Everything You Should Know About Finding Annual Income
All everyone wants to do after college is to find a job that can help them meet their daily needs and support their loved ones as highlighted on this website, without knowing how much they may be making annually. But it is good to have an idea of how much money you make in a single year and this information can be beneficial in more ways than you imagine. 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. Once you have obtained this information from your paystub or the human resource department, you can then determine your annual employment income; multiple by your hourly wage by the number of hours you work in a week, and then by fifty-two the number of weeks in a year.
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. Another factor that will determine your total annual income is the number of hours you in a work for those that work different hours each week; if you work for twenty hours on some weeks and thirty or more on others, you have to make the calculations differently and keep track of each for the entire year.
The easiest way to do this is to write down the number of hours you work each week, get the total and use that number to find your income for that 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. Even if you don’t know how to calculate how much you make in a year or have never thought about, now is the time to take control of your finances and never lose track of your total income. You can find out your annual income with the help of these tips.