Confused on how to calculate my salary

[Elite Engineer]

NOTE: This is NOT my actual salary, just an example.

 

So, say you're paid bi-weekly. $1,000/week = $2,000 per paid period. = $4,0000/month.

 

You would think you just multiply $4,000 * 12 = $48,0000/ year...right?

 

But if you're paid $1,000/week...wouldn't you calculate it as $1,000 * 52 weeks = $52,000/ year?

 

~EE

 

[hypervalent_iodine]

I would assume you're second calculation would be the correct one given that there is rarely exactly 4 weeks in a month.

Edit: that's how it would be calculated here, anyway. Your annual salary is divided by pay frequency. In Australia and NZ it is rare for anyone to be paid on a monthly basis, and things like rent are expected weekly or more commonly, fortnightly.

[Sriman Dutta]

You can calculate the amount paid per day and find the amount paid in a year as-

 

$1000 per week. So, $(1000/7) per day.

So, in a year, you get = $(1000/7 *365) = $52142.86

[koti]

Unless your'e getting payed in cash, you can look at your yearly bank statement and that will be your most accurate salary calculation.

[DrmDoc]

NOTE: This is NOT my actual salary, just an example.

 

So, say you're paid bi-weekly. $1,000/week = $2,000 per paid period. = $4,0000/month.

 

You would think you just multiply $4,000 * 12 = $48,0000/ year...right?

 

But if you're paid $1,000/week...wouldn't you calculate it as $1,000 * 52 weeks = $52,000/ year?

 

~EE

 

There are 26 bi-weekly pay periods per calendar year (12 months), which calculates as $2,000/bi-weekly (@$1,000/week) and totals $52,000/year. However, if you are actually receiving pay semi-monthly, ​in which there are only 24 pay periods per calendar year, your salary is actually $48,000/year. Recipients of semi-monthly pay experience just two pay periods per month regardless of the number of weeks or days per month. However, bi-weekly pay recipients receive pay every two weeks regardless of pay periods that overlay or encompass separate months or years . I hope this helps.

Edited December 16, 2016 by DrmDoc