Workout my wage

Cpu2007

Hi everyone
Apologies if this the wrong section but I'm trying to figure this out and not sure how it works.

I started a new job on the 8th of May and I get paid on the 26th of may every month.

I have used different online calculators online, each giving me slightly different results so I wanted to know how the whole salary calculation works.

Let's say I'm on a 18k annual salary. 39 hours a week.
Working out monthly salary is easy 18000/12=1500
but then how do I workout weekly salary as well as hourly/daily rate?

I am also paying student loan(pre-12)

The reason why I am asking this is because when I used various calculator, I was given a daily rate, which I multiplied by 5 days and it gave me the weekly rate(this matched the one on the calculator)
However when I multiplied the weekly rate by 4 (the rate was different than the one shown on the calculator)

I am doing this to figure out how much I should have been paid for the month of May, in which I started working on the 8th of May.

Thanks

Oakdene

Cpu2007 wrote: »

Hi everyone
Apologies if this the wrong section but I'm trying to figure this out and not sure how it works.

I started a new job on the 8th of May and I get paid on the 26th of may every month.

I have used different online calculators online, each giving me slightly different results so I wanted to know how the whole salary calculation works.

Let's say I'm on a 18k annual salary. 39 hours a week.
Working out monthly salary is easy 18000/12=1500
but then how do I workout weekly salary as well as hourly/daily rate?

I am also paying student loan(pre-12)

The reason why I am asking this is because when I used various calculator, I was given a daily rate, which I multiplied by 5 days and it gave me the weekly rate(this matched the one on the calculator)
However when I multiplied the weekly rate by 4 (the rate was different than the one shown on the calculator)

I am doing this to figure out how much I should have been paid for the month of May, in which I started working on the 8th of May.

Thanks

COuld this be because there are some months where there are 5 weeks??

[Deleted User]

Hi,

if you're paid on the same date every month, then you are paid monthly, not 4 weekly.

Cpu2007

yes but how do I workout the wage? I know my monthly wage, like I said in May I started on the 8th of May so how would I know what exactly I should be paid for a month in which I have not worked for a full month?

[Deleted User]

Hi,

so, have you already had your first wage for May?

[Deleted User]

Hi,

Cpu2007 wrote: »

However when I multiplied the weekly rate by 4 (the rate was different than the one shown on the calculator)

are you comparing the 4 weekly rate to the monthly rate?

Wookey

I would work of the number of working days in that month = full monthly salary, then take the number of days you worked as a % of that.

May had 23 working (not counting bank holidays) days (assuming you are monday to friday and your workplace take it on a month by month basis and not 26th-26th) so 1500/23 is £65.21 per day

You worked 18 of that possible 23 so 18 x £65.21 so £1173.xx, the number would vary a bit depending on the amount of working days in a month where there is non attendance/new start. If you want the hourly rate then substitute the number of days for number of hours in a working month, only really relevant if you have a shorter working day for example on a Friday.

Salary means that though and it should be looked on from the point of view that over the course of a year it will even itself out. June for example has 22 working days yet is a 30 day month, July is a 31 day month but will have 21 working days.

00ec25

Cpu2007 wrote: »

yes but how do I workout the wage? I know my monthly wage, like I said in May I started on the 8th of May so how would I know what exactly I should be paid for a month in which I have not worked for a full month?

I'll bet 99.9% will use a daily rate x number of days in first month counting from your actual start date that month.

you are salaried so you do not get paid per 5 day week, you get paid an amount per year. What you won't know until you ask your employer (or read your contract of employment) is whether they use 365 days per year or something else, for example, some use 365.25 to allow for leap years every 4th year.

Caz3121

Cpu2007 wrote: »

However when I multiplied the weekly rate by 4 (the rate was different than the one shown on the calculator)

that approach only works for 3 months every 4 years
February is the only month with 4 weeks (and not in a leap year) every other month has more than 4 weeks
annual salary / 12 = monthly
annual salary / 52 = weekly
annual salary / 52 / 39 = hourly

when you use 4 weeks for a month then that only gives you 48 weeks in a year so 4 short

00ec25

Caz3121 wrote: »

that approach only works for 3 months every 4 years
February is the only month with 4 weeks (and not in a leap year) every other month has more than 4 weeks
annual salary / 12 = monthly
annual salary / 52 = weekly
annual salary / 52 / 39 = hourly

when you use 4 weeks for a month then that only gives you 48 weeks in a year so 4 short

but I know many payroll depts who use 52.142 weeks per year, ie 365/7

the hourly rate depends on what denominator is used by that employer (or what it says in the contract of employment).

agrinnall

As 00ec25 says, you need to establish from your employer how they calculate part month payments, there are a number of different ways it can be done.