Depending on the information you provide, the Pay Rate Calculator computes different information:
If you are paid on an hourly or daily basis, the annual salary calculation does not apply to you. Your bi-weekly pay is calculated by multiplying your daily or hourly rate times the number of days or hours you are paid.
In leap years, the calculation of your bi-weekly gross is based on 366 days instead of regular 365 days. Your annual salary remains the same whether it is a leap year or not. Your bi-weekly gross changes slightly in the first pay period of a leap year and in the first pay period after the end of a leap year, due to the one day difference.
Keep in mind:
Regular Hours per Year = Regular Hours per Day X 261 Work Days per Year:
Formula: Hourly Rate = Bi-Weekly Gross / (Hours/Year)
Example: if your Annual Salary is $50,000 and you work 40 Hours/Week (or 2,088 Hours/Year), your Hourly Rate = $50,000 / 2,088 = $23.95
For premium rate Time and One-Half, multiply your hourly rate by 1.5. For instance, for Hourly Rate $26.00, the Premium Rate at Time and One-Half = $26.00 X 1.5 = $39.00
For premium rate Double Time, multiply your hourly rate by 2. For instance, for Hourly Rate $26.00, the Premium Rate at Double Time = $26.00 X 2 = $52.00
Please note: The Pay Rate Calculator is not a substitute for pay calculations in the Payroll Management System. In the event of a conflict between the information from the Pay Rate Calculator and the Payroll Management System, calculations from the Payroll Management System prevail.