Tip to work out your Annual salary when you are paid an hourly rate of pay

Stylehutz

Just thought I would share a very simple tip on how to work out your annual salary if you are paid at an hourly rate and are working full time. This is very useful for agency staff,many of whom are hourly paid..........So here goes.

Based on working a 38 to 38.5 hour working week, just double your hourly rate of pay and stick a 1000 on the end of it....

So £6.50 = £13,000 per annum
£8.50= £17,000 per annum
£11.00= £22,000 per annum
£25.00= £50,000 per annum.

These calculations work out very close to the above figures if you do a 38 to 38.5 hours a week. If you work 35 it will be a bit less then the above and 40 hours a bit more.

LadyMissA

Easier way just times rate by hours worked each week and times by 52

CCFC_80

LadyMissA wrote: »

Easier way just times rate by hours worked each week and times by 52

Have to get the calculator out though for your way
Not as easy as simply just doubling your hourly rate of pay in your head .It looks much easier:)

hcb42

I just multiply by 2080 as never had less than a 40 hour contract in years. (well not true, would just read the contract!!)

LadyMissA

CCFC_80 wrote: »

Have to get the calculator out though for your way
Not as easy as simply just doubling your hourly rate of pay in your head .It looks much easier:)

At least it will be correct to the £1

LadyMissA

I think it's wise to get a calculator as the OP says ' If you work 35 it will be a bit less' where in fact it's a lot less.

My last hourly rate was £13.42 but a salary of £24,400 and this calculation makes it £26420 - but it's not a bit less, but a lot less

CCFC_80

LadyMissA wrote: »

I think it's wise to get a calculator as the OP says ' If you work 35 it will be a bit less' where in fact it's a lot less.

My last hourly rate was £13.42 but a salary of £24,400 and this calculation makes it £26420 - but it's not a bit less, but a lot less

Depends on what your hourly rate is, with NMW it certainly would only be a bit less and hardly noticeable, if your on 25k a year it might appear a lot less. OP appears to state it was based on an average 38 hour week so working 35 it maybe noticeable

My recent hourly rate of £9.50 per hour based on a 37 and a half hour week is not far out from The OP's calculations.

LadyMissA

CCFC_80 wrote: »

Depends on what your hourly rate is, with NMW it certainly would only be a bit less and hardly noticeable, if your on 25k a year it might appear a lot less. OP appears to state it was based on an average 38 hour week so working 35 it maybe noticeable

My recent hourly rate of £9.50 per hour based on a 37 and a half hour week is not far out from The OP's calculations.

Like I said on £13.42 a hour it is a lot less for a 35 hour week not a bit less as stated

Emmzi

I find this massively depressing. It's basic junior school multiplication, shouldn't need a short cut! Must be getting old.

CCFC_80

Emmzi wrote: »

I find this massively depressing. It's basic junior school multiplication, shouldn't need a short cut! Must be getting old.

Agree with you a case of knowing your two times table, unless of course anyone needs a calculator for that.:)

hcb42

Emmzi wrote: »

I find this massively depressing. It's basic junior school multiplication, shouldn't need a short cut! Must be getting old.

i agree could have worked it out quicker, never understood these funny shortcuts people have...