The total amount of money you make or will make in a year is one of the last things on your mind because all you want is to find a job now! With an average person known to make about forty-eight thousand dollars annually, your should make it your business to know how much you are working for annually. If you are among the millions of people who are oblivious to the money they make in a year, this site is here to help you. Keep reading to learn how to find your annual income.
You cannot find out your annual income if you don’t know how much money you are making in an hourly; your hourly rate, which is usually listed on the paystub is the first piece of information you need. Once you have obtained this information from your paystub or the human resource department, you can then determine your annual employment income; multiple by your hourly wage by the number of hours you work in a week, and then by fifty-two the number of weeks in a year.
For someone who works overtime, the calculation of the annual income is a bit different because you have to factor in the additional payment; your payment is usually one and a half times or double on holidays. For someone who is working for the same number of weeks, calculating annual income is usually easy and straightforward, however, if you are working different hours each week, the trick is to do the calculations weekly to avoid being confused.
If you wait for your numbers to add up to know your weekly income, there is a high chance of being confused and ending up with an inaccurate figure especially if you are working for different hours every week, hence the importance of making weekly calculations. Another tip to coming up with a accurate figure when calculating annual income is including the extras; things like bonuses, tips, and commissions you get while at work should be included in the calculations
As you can see from this guide, all you need is accurate figures that you have to put together to know how much you make in a year, and it is especially easily if you are paid by the hour and you have impeccable record keeping skills. It is no longer someone else responsibility to figure out how much you make in a year especially if you know how to go about the calculations. In summation, this guide highlights everything you need to know about calculating your annual income.
This post topic: Miscellaneous