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The Best Way to Work Out Wage Slips

Date posted: July 12th, 2013

The best ways in which to get on top of your finances is to know what your annual salary. How to calculate this will be determined by how you are paid whether that be an hourly basis or fixed salary.

To calculate this when you get paid hourly you should try to follow these steps. Multiple your gross hourly pay rate (pay without deductions) with the number of hours that you work.

Then you should multiply the outcome (weekly salary) by the number of weeks for which you get paid for each year. This will give you the result of the gross annual salary.

Just repeat this for every job that you do to work out the amount you are bringing in each yeah and from which job. Add all the results up from all the jobs and this will give you your total gross annual salary for which you bring in each year obviously before deductions.

Now to calculate the salary for fixed pay workers, at first you should calculate the frequency for with you are paid. Some employees with a fixed salary are generally paid weekly so this means they get paid 52 times a year, bi weekly 26 times a year or monthly 12 times a year.

Then you should now calculate the gross pay per period by the number of weeks you get paid for like determined in step 1 either monthly, weekly or bi weekly. After this you should have acquired your gross annual salary this should be the set amount that you get.

Here are some tips that will help you to work out things more easily in less time:

Usually your gross annual salary is the amount you are paid before you actually get taxed and have to pay anything else from the bank etc. this is something that you have to keep in mind so that you are not questioning about your salary, it is normal for it to be higher than your actual net or “take home” annual salary.

As I mentioned before your annual salary is your annual wage at the end, this is what you take home and get paid after all of the taxes and other benefits have been deducted. Also known as your spendable salary. You can calculate you take home annual salary by following the same steps as before but by substituting your net hourly wage or net hourly salary per pay period.

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Friday, July 12th, 2013 Uncategorized