Q:
How do I calculate how much I make an hour?
A:
Quick Answer
The hourly rate of pay is calculated by dividing the gross salary for a specific period by the number of hours worked in that same period. Gross salary is the amount earned prior to any deductions.
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Full Answer
The same formula applies whether the salary being converted is annual, monthly, bi-monthly, or weekly. For example, if an individual receives a weekly check with a gross pay of $1,200, and he worked 40 hours that week, his hourly rate is $30.00. Similarly, an individual receiving an annual gross salary of $62,400 who works 40 hours per week, or 2,080 hours annually, also makes $30.00 per hour.
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