Many jobs are paid based on an hourly rate rather than an annual salary that's divided up into predetermined amounts for each pay period. Usually, this does not make any difference, but occasionally you may need to calculate annual salary from hourly wage. Credit applications usually require a...
“Thankfully, it only takes a few simple steps to calculate your hourly salary in Excel.” Do some quick math Double-click on the cell that’s directly under “Hourly Rate” and divide the product of 24 and the number of hours worked in the row by the amount earned. If you str...
But first, if you consistently work 40 hours a week, there’s a quick and easy way to calculate your hourly rate in just one step: divide your annual salary by 2,080. If you work a different number of hours each week, you can calculate your hourly rate like this: Calculate pay per...
setting up a Microsoft Excel workbook can streamline the process and minimize errors. You need to know the hourly rate, overtime rate and hours worked to create Excel formulas to calculate gross pay and overtime pay at the touch
Calculate the regular hourly pay rate. This rate is the hourly rate you agreed to pay the employee for hours worked. To arrive at the employee’s gross wages, multiply the hours worked in the pay period by the regular pay rate.
IRS Publication 15-B can help you calculate these taxes correctly. Also, section 15 of IRS Publication 15 has a helpful table summarizing different types of employee pay. Now, consider Frank when it comes to paying the Federal Unemployment Tax . Let’s say that he was hired only two weeks...
Jobs rarely pay by the month, but most of your bills such as a mortgage, credit card bills and utilities are due every month. Calculating your monthly salary is an important step in managing your household cash flow from one month to the next. Whether yo
Another good source of information when developing a formula to determine your hourly rate is the article, “Pay Yourself Right When Being Your Own Boss,” on Salary.com. It’s also a great reminder than when you are self-employed, you are responsible for your own healthcare, insurance and...
The basic formula to calculate annual gross income as an hourly employee is: (Hourly Pay ✕ Hours per Week) ✕ Number of Weeks Worked = Annual Income If you’re an hourly employee or have more irregular paychecks, you can use this approach: ...
When you have employees, it is important to know how to calculate payroll. Learn more how to find net income from gross wages here.