How much do you make a year? You may be wondering this if you work for an hourly wage. How do your biweekly paychecks compare to an annual salary? Fill out the calculator below, and it will estimate how much money you earn yearly.
The amount of money that you make each year is commonly known as an annual salary. Workers under many professions are hired under a fixed salary amount, so they know how much money they make per year, sometimes regardless of the amount of hours that they work. Many other professions are not assigned a yearly salary, but are instead paid a fixed amount for each hour that they work. These jobs are hourly wage earners. The calculator above will help you if you work for an hourly pay rate, but would like to compare what you earn to an annual salary.
It should also be taken into account when estimating how much you make a year from your hourly wage, that the United States, as well as certain other jurisdictions, requires that employers pay a special higher rate, called overtime, for hours worked beyond what is considered a typical work week. The Fair Labor Standards Act of the US Department of Labor mandates that employees be paid an overtime rate of at least ‘time and a half’ or 1.5 times their regular wage, for every hour worked beyond forty hours in one week. The above calculator uses a simpler method that does not factor in additional overtime pay for hours worked past a full work week.