Net Salary/Wages Converter Calculator computes the value of time spent on an activity and its equivalent in monetary value (hourly, daily, monthly, yearly). It is a flexible tool that allows you to convert your annual remuneration to an hourly paycheck, recalculate monthly wages to an hourly rate, weekly rate to a yearly wage, etc. This salary converter does it all very quickly and easily, saving you time and effort.
Introduction
Most developed countries such as the United States pay their workers at hourly rates. This means that the total pay wholly depends on the number of hours worked, or the time (hours) taken to complete a specific task. This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations, and financial situation.
Background Information
According to the US Bureau of Labor Statistics (2010), approximately 93% of the working population in the United States are employees earning a salary or wage. This high percentage in the number of employed individuals earning these salaries and wages may prompt the need to calculate salary rating. . According to the US Department of Labor, the federal minimum wage for covered nonexempt employees is $7.25 per hour.
Description
The calculator uses an equation to calculate wages per hour, month, and year. This equation calculates a gross annual salary based on the provided hourly wage. This is based on an assumption of 52 work weeks at 40 hours per workweek.
How to use the calculator
Convert a salary stated in one periodic term (hourly, weekly, etc.) into its equivalent stated in all other common periodic terms. This can be helpful when comparing your present wage to a wage being offered by a prospective employer where each wage is stated in a different periodic term (e.g., one is listed as an hourly wage and the other is listed as annually).
Simply enter a wage, select its periodic term from the pull-down menu, enter the number of hours per week the wage is based on, and click on the “Convert Wage” button.
Hourly pay to Salary
Annual (Yearly) Salary = Hourly Wage
Annual Salary is the total amount of money earned from working hourly for every 12 months (52 weeks) of 40 working hours.
Hourly Wage is the amount of money earned working for every one hour.
This formula is given by;
Annual salary=Hourly Wage⋅( number of hours worked per year)
NOTE: This equation will calculate a gross annual salary based on the provided hourly wage. This is based on an assumption of 52 work weeks at 40 hours per workweek.
For example
Jane, a part-time employee at vCalc, earns $ 40 per hour for every hour worked in the office. Find Jane's annual salary.
To see the answer, Click here
Salary to Hourly Pay
This equation calculates the hourly wage based on the total annual salary provided. This is based on the annual total working hours (FTE) of 2080. This is 40 hours 52 times a week.
Annual Salary is the total amount of money earned from working hourly for every 12 months (52 weeks) of 40 working hours.
Hourly Wage is the amount of money earned working for every one hour.
This formula is given by;
Hourly Rate=Annual Salary/number of hours worked per year
NOTE: This equation will calculate an hourly wage based on the provided gross annual salary. This is based on a total work hour per year (an FTE) being 2080, which is fifty-two 40 hour weeks.
For example
Mr. Lenox earns an annual salary of $5400000 every year, from working in the Apple Store. Calculate his earnings per hour.
To see the answer, Enter the annual earning details here to calculate the earnings per hour