This hourly paycheck calculator helps you figure out the total gross pay or the weekly, daily, monthly or annual paycheck by considering hours worked & pay rates. There is in depth information on how to keep track of your salary earnings below the form.
How does this hourly paycheck calculator work?
This finance application offers two methods to estimate either:

your gross pay by taking into consideration the regular, overtime and double hours worked and their pay rate as well as any occasional bonuses;

or your hourly, daily, monthly and annual salary by considering how much you get paid and how much you work per day and week.
The algorithm behind this hourly paycheck calculator applies the formulas explained below:

In case of the first tab named “Gross pay”:
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

While in case of the second tab called “Hourly wage” the equations used are:
IF the “hourly” option is checked THEN:
[A] Hourly wage is the value the user inputs within the 1^{st} field (WL).
[B] Daily wage = WL * HPD
[C] Weekly wage = WL * HPD * HPW
[D] Monthly wage = E / 12
[E] Annual wage = 52 * C
IF the “daily” option is checked THEN:
[A] Hourly wage = WL / HPD
[B] Daily wage is the value the user inputs within WL
[C] Weekly wage = WL * HPW
[D] Monthly wage = E / 12
[E] Annual wage = 52 * C
IF the “weekly” option is checked THEN:
[A] Hourly wage = B / HPD
[B] Daily wage = WL / HPW
[C] Weekly wage is the value the user inputs within WL
[D] Monthly wage = E / 12
[E] Annual wage = 52* WL
IF the “monthly” option is checked THEN:
[A] Hourly wage = B / HPD
[B] Daily wage = C / HPW
[C] Weekly wage = E / 52
[D] Monthly wage is the value the user inputs within WL
[E] Annual wage = 12* WL
IF the “annually” option is checked THEN:
[A] Hourly wage = B / HPD
[B] Daily wage = C / HPW
[C] Weekly wage = E / 52
[D] Monthly wage = WL / 12
[E] Annual wage is the value the user inputs within WL
Where:
How much do you get paid = WL
How many hours per day do you work = HPD
How many days per week do you work = HPW
How to keep track of your salary rights?
The simplest way is by making use of a timesheet calculator per each week and then get the figure of the monthly gross you expect. But that means you should be looking at the following aspects and keep their track in parallel:
 Write down the starting and the ending time at work per each day;
 Negotiate and get the clear figure on how your employer will calculate the overtime and by case the double working time, as well as the pay rates it offers;
 Keep the exact track of your lunch and or breaks and check with your employer that they have the same values;
3 Reasons why you may need to keep track of your paycheck
 to ensure that your employer is paying you correctly;
 to forecast which will be the volume of your net income earnings at the end of the month after the taxation;
 to see whether you may need to work extra hours to achieve a certain income level for the current period;
Basic rules for hourly to salary paycheck
 The typical work day consists in 8 hours, while the working week is around 40 labour hours.
 Overtime is the time worked after the limit of the 40 hours per week.
 Most often used overtime multiplier is one and a half of the regular pay rate, but it can be agreed between the employee and the employer.
 The double time is calculated as the normal pay rate multiplied by two.
 Usually extra hours worked in weekend are paid by double time.
Example of two results
Case for tab 1: Let's make the following assumptions and determine the total gross pay:
 regular hours worked in a month = 160
 standard hourly pay rate = $20
 overtime hours worked = 30
 overtime pay rate = $30
 double time hours = 5
 double time pay rate = $40 and a one time bonus of $100, will result in these values:
Regular 
Overtime 
Double time 
Total  

No. of hours  160.00  30.00  5.00  195.00 
Gross pay for  $3,200.00  $900.00  $200.00  $4,300.00 
Occasional pay  $100.00  
Total gross pay  $4,400.00 
Case for tab 2: If an emploee receives a regular pay rate of $25/hour while working 5 days a week the official time of 8 hours will result in this salary:
■ Hourly wage = $25.00
■ Daily wage = $200.00
■ Weekly wage = $1,000.00
■ Monthly wage = $4,333.33
■ Annual wage = $52,000.00
02 Feb, 2015  0 comments
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