell: =-MAX(0.2*(D15-8105), 0) National insurance cell: =-MAX(0.12*(D15-7592),0) Student loan cell (assuming you put income tax in D16 and national tax in D17): =-0.09*SUM(D15:D17) Net cell (assuming you put student loan in D18): =SUM(D15:D18) Please note that I only used the information provided in your post. You are missing some information, which is that UK has tax rates above 20% if your income goes up, ditto for the national insurance. Also my understanding of the student loan payments (as an American, I didn't know anything, I just looked it up) is that they're a portion of your gross income, not net, and that they also have a standard deduction (meaning exemption - I was confused by your use of the word "deduction" at first - in the US a deduction means a portion of your income that you don't have to pay tax on) of $15,795 per year. It should be simple enough for you to incorporate these changes if necessary, I didn't want to presume to know how it works better than you do, since I've never even been to the UK.

Answer 7

It depends on your pay periods, but take your hourly wage and multiply by hours worked, then multiply by 52 (or the number of pay periods per year) and divide by 12 to get your monthly salary.

Actually, I think you had it right...

Answer 8

Hourly rate * 2080 = Annual salary

Answer 9

Present salary times (1 + assumed inflation rate)^number of years, e.g., 20000*(1.05)^12

Answer 10

Example: if your Annual Salary is $50,112 and you work 40 Hours/Week (or 2,088 Hours/Year): $50,112 / 2,088 = $24.00 Hourly Rate