Useful Tips for Finding 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. Keep reading to learn how to find your annual income.
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.
When you are calculating the total hours you work, don’t forget the overtime because you will have a different calculation since your hourly pay will be paid at one and a half times the normal rate. 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.
If you wait for your numbers to add up to know your weekly income, there is a high chance of being confused and ending up with an inaccurate figure especially if you are working for different hours every week, hence the importance of making weekly calculations. Make a list of all your income sources and be sure to include everything; the total amount you make from tips, commissions, are a part of the money you make annually and should be included.
As you can see from this guide, all you need is accurate figures that you have to put together to know how much you make in a year, and it is especially easily if you are paid by the hour and you have impeccable record keeping skills. You can now join the long list of employees who have been calculating their annual incomes for years. In summation, this guide highlights everything you need to know about calculating your annual income.
This post topic: Miscellaneous