Tuesday, January 7, 2014

Figure Out Your Yearly Salary From Your Hourly (or Vice Versa)

When negotiating your salary or trying to figure out raises, comparing annual salaries with hourly ones are a needless complication. Fortunately, there's a quick and dirty way to transition between the two: $1/hour = $2000/year This formula assumes a 40-hour workweek and two weeks vacation every year. While your mileage may vary, this can help you get into a rough ballpark. If you're part time, you can adapt the formula. Just multiply $2000 by your hourly rate to get your yearly rate. Alternatively, divide your annual salary to get your hourly pay. For example: $7.25/hour * 2000 = $14,500/year $30,000/year / 2000 = $15/hour You can also adapt this formula if you're only working part-time. For example, if you work a job 32 hours a week, that equals $1600/year. Every 8 hours per week amounts to $400/year for every $1 per hour.

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