As a simple baseline calculation, let"s say you take 2 weeksoff each year as unpaid vacation time. Then you would be working50 weeks of the year, and if you work a typical 40 hours a week,you have a total of 2,000 hours of work each year. In this case,you can quickly compute the hourly wage by dividing the annualsalary by 2000. Your yearly salary of $20,000 is thenequivalent to an average hourly wage of$10 per hour.
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Want to reverse the calculation?Start with the hourly wage and answer the question:10 dollars an hour is how much a year?
››What if you get 2 weeks of paid vacation,or you take no vacation time?
Now let"s consider the case where you get paid $20,000 ayear, but you get 2 weeks of paid vacation. You get the sameresult if you work all year with no vacation time. In theprevious case, we assumed 2 weeks of unpaid vacation, so yourtotal year consisted of 50 weeks. But if you get paid for 2extra weeks of vacation (at your regular hourly rate), or youactually work for those 2 extra weeks, then your total year nowconsists of 52 weeks. Assuming 40 hours a week, that equals2,080 hours in a year. Your annual salary of $20,000 wouldend up being about$9.62 per hour.››What"s the total numberof working days in 2021?
If you wanted to be even more accurate, you can count theexact number of working days this year. 2021 starts ona Friday (January 1, 2021) and ends ona Friday (December 31, 2021). It has a totalof 365 days in the year including both weekdays andweekends. There are 104 weekend days (counting everySaturday and Sunday in the year), and 261 weekdays(Monday through Friday). So if you worked a normal 8 hour dayon every weekday, and didn"t work any overtime on the weekends,you would have worked a total of 2,088 hoursover the 2021 year. You can then convertyour annual salary to an hourly wage of roughly$9.58 per hour.››What about the holidays?
Most companies give employees time off for various holidays,so that should really be included in the calculation. The problemis that different countries can vary in their national holidays,and your company may give certain days off but not others.On average, in the U.S. there are 7 major holidays: New Years Day,Memorial Day, Independence Day, Labor Day, Thanksgiving,the day after Thanksgiving (since this is always a Friday),and Christmas. Many businesses also have an additional floatingholiday that is sometimes used for Christmas Eve, New Years Eve,or one of the days near July 4th. Often this is based on whetherone of those days falls on a Tuesday or Thursday. Adding thatextra holiday can give employees an extra long weekend. Someschools can also be off on Presidents Day, and banks may havetheir own official holidays. Retail businesses often havedifferent rules for what"s considered a typical "business day".Federal holidays may include Veterans Day, Columbus Day,Martin Luther King Day, and Washington"s birthday. Of course,holidays may also fall on a weekend day, in which case you mightget the previous Friday or the following Monday off. Given allthese variations, here"s a table showing how the number ofholidays affects your hourly rate:
|$20,000 annual salary in 2021|
|# holidays||# working days||hourly rate|
|6||255||$9.80 per hour|
|7||254||$9.84 per hour|
|8||253||$9.88 per hour|
|9||252||$9.92 per hour|
|10||251||$9.96 per hour|
|11||250||$10.00 per hour|
|12||249||$10.04 per hour|
|13||248||$10.08 per hour|
|14||247||$10.12 per hour|
››How much do I make each month?
Since there are 12 months in a year, you can estimatethe average monthly earnings from your $20,000 salary as$1,666.67 per month.Of course, some months are longer than others, so this isjust a rough average. If you get paid biweekly, you may get2 checks in one month and 3 checks in another, so some calculatorslook at a month as a 4-week period, with 13 of these periods in ayear. In that case, you would be getting$1,538.46 per 4-week period.››What about each week?
Assuming 52 weeks in a year, you would make$384.62 per week.You can check how many weeks in a year to get the exact number.
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First of all, if you"re working a regular 8-hour day, thenyou can simply take any of the hourly rates listed above andmultiply it by 8 to get your daily rate. For example, ifyou worked a total of 2,000 hours in the year, then yourhourly rate is $10 which means your daily rate is$80 per day.››Find the hourly wage for a different salary
Annual Salary of $››Convert annual salary to hourly wage
londonchinatown.orgprovides a tool you can use to calculate theequivalent hourly wage based on your annual salary.You can factor in paid vacation time and holidays tofigure out the total number of working days in a year.The salary calculator will also give you information onyour weekly income and monthly totals. Remember thata full salary with benefits can include health insuranceand retirement benefits that add more value to your totalannual salary compared to similar hourly rates. You mayalso want to factor in overtime pay and the effects of anyincome taxes on your take home pay. Type in your own numbers andconvert annual salary to hourly wagefor your job to find out how much you"re worth!
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