A Simple Guide on How to Find your Annual Income
The total amount of money you make or will make in a year is one of the last things on your mind because all you want is to find a job now! If you don’t have an idea of how much you are making in a year, you are not the only one, but it is time to change that now. If you are among the millions of people who are oblivious to the money they make in a year, this site is here to help you. For tips on how to find your annual income, view here.
You cannot find out your annual income if you don’t know how much money you are making in an hourly; your hourly rate, which is usually listed on the paystub is the first piece of information you need. Calculating annual income is usually easier than you think provided you have an accurate hourly wage; first you have to know how much you make in a week by multiplying the wage by the number of working hours, then by a number that represents workweeks in a year which is usually fifty-two.
For someone who works overtime, the calculation of the annual income is a bit different because you have to factor in the additional payment; your payment is usually one and a half times or double on holidays. If you have a work schedule that is not the same every week and some weeks, you have to do te above calculations weekly, and keep your records to be used at the end of the year.
It can be a bit challenging calculating annual income if you are on different work schedules, however, it is possible if you keep a clean record of the number of hours you are working each it and calculating the total at the end of each week. Finding annual salary figure means adding all the money you earn while at work including the bonuses; if you are in a position where you earn incentive payments, commissions, and tips among others, they should all go into the calculation.
One thing you should know that calculating your annual income is not as difficult as you think; provided you have accurate working hours and you know the total amount you earn hourly, you can calculate your weekly, monthly, and yearly income without any difficulties. It is no longer someone else responsibility to figure out how much you make in a year especially if you know how to go about the calculations. Be sure to include the tips discussed above to come up with an accurate figure of your annual income.