How do I determine my hourly rate given my annual salary?
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Answer:
I assume you got 160 from 4 40 hour weeks=1 month of work, but months are not exactly 4 weeks long. You should calculate it by hours per week. giving you 44075.2 not 43000. I guess you dont get paid on certain holidays maybe, accounting for the difference. 21.19*40*52=44075.20 So if your hourly rate is actually 21.191, you are only working 39 hour weeks 43000/21.19/52=39.02 If you are working 40 hour weeks your hourly rate is 20.67 43000/52/40=20.67
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Other answers
your math is using 48 weeks in a year. there are 52 weeks in a year. try doing 21.19 x 40 x 52
It Depends on how often you get paid- Biweekly (26 paychecks) is not the same as bimonthly (24 paychecks) The bimonthly paychecks will be larger because you are getting paid for more hours (approx 86.66), yet will still equal to 2080 hours in a year if working full time.
you work 12 hours a day 160 days? the usual standard is taking the salary and dividing it by 2080 = 52*40 Also, did you do any overtime?
I assume you got 160 from 4 40 hour weeks=1 month of work, but months are not exactly 4 weeks long. You should calculate it by hours per week. giving you 44075.2 not 43000. I guess you dont get paid on certain holidays maybe, accounting for the difference. 21.19*40*52=44075.20 So if your hourly rate is actually 21.191, you are only working 39 hour weeks 43000/21.19/52=39.02 If you are working 40 hour weeks your hourly rate is 20.67 43000/52/40=20.67
greg
your math is using 48 weeks in a year. there are 52 weeks in a year. try doing 21.19 x 40 x 52
george
It Depends on how often you get paid- Biweekly (26 paychecks) is not the same as bimonthly (24 paychecks) The bimonthly paychecks will be larger because you are getting paid for more hours (approx 86.66), yet will still equal to 2080 hours in a year if working full time.
Asile
you work 12 hours a day 160 days? the usual standard is taking the salary and dividing it by 2080 = 52*40 Also, did you do any overtime?
Chuck
hey OP, are you an enrolled nurse by any chance?
Joker
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