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keepthetips t1_jeavvq0 wrote

Hello and welcome to r/LifeProTips!

Please help us decide if this post is a good fit for the subreddit by up or downvoting this comment.

If you think that this is great advice to improve your life, please upvote. If you think this doesn't help you in any way, please downvote. If you don't care, leave it for the others to decide.

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wherethebicenroam t1_jeaxeb7 wrote

I tried to reverse this to find my hourly wage based off annual salary. It came pretty close, but was about $1.50 too high.

I’m guessing that has something to do with not taking the 2 weeks into consideration.

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Bierbart12 t1_jeayjq7 wrote

19k seems like more than I used to make

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Fun_Amount3063 t1_jeb2h0p wrote

🤦🏻‍♀️ This isn’t a life tip. This is math taught to literal children and you still got it wrong. You never calculate based off of assumed two weeks off.

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noonewonone t1_jeb2i5h wrote

LPT: If you’re getting promoted from hourly to salary and receiving less than a 25% raise, you may be working more for less, not counting overtime.

40 hours to 50 hours is 25% more hours, if that’s how long you’re expected to work.

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Servatron5000 t1_jeb3mh1 wrote

Replying to Fun_Amount3063 (#2,495,361)

Isn't it a rather basic principle to be conservative when making financial estimates? We're not necessarily talking two weeks of vacation, it could be two weeks worth of emergencies and sickness spread throughout the year.

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PickTour t1_jeb652g wrote

Replying to wherethebicenroam (#2,494,110)

If you are paid around $37.50 an hour, it will show as $1.50 too high. I think OP’s point is that you can put the calculator away and quickly calculate your approx annual gross by doubling the hourly rate and adding three zeros: eg $40 per hour will be approx $80,000 per year.

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Helpful-nothelpful t1_jeb8fu9 wrote

Double hourly wage and add 3 zeros or divide salary by 2 and subtract 3 zeros. Quick way to estimate.

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Prometheus188 t1_jebamt5 wrote

Replying to noonewonone (#2,495,374)

I got promoted to salary but only work 35 hours, when I previously worked 37.5 hours as an hourly person. Definitely worth checking, but salary doesn’t always mean “work more”. In fact, since I get paid breaks I’m actually paid for more than 35 hours while on salary, but only work 35.

On hourly, I worked 37.5 and got paid for 37.5.

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Creative-Will-4416 t1_jebmx70 wrote

Replying to [deleted] (#2,500,001)

Ok. If you quit we need to adjust the number of hours for the calculation. PTO is meant to be used. Most workers will not have excess PTO. Health insurance benefits can not be used for rent. It is NOT income. You do not pay taxes on health insurance paid by your employer(except for a couple of cases like a domestic partner). 2000 gives you a reasonable, if not exact, number for the yearly income. Being conservative is important for anyone who doesn’t have the PTO benefits and is taking 2 weeks unpaid leave for sickness. All of this is for the US.

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Creative-Will-4416 t1_jeec0p4 wrote

Replying to [deleted] (#2,501,942)

Let’s remember that this is a quick estimate of yearly income. If you are considering jobs, then you should go into the details. Compare benefits, and whether the job offers PTO. I think we can both agree, that if we want a detailed report of income and benefits that OP’s formula isn’t good enough. As a quick head estimate for conversation and comparison it is certainly good enough.

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hornyjacks t1_jefytcw wrote

> assumes 2 wk/yr of sick leave, unpaid time off

lol

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hornyjacks t1_jefz2oj wrote

> 40hr/wk

I don't work 40 hours per week.

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