Can I calculate my salary from my hourly pay?
Yes. To calculate your salary from your hourly pay:
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Choose for which period you want to calculate your salary: yearly, monthly, weekly, etc...
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Find the number of hours you worked. If you work
8hours a day,5days a week, you work:-
8 × 5 = 40hours weekly; -
40 × 52 = 2,080hours yearly; and -
2,080/12 = 173.34hours monthly.
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Multiply your hourly pay by the desired number of hours to find your salary.
How do I calculate my hourly pay from my salary?
To calculate your hourly pay from your salary:
- Find the number of hours you worked.
- Divide your salary by the number of hours you worked.
- The result is your hourly pay.
Remember that if you don't keep track of the number of hours worked (maybe you have a fixed monthly salary), the result will be approximative!
How do I calculate my hourly wage?
To calculate your hourly wage, follow these simple steps:
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Choose a time frame for which you know your salary: annual, monthly, weekly, etc.
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Calculate the number of hours worked. If you work
nhours daily,5days a week, you work, on average:-
n × 5hours weekly; -
n × 5 × 52hours yearly; and -
n × 5 × 52/12hours monthly.
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Divide the salary by the number of hours worked: the result is your hourly wage.
This feels basic but I realized this when doing job hunts and examining the salary and hourly wage for jobs. Basic formula: take a yearly salary (eg. $70,000), and move the decimal to the left three times aka just get rid of the first three digits (eg. $70.00). Next, divide this number by 2 ($35.00), and that will get the surprisingly close approximation of the hourly wage. So, $70,000 is $35 an hour.
Breakdown: 50 weeks (assuming 2 weeks vacation) X 40 hr work week = 2000 hrs. So 70,000 divided by 2,000 is 35.
edit: as you guys pointed out, dividing your salary by 2080 is more accurate, this tool of "get rid of the first three digits of the salary and then divide by two" is what I am getting at. When quickly trying to figure out if $25 an hour is better than $40,000 a year, you can do a quick breakdown in your head.