A salary is a specified amount of money paid to an employee per pay period, rather than a variable amount that depends on hours worked. Depending on how an employer classifies a job, the salary may or may not includea regular hourly rate. If it does, workers need to know how to calcul...
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For instance, Lisa earns a fixed weekly salary of $750, and she’s expected to work 36 hours. But for this week, she has worked a total of 48 hours. Here’s how you can compute her overtime pay. 1. Find the regular hourly rate by dividing the fixed weekly salary by the employee...
An hourly employee’s gross pay depends on the number of hours they work during the pay period. Want to find a salaried employee’s gross pay each pay frequency? Divide their annual salary by their pay frequency: Weekly: 52 Biweekly: 26 Semi-monthly: 24 Monthly: 12 Want to find ...
Okay, let’s get to the calculations. Here’s a look through the employee’s eyes: Find your employee’s regular hourly rate. This is what you earn for your standard hours. If you’re salaried, you’ll need to convert that to an hourly rate by dividing your annual salary by the numb...
Covering the owner's salary and other employee wages Packaging and shipping costs for customer orders Examples of working capital Need to calculate your working capital needs? Here are some of the things you might want to consider when reviewing your business expenses:Paying...
To compute gross income, firstdeterminehowyou're paid. If you're paid a salary or other annual compensation that is consistent each month, such as a pension, you'll use a straightforward formula to calculate your gross income. But if your wages are calculated on an hourly rate of pay, an...
The working capital requirement for this online jewelry business would be the amount of funds needed to cover expenses like: Purchasing new raw materials to bring new designs to life Paying for website hosting and online ads Covering the owner's salary and other employee wages ...
Being a stay-at-home parent is one of the toughest jobs out there—and it's unpaid. If it were paid, themedianannual salary would be $178,201, according to 2019 data from Salary.com.1The total we calculated is even higher than that, at nearly $205,000 a year. ...
The rising cost of living has spurred debate over theU.S. federal minimum wageand the disparity between the lowest salary allowed by law and the earnings needed to maintain an adequate cost of living. Proponents of a hike in wages cite increased worker productivity levels since 1968 as inequit...