Knowing how to calculate hours worked helps track productivity, ensures you receive the correct amount of wage, and leads to positive working relationships. For production companies, it is a legal requirement. This guide will explain six steps to calculate working hours. In addition, we’ll discus...
If an employee leaves your SME, it's important you know how to calculate their final pay. Get up to speed with this simple how-to guide.
Calculating hours worked ensures employees are compensated correctly. Use our guide to help you learn how to accurately count hours worked.
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. For instance, say the employee earns $9.25 an hour and w...
Calculating hours worked is simple arithmetic. That said, if you need to calculate work hours on a regular basis, the process can become quite tedious. If you’re processing payroll for a staff of any size, manually adding hours worked quickly becomes time-consuming. ...
Say that same employee works 50 hours in a week, giving them 10 hours of overtime. Their overtime pay is $375 ($37.50 x 10). 4. Calculate the total pay owed Now it’s time to put the full overtime pay formula to work by adding the base pay andovertime payto get the total pay...
If you have a job where you work a lot of overtime be sure to figure that amount of money into the yearly salary as well. For example, someone who worked 60 hours a week and got overtime after 40 hours, the equation would read: [Base Rate x 40 = Base Weekly Wage] + [Overtime...
Understanding gross pay is important for negotiating salary, managing your taxes, and planning a budget. In this article, we’ll go through the components of gross pay, common deductions from gross pay, and how to calculate gross pay for salaried and hourly wages so you can simplify your payr...
How to Calculate an Average Hourly Wage Finding Yearly Pay Once you have figured out how much you make in a week, you can use that number to determine your weekly pay. You must also know or approximate how many weeks you work per year. If you work every week, you can simply use the...
4. Calculate Your Worth One common mistake of people new to self-employment is undervaluing their time and expertise. Don’t fall into that trap—set your price for what you are worth. If you are new to the field, you’ll need to price yourself at the lower end of the average salary...