My employer has changed me from salary to hourly. I have the same yearly salary, but now I am working 10 hours of overtime each week to get it. How will this affect my tax situation?
Overtime might be withheld at a higher rate, but your total taxes paid should be the same if you're earning the same.
Also, in an unrelated note, it sounds like you essentially have gotten a pay cut. I'd entertain the thought of finding work elsewhere.
More on reddit.com[OC] Hourly Wage Converted to Yearly Salary
Working Model of New APWU Pay Chart for FTR Annual/Hourly Rates
Hourly Pay Chart
Divide your hourly rate by 4 and your minutes worked by 15 and multiply them
More on reddit.comHow do I calculate salary to hourly wage?
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!
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.