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Hourly Paycheck Formula:
Hourly = Annual / Weeks Per Year / Hours Per Week
Two Week = Hourly * Hours Per Week * 2
Monthly = Two Week * 2
Annual = Hourly * Hours Per Week * Weeks Per Year
Hourly Paycheck Definition
How much money do you really make a year? Your tax returns will tell you how much landed in your bank account, but it won’t tell you how much your time is actually worth. For that, you need an hourly paycheck calculator.
This useful algorithm allows you to put in your salary or paycheck information and the time you spend working to discover just how much money you make when you are behind the desk. What you discover can give you important insight into the value of your work. When you’re done, you may find it necessary to move on to greener pastures where you earn more money for the amount of work that you put in.
1. Enter Your Hourly Wage or Salary Information
To begin, gather your pay stubs or pay information. Enter your hourly wage or annual income into the available spaces. When entering your information, you have two options: enter the amount of pay you receive before taxes or the amount of pay you receive after taxes.
Before tax wages are a good tool to use when you are comparing one (or more) job against another. The hourly wage comparisons can show you what the real wage of a salary job is compared to an hourly one. For example, consider a job that earns you $30,000 a year. Should you take that over a job that pays $10 per hour? Using the hourly wage calculator will help you make comparative decisions and choose the job that earns you the highest salary for your time.
After tax wages are a better tool for discovering how much you make now. You took the job understanding that you make $20 per hour or $30,000 per year. But what your take home is often quite different. Only by entering a salary minus taxes or withholdings can you determine exactly how much goes into your bank account in exchange for every hour that you work.
2. Enter Your Average Hours Worked Per Week
Most people just assume that they work around eight hours a day. You clock in at 9am and clock out at 5:30pm after a half hour lunch. But real life work is rarely that cut and dry. Here are several factors that can affect the amount of hours that you work per week.
The Working Lunch: Officially, you take an hour or a half-hour for lunch. Unofficially, many salary workers spend their lunch hours working and eating. And when you’re calculating your real wage, those hours count.
Commute Time: When you’re travelling to work, you’re not necessarily working. But you are giving time to your job. A 2 hour total commute is two extra hours that you’re taking away from your family and your personal time. When you’re comparing jobs or considering whether to make a career move, incorporating commute time can put the time you’re giving up into eye-opening perspective.
Overtime: For salaried workers, calculating overtime is an important part of discovering their real wage. If you’re really working 11 hours per day on average, you earn a different hourly wage than someone with the same salary who only works 8 hours per day.
Once you enter your before or after tax salary and your real weekly hours into the calculator, you now know what your time is really worth. When you take an extra-long lunch break or take on more projects you can make real time calculations. With this up to the minute information, you can take control over your finances and steer your life in the direction you need it to go.
Let's be honest - sometimes the best hourly paycheck calculator is the one that is easy to use and doesn't require us to even know what the hourly paycheck formula is in the first place! But if you want to know the exact formula for calculating hourly paycheck then please check out the "Formula" box above.
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You can get a free online hourly paycheck calculator for your website and you don't even have to download the hourly paycheck calculator - you can just copy and paste! The hourly paycheck calculator exactly as you see it above is 100% free for you to use. If you want to customize the colors, size, and more to better fit your site, then pricing starts at just $29.99 for a one time purchase. Click the "Customize" button above to learn more!