Asked by Leo
What is the formula to determine someone's annual salary given only the hourly wage?
For example, if someone works full time for $20 per hour, how much does he earn in a year?
A friend of mine told me the formula before; it's really simple. I just forgot it. Thanks!
If you consider full time as 40 hours per week at 52 weeks, then you multiply the hourly wage times 40 times 52.
Example: $20 x 40 x 52 = annual salary
Okay, I guess that's simple enough. Thank you.
And some people multiply the 40 x 52 first and remember $20/hr x 2080 =??
Then some employers don't pay for the two week vacation they give per year and they use $20 x 2000 (that is 50 weeks x 40hr/wk = 2000 hours). Somehow, though, I just never thought it was much of a vacation if the pay stopped for that two weeks.
"Somehow, though, I just never thought it was much of a vacation if the pay stopped for that two weeks."
For sure!
And then there are teachers' salaries -- an annual salary divided by 10 -- which leaves two months each year without income unless one has been a scrupulous saver or has a special arrangement with the district or something.
=)
At my university we had the option of dividing the salary by 10 or by 12 so the 12-month option was good for those who didn't have the discipline to save a part of the salary for the 10-month period for use during those lean two months.
I think the "multiply hourly wage by 2,000" is what I was looking for.
So someone who makes $20 per hour working full time makes about $20 * 2,000 = $40,000 per year.
That is true if they are on unpaid vacation for two weeks of the year. But then $20/hour x 2080 = $41,600 (see the answer by Ms Sue) which is also "about $40,000/year." I guess what is "about" in this case depends upon the view point; i.e., from the employeer's or the employee's point of view.
For example, if someone works full time for $20 per hour, how much does he earn in a year?
A friend of mine told me the formula before; it's really simple. I just forgot it. Thanks!
If you consider full time as 40 hours per week at 52 weeks, then you multiply the hourly wage times 40 times 52.
Example: $20 x 40 x 52 = annual salary
Okay, I guess that's simple enough. Thank you.
And some people multiply the 40 x 52 first and remember $20/hr x 2080 =??
Then some employers don't pay for the two week vacation they give per year and they use $20 x 2000 (that is 50 weeks x 40hr/wk = 2000 hours). Somehow, though, I just never thought it was much of a vacation if the pay stopped for that two weeks.
"Somehow, though, I just never thought it was much of a vacation if the pay stopped for that two weeks."
For sure!
And then there are teachers' salaries -- an annual salary divided by 10 -- which leaves two months each year without income unless one has been a scrupulous saver or has a special arrangement with the district or something.
=)
At my university we had the option of dividing the salary by 10 or by 12 so the 12-month option was good for those who didn't have the discipline to save a part of the salary for the 10-month period for use during those lean two months.
I think the "multiply hourly wage by 2,000" is what I was looking for.
So someone who makes $20 per hour working full time makes about $20 * 2,000 = $40,000 per year.
That is true if they are on unpaid vacation for two weeks of the year. But then $20/hour x 2080 = $41,600 (see the answer by Ms Sue) which is also "about $40,000/year." I guess what is "about" in this case depends upon the view point; i.e., from the employeer's or the employee's point of view.
Answers
Answered by
Hello
Wow you are the webmaster?!
Answered by
Evalyn Carver
Maybe he is.. :D
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.