Calculators » Financial » Daily Wage Calculator. Calculating your wages by hand can be useful for one or two pay periods. We’ll send you an email report with contact information each time your calculator is used. This calculator will help you to quickly convert a wage stated in one periodic term (hourly, weekly, etc.) The daily wage calculator exactly as you see it above is 100% free for you to use. wikiHow's. If you don’t want to work this out manually, there are plenty of wage calculators online where you can input the information and they’ll do the math for you. If you want to understand your personal deductions completely, you should talk with your employer’s bookkeeper. Alternatively, some people might earn overtime after 8 hours on one day. By using our site, you agree to our. The more days you work each week the lower your equivalent daily income if you are based on a fixed annual salary. Click Calculate. Your support helps wikiHow to create more in-depth illustrated articles and videos and to share our trusted brand of instructional content with millions of people all over the world. For this example, the annual estimate will be, For the ongoing example, if the tips and wages totaled $695.20, and you worked 40 hours, the hourly rate would be. Employees who work 5 days a week thus tend to work about 250 day, less any other holidays & time off. Calculations - 100/month. Since July 24, 2009, the federal minimum hourly wage in the United States is $7.25. Every day at wikiHow, we work hard to give you access to instructions and information that will help you live a better life, whether it's keeping you safer, healthier, or improving your well-being. For example, if you earn the minimum wage of $7.25 per hour, you would multiply. Amid the current public health and economic crises, when the world is shifting dramatically and we are all learning and adapting to changes in daily life, people need wikiHow more than ever. If you enter your annual wage, then the calculator will assume you work 250 days a year (50 weeks of 5 days a week). (adsbygoogle = window.adsbygoogle || []).push({}); © 2020 Calculator Pro Calculators All Rights Reserved. Start by recording the hours you worked in a given period, such a week or month. No, Social Security benefits are not considered wages. Eighteen states use the federal tipped employee minimum of $2.13. But if you want to know the exact formula for calculating daily wage then please check out the "Formula" box above. into its equivalent stated in all other common periodic terms. Finally, subtract any deductions like federal, state, and local tax, social security, and any retirement funds you pay into. This person’s total wages would then be, To extend this example to an annual estimate, multiply the weekly result by 50. Working with the above example, this results in, Suppose the employee in the previous example, with base pay of $163.20, collected tips during the week that amounted to $532.00. The 40 hour work week is 5 8 hour days. Enter your current salary to instantly calculate your daily wage. Don't know what your salary is, just the hourly rate? Required link back. This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness. For example, if you earn one rate for weekdays and a higher rate for weekends, you should count your weekday hours and your weekend hours separately. Eight states do not make any deduction to the minimum wage for tipped employees. into its equivalent stated in all other common periodic terms. This calculation will be: For example, if your hourly wages add up to $290 for the week and you earned a $30 bonus, your total would be $320. Don’t forget to include any overtime you worked. Click the "Customize" button above to learn more! Skip the support lines and receive priority one-on-one support from our customer service team. Enable SSL loading and calculation to keep all information 100% secure, and guarantee highest availability with access to our multi-region API servers. For a slightly more complicated example, suppose you worked 40 hours at a rate of $9.00 per hour, and you worked overtime for 12 hours at a rate of $13.50 per hour. If you enter your annual wage, then the calculator will assume you work 250 days a year (50 weeks of 5 days a week). If you earn tips as part of your pay, you will need a slightly different calculation. You earn that wage, and work for 40 hours in a given week. References. For more tips, including how to keep track of tips, read on! Compare your calculations with the paycheck you actually receive. Essentially, the government is assuming that you will earn at least $5.12 each hour in tips. 7 For the ongoing example, if the tips and wages totaled $695.20, and you worked 40 hours, the hourly rate would be {\displaystyle \$695.20/40=\$17.38}. Most years have 365 days in them while leap years have 366 days. If you receive an hourly rate, you can work out your regular wages with a few simple calculations. Simply divide your total calculated wages by the number of hours that you worked. This assumes that your tips will be steady throughout the year. thirty states or territories had minimum hourly wage rates greater than the federal rate. Your base pay is therefore, If you want to estimate your annual pay, multiply this result by 50 weeks per year. twenty-one states or territories apply minimum hourly wage rates equal to the federal rate.