Wages and Salary calculator uses hourly rate, weekly payout, monthly of yearly earnings to calculate yearly, monthly, daily and hourly salaries. In other words, it helps us to determine our wage or salary, depending on the given period.
It is necessary to follow the next steps:
Wages is a fixed regular payment regularly paid on daily or weakly basis. This term is generally more related with unskilled workers or freelancers.
Salary is a fixed regular payment regularly paid on monthly or yearly basis. This term is generally more related with professional workers.
Salary is one of the most crucial factors in choosing a job position. Earnings can be presented as annual salary, monthly salary, weekly salary, daily salary and hourly rate.
Wages and salary calculator is very useful in comparing job offers where the amount of money employers offer is expressed in various periods. To compare all offers we should convert these amounts so they all fit the same period.
For the simplicity, we assume that the work week has $40$ hours, a year has $52$ weeks, and one month is one twelfth of a year.
Let us follow the example below to see how this calculator performs it's calculations for particular salaries. The earnings calculator shows the calculation for finding the annual salary, daily salary, hourly rate for monthly salary of $20,000$ by working $40$ hours a week.
Have in mind that full-time employees have some other benefits, such as healthcare insurance, payroll taxes, unemployment tax, employer-contributed retirement plans, paid holiday or vacation days, bonuses, etc. It is important to consider these benefits as well as the salary offered when choosing between jobs. This calculator can help to weigh out all jobs offers. On the other hand, freelancers provide their own rates which can be hourly, daily, or weekly, etc. They generally do not have benefits such as paid time off, cheaper health insurance, or any other monetary perks typically associated with full-time employment.
Practice Problem 1 :
Michael is a police officer earning $\$79,500$ per year. Find Michael's daily salary.
Practice Problem 2 :
Ann is a waitress at an Indian restaurant. She is paid $\$11.80$ per hour. If she works $21$ hours per week, find Ann's weekly wage.
The wages and salary calculator, example calculation, real world problems and practice problems would be very useful for employees to break up the details of earnings in various periods, especially if they are interested in working during holidays.