Use your the salary to hourly wage calculator below to convert your salary into an equivalent hourly pay.
Hourly Pay Formula
This calculator uses a basic formula for estimating your hourly pay based on your salary.
First it takes 52 weeks in a year and subtracts both vacation and holidays that you do not work. This is referred to as the effective weeks of work. In other words, the amount of weeks/days that you are actual at work putting in time.
Next it divides the total salary you entered by the effective work weeks, and then divides by the number of hours you typically work a week. It’s important that the calculator takes into account how many hours you actually work as opposed to the standard 40 hour work week.
This gives you your final answer and estimated hourly pay based on your salary.
If you want to include bonus or profit sharing into the equation, simply add it to the salary field.
Salary to Hourly
Why is it important to know your hourly pay equivalent if you are a salaried employee? This is a good question, and has a multi-faceted answer.
First, no matter what field you are in, not every company pays salary or hourly. Some pay daily, weekly, or even monthly. When you’re looking for a job, or even just evaluating your current position, it’s important to understand where you stand with regards to your pay, in all aspects, in order to make the right decision for your career. This includes knowing what your weekly and daily pay is like
Second, knowing this information is important to understanding if you are being paid fairly. For instance, if you are salaried at $50,000.00, you might think this equates to roughly $25.00 an hour, and you might be pretty close with that estimate, but only if you’re working the standard 40 hour work week. If you work 55 hours a week, you are making close to $20.00 an hour, which is a huge decrease.
Lastly, you can use this information to negotiate with current and future employers. It certainly can help put things into perspective, even for employers.
The reason we made this converter is because every deserves to know where they stand as far as getting a fair wage from their employer. All to often are employees taken advantage of by their employer. This calculator can help you get a better understanding of your position and worth. Knowing your worth is something most people lack these days.
Another reason for this calculator is to help budget your expenses. Knowing your yearly salary is great, but it doesn’t exactly help plan your monthly or weekly budget. When you know how much you will be bringing in, you can correctly budget your expenses and savings.
Salary to hourly converter
Another way you can use is calculator is to try and negotiate better working hours with your employer.
A good example of this is with lawyers. You often hear about how much money lawyers make, and it is true, but that does not come without a price. Most new lawyers work up words of 60+ hours per week. If you calculate out the estimated hourly pay given their salary, it’s really not so different than many other professions.
That’s just one example, but it gives you an idea of understand how those extra hours worked not only add up on stress, but decrease your hourly rate as an employee.