Salary Calculations Based on Hourly Wage and Vice Versa

Quick Estimate Method

1. From Hourly to Annual Salary:
2. Double your hourly rate and add "000."

3. Example: $20/hour $40,000/year.

4. From Annual to Hourly Wage:

5. Divide annual salary in half and drop the "000."
6. Example: $60,000/year $30/hour.

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Detailed Calculations

1. From Hourly to Annual Salary:
2. Formula:
   [ {Annual Salary} = {Hourly Wage} * {Weekly Hours Worked} * 52 ]

3. Example: $20/hour for 37.5 hours/week:
   [ 20 * 37.5 * 52 = 39,000 ]

4. From Annual to Hourly Wage:

5. Formula:
   [ {Hourly Wage} = \frac{{Annual Salary}} / {{Total Annual Hours Worked}} ]
6. Total annual hours for 40 hours/week = 2,080 hours/year.
7. Example: $75,000/year:
   [ \frac{75,000}{2,080} = 36.06 \, {per hour} ]

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Table: Common Hourly to Annual Salaries

| Hourly | Weekly | Biweekly | Monthly | Annually |
|------------|------------|--------------|-------------|----------------|
| $7.25 | $290 | $580 | $1,208.33 | $14,500 |
| $10.00 | $400 | $800 | $1,666.67 | $20,000 |
| $15.00 | $600 | $1,200 | $2,500.00 | $30,000 |
| $20.00 | $800 | $1,600 | $3,333.33 | $40,000 |
| $25.00 | $1,000 | $2,000 | $4,166.67 | $50,000 |
| $30.00 | $1,200 | $2,400 | $5,000.00 | $60,000 |
| $40.00 | $1,600 | $3,200 | $6,666.67 | $80,000 |
| $50.00 | $2,000 | $4,000 | $8,333.33 | $100,000 |
| $75.00 | $3,000 | $6,000 | $12,500.00 | $150,000 |
| $100.00 | $4,000 | $8,000 | $16,666.67 | $200,000 |

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Key Notes for Accuracy

1. Hourly Wage Considerations:

2. Exclude unpaid lunch breaks. Adjust hours accordingly (e.g., 37.5 hours/week instead of 40).

3. Annual Salary Considerations:

4. For irregular hours, calculate total annual hours first.

5. Precision Adjustments:

6. Divide salary by 2,080 for 40 hours/week or 1,950 for 37.5 hours/week.

This method is helpful for budgeting and financial planning!

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