How do you calculate your yearly salary?

[StageLeft]

Originally posted by: dquan97
Did you know the regular work week in France is only 1459hrs per year? (Source: Business Week)

French are fvcking pathetic. My brother is there now and says they close down retaurants for like 2 hours so they can eat lunch. I suppose their priorities are different, but I think their unemployment is pretty high and obviously the average person isn't going to have a heck of a lot of money if they work that little.

 

[Viper GTS]

Allow me to rephrase that for the salaried/commission/self employed folks out there.

Real HOURLY jobs pay holiday pay for holidays.

That better?



Viper GTS

 

[StageLeft]

Originally posted by: Electric Amish

Originally posted by: minendo

Originally posted by: Viper GTS

Originally posted by: Electric Amish
Hourly wage X 2080

2080= total hours of full time work in a year.

Simple and correct.

Use it.

Viper GTS

What about unpaid holidays?

What's an "unpaid holiday"??

AKA unemployment.

 

[vi edit]

What's an "unpaid holiday"??

I would take it to mean that you have the day off, but aren't paid for it. Although this wouldn't be true for a salaried person though, just hourly....in most cases.

 

[Electric Amish]

Originally posted by: vi_edit

What's an "unpaid holiday"??

I would take it to mean that you have the day off, but aren't paid for it. Although this wouldn't be true for a salaried person though, just hourly....in most cases.

Why would people have a mandatory day off?

I'm either at work or it's a Weekend/Holiday/Vacation/Sick-day.

 

[BornStar]

I work at a bank and we have days where we're closed. I suppose if I really wanted to I could go in and work on the server room but in most cases, I'd rather stay home and just not get paid.

 

[Electric Amish]

Originally posted by: BornStar18
I work at a bank and we have days where we're closed. I suppose if I really wanted to I could go in and work on the server room but in most cases, I'd rather stay home and just not get paid.

I've never heard of a business being closed and the employees not being paid for it.

 

[Viper GTS]

Originally posted by: Electric Amish

Originally posted by: vi_edit

What's an "unpaid holiday"??

I would take it to mean that you have the day off, but aren't paid for it. Although this wouldn't be true for a salaried person though, just hourly....in most cases.

Why would people have a mandatory day off?

I'm either at work or it's a Weekend/Holiday/Vacation/Sick-day.

Umm... If the business is closed on that day?

Viper GTS

 

[BornStar]

Originally posted by: Electric Amish

Originally posted by: BornStar18
I work at a bank and we have days where we're closed. I suppose if I really wanted to I could go in and work on the server room but in most cases, I'd rather stay home and just not get paid.

I've never heard of a business being closed and the employees not being paid for it.

I guess it sort of depends on the situation. I'm only an intern there so I guess I don't accumulate enough hours throughout the year to get paid vacation however the tellers don't get paid. I know that for a fact. They have a lot of full time tellers too. I just never thought it was that uncommon.

edit: to!=too
edit2: darn it, 0!=o

 

[Viper GTS]

Originally posted by: Electric Amish

Originally posted by: BornStar18
I work at a bank and we have days where we're closed. I suppose if I really wanted to I could go in and work on the server room but in most cases, I'd rather stay home and just not get paid.

I've never heard of a business being closed and the employees not being paid for it.

How could you NOT hear of that? It's SOP in most low wage/high turnover jobs.

You're not there, you don't get paid. Simple as that.

Same thing with calling in sick if you don't have paid time off/vacation.

Viper GTS

 

[Cyberian]

Originally posted by: dquan97
Did you know the regular work week in France is only 1459hrs per year? (Source: Business Week)

Unless it's changed recently, commercial airline pilots are only allowed to have 1000 hours of flight time in a year. Co-pilots, Flight Engineers and Navigators all used to come under the same FAA regulation.

 

[StageLeft]

"The French would rather eat and make love with their faces"

 

[StageLeft]

Originally posted by: Cyberian

Originally posted by: dquan97
Did you know the regular work week in France is only 1459hrs per year? (Source: Business Week)

Unless it's changed recently, commercial airline pilots are only allowed to have 1000 hours of flight time in a year. Co-pilots, Flight Engineers and Navigators all used to come under the same FAA regulation.

That's because they have a high stress and high responsibility job and need to be well rested for it. The average person is EASILY capable of 2080 hours/year and then some.

Course with a persistent national unemployment rate of 12% (wow!) I gues they don't want too few people to do all the labor

 

[Electric Amish]

Originally posted by: Viper GTS

Originally posted by: Electric Amish

Originally posted by: BornStar18
I work at a bank and we have days where we're closed. I suppose if I really wanted to I could go in and work on the server room but in most cases, I'd rather stay home and just not get paid.

I've never heard of a business being closed and the employees not being paid for it.

How could you NOT hear of that? It's SOP in most low wage/high turnover jobs.

You're not there, you don't get paid. Simple as that.

Same thing with calling in sick if you don't have paid time off/vacation.

Viper GTS

Yeah, I understand calling in sick w/o sick leave/vacation, but you can't calculate that into future salary calculations.

Umm... If the business is closed on that day?

At the places I've worked, the only reason the business closed was for a weekend, where of course you don't get paid, or a holiday, where you are paid.

 

[CPA]

Mine is

annual salary + bonus + exercised stock options

 

[Vic]

The proper bank underwriting calculation is hourly wage * 40 * 50 = annual income / 12 = monthly income

For example: at $20 per hour -- $20 * 40 * 50 = $40,000 / 12 = $3,333.33

 

[Electric Amish]

Originally posted by: Vic
The proper bank underwriting calculation is hourly wage * 40 * 50 = annual income / 12 = monthly income

For example: at $20 per hour -- $20 * 40 * 50 = $40,000 / 12 = $3,333.33

So they bust you for 2 weeks of pay??

 

[RossMAN]

Originally posted by: BornStar18
I work at a bank and we have days where we're closed. I suppose if I really wanted to I could go in and work on the server room but in most cases, I'd rather stay home and just not get paid.

I also work at a bank, I thought one of the perks was great benefits?

I dunno about you but I get ALL legal holidays off paid.

 

[BornStar]

Originally posted by: RossMAN

Originally posted by: BornStar18
I work at a bank and we have days where we're closed. I suppose if I really wanted to I could go in and work on the server room but in most cases, I'd rather stay home and just not get paid.

I also work at a bank, I thought one of the perks was great benefits?

I dunno about you but I get ALL legal holidays off paid.

Great benefits, eh? I suppose if you think free checks is a great benefit. What am I saying, you think free anything is a great benefit.

 

[StageLeft]

Originally posted by: Electric Amish

Originally posted by: Vic
The proper bank underwriting calculation is hourly wage * 40 * 50 = annual income / 12 = monthly income

For example: at $20 per hour -- $20 * 40 * 50 = $40,000 / 12 = $3,333.33

So they bust you for 2 weeks of pay??

They'll bust your punk ass!!

 

[freegeeks]

Originally posted by: Skoorb

Originally posted by: dquan97
Did you know the regular work week in France is only 1459hrs per year? (Source: Business Week)

French are fvcking pathetic. My brother is there now and says they close down retaurants for like 2 hours so they can eat lunch. I suppose their priorities are different, but I think their unemployment is pretty high and obviously the average person isn't going to have a heck of a lot of money if they work that little.

 

[tigerbait]

Originally posted by: Electric Amish

Originally posted by: minendo

Originally posted by: Viper GTS

Originally posted by: Electric Amish
Hourly wage X 2080

2080= total hours of full time work in a year.

Simple and correct.

Use it.

Viper GTS

What about unpaid holidays?

What's an "unpaid holiday"??

for me, Mardi Gras is an unpaid holiday. I can't get to the office because the streets are closed (and I'd be drunk anyway), but since my company is national and not just New Orleans, they don't give us a paid holiday because then they'd have to give out an extra holiday to the rest of the offices

 

[dquan97]

Originally posted by: Skoorb

Originally posted by: dquan97
Did you know the regular work week in France is only 1459hrs per year? (Source: Business Week)

French are fvcking pathetic. My brother is there now and says they close down retaurants for like 2 hours so they can eat lunch. I suppose their priorities are different, but I think their unemployment is pretty high and obviously the average person isn't going to have a heck of a lot of money if they work that little.

"Staff shortages in hospitals and nursing hones due to the 35-hour week was a key reason August's heat wave killed 14,000 in France" (Business Week)

 

[dxkj]

Originally posted by: Electric Amish

Originally posted by: BornStar18
I work at a bank and we have days where we're closed. I suppose if I really wanted to I could go in and work on the server room but in most cases, I'd rather stay home and just not get paid.

I've never heard of a business being closed and the employees not being paid for it.

It happens all the time.

 

[Vic]

Originally posted by: Electric Amish

Originally posted by: Vic
The proper bank underwriting calculation is hourly wage * 40 * 50 = annual income / 12 = monthly income

For example: at $20 per hour -- $20 * 40 * 50 = $40,000 / 12 = $3,333.33

So they bust you for 2 weeks of pay??

That calculation is used if only the hourly wage is known (which would be uncommon but could happen say in the event of a recent college graduate). If vacation pay (the extra 2 weeks) is known and is considered "likely to continue", then it is included. If the customer is on a monthly salary, then they use that. If they're like me and on straight commission, then they use the year-to-date average against last year's W-2's and tax returns.
As most people get overtime or vacation pay, the usual way is simply to use the year-to-date average then average that against last year's W-2's.
For example: a customer gives me a paystub dated 10/15 showing a year-to-date gross of $31,666.64 and a 2002 W-2 showing $36,000 in box 3 (let's say they got a raise from $18/hour the beginning of the year). I divide that by 9.5 (number of months up until that pay date) which gets me $3,333.33 as a year-to-date monthly average, then I take their last year's YTD monthly average of $3,000, add the 2, divide by 2, and the income used for qualifying is $3,166.67.
That is standard Fannie/Freddie guidelines for wage-earners. Any questions?