This gross pay calculator can estimate your gross pay by considering your straight labor hours and their rate, double and overtime hours worked with their pay. There is more information on this subject, below the tool.
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How does this gross pay calculator work?
This financial application might come in handy when trying to estimate your next gross pay by taking account of:
- Your regular hours worked and their quote;
- Overtime hours and their rate. Usually these hours are considered to be extra time after the limit of the 40 working hours per week, but that depends from employer to employer and from country to another. Regarding the overtime hourly pay is usually set to 1.5 from regular rate, but may vary from one entity to another.
- Double time and their rate which is usually 2* regular pay.
- Any occasional bonuses where applicable.
The algorithm behind this gross pay calculator is based on the formulas as explained below:
- Regular gross pay = No. of regular hours * Regular rate per hour
- Overtime gross pay = No. of overtime hours * Overtime rate per hour
- Double time gross pay = No. of double hours * Double rate per hour
- Total gross pay = Regular gross pay + Overtime gross pay + Double time gross pay
Example of a calculation
Let’s assume an individual works:
- Regular time: 160 hours paid $15/hour.
- Overtime: 25 hours paid $22.5/hour.
- Double time: 10 hours paid $30/hour.
- While receiving a onetime bonus of $250 will result in this gross pay:
| Regular | Overtime | Double time | Total | |
| No. of hours | 160.00 | 25.00 | 10.00 | 195.00 |
| Gross pay for | $2,400.00 | $562.50 | $300.00 | $3,262.50 |
| Occasional pay | $250.00 | |||
| Total gross pay | $3,512.50 | |||
Tax brackets on taxable income 2015
| 2015 Tax Brackets (applicable for taxes due April 15 2016) | ||||
| Tax rate | Single | Married filing jointly or qualifying widow/er | Married filing separately | Head of household |
| 10% | <=$9,225 | <=$18,450 | <=$9,225 | <=$13,150 |
| 15% | $9,226 - $37,450 | $18,451 - $74,900 | $9,226 - $37,450 | $13,151 - $50,200 |
| 25% | $37,451 - $90,750 | $74,901 - $151,200 | $37,451 - $75,600 | $50,201 - $129,600 |
| 28% | $90,751 - $189,300 | $151,201 - $230,450 | $75,601 - $115,225 | $129,601 - $209,850 |
| 33% | $189,301 - $411,500 | $230,451 - $411,500 | $115,226 - $205,750 | $209,851 - $411,500 |
| 35% | $411,501 - $413,200 | $411,501 - $464,850 | $205,751 - $232,425 | $411,501 - $439,000 |
| 39.60% | =>$413,201 | =>$464,851 | =>$232,426 | =>$439,001 |
Table source: Internal Revenue Service
Tax brackets on taxable income 2014
| 2014 Tax Brackets (applicable for taxes due April 15 2015) | ||||
| Tax rate | Single | Married filing jointly or qualifying widow/er | Married filing separately | Head of household |
| 10% | <=$9,075 | <=$18,150 | <=$9,075 | <=$12,950 |
| 15% | $9,076 - $36,900 | $18,151 - $73,800 | $9,076 - $36,900 | $12,951 - $49,400 |
| 25% | $36,901 - $89,350 | $73,801 - $148,850 | $36,901 - $74,425 | $49,401 - $127,550 |
| 28% | $89,351 - $186,350 | $148,851 - $226,850 | $74,426 - $113,425 | $127,551 - $206,600 |
| 33% | $186,351 - $405,100 | $226,851 - $405,100 | $113,426 - $202,550 | $206,601 - $405,100 |
| 35% | $405,101 - $406,750 | $405,101 - $457,600 | $202,551 - $228,800 | $405,101 - $432,200 |
| 39.60% | =>$406,751 | =>$457,601 | =>$228,801 | =>$432,201 |
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