Did you know that the average person makes $48,672 per year? If you are like most people out there you might have zero idea about how much money you make every single year. We are here to help you out if you are part of those people that do not know.
Keep reading to learn how to find your annual income.
1. What Is Your Hourly Wage?
The first thing you have to do is figure out how much you make per hour. If you aren’t sure of how much your hourly rate is then you can check your paystub because it should be listed on there.
If you are not sure you can also ask your human resources department or your manager.
2. Total Hours You Work
Next, you have to figure out how many hours you work every single week and take those hours and multiply it by your hourly wage and then multiply by the number of weeks in a year (52).
For example, if you work 30 hours every week and make $15 per hour, multiply 30 X $15 to figure out how much your weekly pay is. Then take that total and multiply it by 52 which is the number of weeks in a year.
Do not forget if you work overtime you will have a different calculation because your hourly pay will usually be paid at 1 1/2 times or as double time for holidays. For those employees that work for someone that does not make check stubs for them, you can use our step by step calculations and figure it out for yourself.
3. Working Different Hours Each Week
If your schedule is not the same every week and some weeks you work 20 hours and some you work 40 hours, you will have to do the above calculations every week and keep track of it on something like a spreadsheet. The easiest way to not get confused or lose track is to do it every week to make your life easier.
At the end of each week write down the number of hours you work and then calculate your total hours and your total income that week.
You do not want to forget to include extras such as bonuses. If you are in a position where you earn commissions, tips, bonuses, or incentive payments you want to make sure you add those to your annual salary figure.
For example, some employers offer holiday bonuses of around $100 or $200 so make sure that you add this to your total salary that you figure out.
Now You Know How to Find Your Annual Income
As you can see learning how to find your annual income is not so difficult. Now you can stay on top of your salary and never lose track of how much you make on a yearly basis ever again.
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