A Simple Guide on How to Find your Annual Income
All everyone wants to do after college is to find a job that can help them meet their daily needs and support their loved ones as highlighted on this website, without knowing how much they may be making annually. If you don’t have an idea of how much you are making in a year, you are not the only one, but it is time to change that now. With a little information on the website and the tips discussed on this page, you can know how much you make in a year. Keep reading to learn how to find your annual income.
You cannot find out your annual income if you don’t know how much money you are making in an hourly; your hourly rate, which is usually listed on the paystub is the first piece of information you need. By figuring out the accurate amount you make every time you work for an hour, you are already halfway to figuring your annual income; you just have to factor in the number of hours you work in a week, and the total number of workweeks in one year, and you have the total amount in dollars that you make annually.
When you are calculating the total hours you work, don’t forget the overtime because you will have a different calculation since your hourly pay will be paid at one and a half times the normal rate. If you have a work schedule that is not the same every week and some weeks, you have to do te above calculations weekly, and keep your records to be used at the end of the year.
The easiest way to do this is to write down the number of hours you work each week, get the total and use that number to find your income for that week. Finding annual salary figure means adding all the money you earn while at work including the bonuses; if you are in a position where you earn incentive payments, commissions, and tips among others, they should all go into the calculation.
Something that most people consider daunting, tedious, and time-consuming does not always have to be so if you know how to go about it and arrive at an accurate figure. Even if you don’t know how to calculate how much you make in a year or have never thought about, now is the time to take control of your finances and never lose track of your total income. Be sure to include the tips discussed above to come up with an accurate figure of your annual income.
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