Figuring out my dollar per hour wage

[Dritnul]

Originally posted by: d33pt
the magic number to divide it by is 2080.

doesnt account for holidays though

 

[sygyzy]

I second the coment that I hope your internship does not involve math.

 

[montanafan]

If you want to know exactly what you'll be getting, wouldn't you have to figure in the percentage of taxes and other withholdings as well? Or do you just want the gross?

 

[esun]

Yeesh, does it really matter? Divide by 2080 to get an estimate. You'll find out your hourly wage soon enough (your paycheck will probably indicate number of hours worked and your hourly wage).

 

[paulw86]

Your hourly wage based on a cycle of four years:

One year has 52 weeks and 1.25 days
Days you get paid = (52 weeks multiplied by 7 days minus American holidays) plus/minus 1.25 = Y
Your hourly rate = $XXXXX divided by Y, then divided by 8

 

[Ktulu]

www.paycheckcity.com

 

[PurdueRy]

Originally posted by: sygyzy
I second the coment that I hope your internship does not involve math.

The question here is not how to figure out the math, its do I include holidays or not. Now shut the fvck up

 

[Injury]

Originally posted by: axelfox

Originally posted by: PurdueRy
Ok, so I got hired for an internship and they wrote up a contract yadadada for $XXXXX per year.

Because I am an intern, we do not get paid for holidays/vacation or benefits. We do, however, get paid on an hourly basis. So, if I wanted to find that hourly wage, would I divide by 260, the number of weekdays in the year or by that amount minus the vacation days(247 or so)?

😕

It's not that hard of a concept to grasp.

The idea is that you will work an exact amount of hours in a week for an exact amount of pay. With me so far? Let's do some math.

If you work at $10/hr (for simplicity's sake.), and on a normal 5 day business week you work your exact 40 hours... then you make $400. So far so good.

What happens next week when there is a holiday? If you are salary, you still make $400 in that week, despite the fact that you are only working 4 days.

Since he is not getting paid holidays, this is not the case. Instead, it will be a 4 day work week instead of 5, and the pay will be $320, instead of $400. I must reiterate that if this was a true salary job, it would be 40 hours, $400... despite the holiday.

The purpose of figuring out the hourly rate is to know how much you are going to make on the weeks that there are holidays.

Thus, the answer to OP's question is No, you do not include holidays. They do not pay you for them, so you do not include them as work days.

The answer to all of the "😕" people's questions is that they give him an amount that he will make in the year, and he wants to know how much to expect on any week of the year, whether it be for budgeting purposes, or just for the sake of knowing.

The purpose of the company labelling it as a salary position is to avoid overtime or to keep the intern at a set number of hours a week. In most states you must pay out overtime to employees working over 40 hours a week, unless they are salaried. Simple as that.

 

[PurdueRy]

Originally posted by: Injury

Originally posted by: axelfox

Originally posted by: PurdueRy
Ok, so I got hired for an internship and they wrote up a contract yadadada for $XXXXX per year.

Because I am an intern, we do not get paid for holidays/vacation or benefits. We do, however, get paid on an hourly basis. So, if I wanted to find that hourly wage, would I divide by 260, the number of weekdays in the year or by that amount minus the vacation days(247 or so)?

😕

It's not that hard of a concept to grasp.

The idea is that you will work an exact amount of hours in a week for an exact amount of pay. With me so far? Let's do some math.

If you work at $10/hr (for simplicity's sake.), and on a normal 5 day business week you work your exact 40 hours... then you make $400. So far so good.

What happens next week when there is a holiday? If you are salary, you still make $400 in that week, despite the fact that you are only working 4 days.

Since he is not getting paid holidays, this is not the case. Instead, it will be a 4 day work week instead of 5, and the pay will be $320, instead of $400. I must reiterate that if this was a true salary job, it would be 40 hours, $400... despite the holiday.

The purpose of figuring out the hourly rate is to know how much you are going to make on the weeks that there are holidays.

Thus, the answer to OP's question is No, you do not include holidays. They do not pay you for them, so you do not include them as work days.

The answer to all of the "😕" people's questions is that they give him an amount that he will make in the year, and he wants to know how much to expect on any week of the year, whether it be for budgeting purposes, or just for the sake of knowing.

Ok once we got beyond all the sarcastic math I think you hit on what I Am asking for. So you are saying I WOULD subtract the holidays from the total days worked?

 

[Injury]

Originally posted by: PurdueRy
Ok once we got beyond all the sarcastic math I think you hit on what I Am asking for. So you are saying I WOULD subtract the holidays from the total days worked?

Yes, because you are not being paid for them and you are not working during them. They are technically not business days. It's just like how you don't add in the hours that you are at home, because you aren't getting paid for that.

Basically, the thing you just have to realize is that you are getting paid for a set number of hours daily, not weekly. If you have 8 hour work days, then you would take:

(Salary / number of work days)/ 8 hours = rate per hour.

By all means, you are an hourly worker. The employer just gives it the impresion that it is salary to avoid paying you more in a week than they have to. If you call off sick one day, then your "salary" will decrease, as your employer will only pay for what you work.


(The sarcastic math was for the people that don't understand why you are asking or the salary but paid hourly thing. 🙂 )

 

[PurdueRy]

Originally posted by: Injury

Originally posted by: PurdueRy
Ok once we got beyond all the sarcastic math I think you hit on what I Am asking for. So you are saying I WOULD subtract the holidays from the total days worked?

Yes, because you are not being paid for them and you are not working during them. They are technically not business days. It's just like how you don't add in the hours that you are at home, because you aren't getting paid for that.

Basically, the thing you just have to realize is that you are getting paid for a set number of hours daily, not weekly. If you have 8 hour work days, then you would take:

(Salary / number of work days)/ 8 hours = rate per hour.

By all means, you are an hourly worker. The employer just gives it the impresion that it is salary to avoid paying you more in a week than they have to. If you call off sick one day, then your "salary" will decrease, as your employer will only pay for what you work.


(The sarcastic math was for the people that don't understand why you are asking or the salary but paid hourly thing. 🙂 )

Thanks 🙂. Actually we can get overtime if we want. I have no idea why they gave me salary initially...

But yea, that's what I thought but some other people say that you get screwed as an intern with holidays and they count them in the $$/hour and they don't pay for the day. But then I asked, wouldn't they not be fulfilling their contract to pay me XXXXX amount of dollars a year?

So that's why I asked. I am glad you are one of the few ATOTers that can handle the complexity of the question 😛 🙂