An hourly pay rate is the result of dividing annual salary by the number of annual hours, according to Intuit. Tools on the Calculators.org and Fox Business websites perform these calculations automatically with some user input.Continue Reading
Full-time employees work about 2,000 hours per year, according to Forbes. Calculators.org notes that 40 hours per week times 52 weeks per year equals 2,080 hours, which means 2,000 hours annually assumes two weeks off per year. Hourly rates can be calculated by dividing annual salary by 2,000 for a 50-week year or 2,080 for a 52-week year. A salary of $50,000 is roughly equivalent to an hourly rate of $25, according to Calculators.org.
The U.S. Bureau of Labor Statistics publishes hourly wage rates for various industries periodically. In the report for June 2015, the lowest paid sector of employees on private non-farm payrolls was the leisure and hospitality industry with an hourly rate of $14.28. The utilities industry reported the highest wages at an hourly rate of $36.79. Wages in both industries were down slightly from the previous month, but higher than the June 2014 rates. Other high-paying industries include mining, financial activities and information technology. The retail trade is the second lowest-paying industry after leisure and hospitality.Learn more about Financial Calculations