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. But it is good to have an idea of how much money you make in a single year and this information can be beneficial in more ways than you imagine. For someone who has zero ideas regarding the money they make in a year, click this homepage. For tips on how to find your annual income, view here.
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. Once you have obtained this information from your paystub or the human resource department, you can then determine your annual employment income; multiple by your hourly wage by the number of hours you work in a week, and then by fifty-two the number of weeks in a year.
For someone who works overtime, the calculation of the annual income is a bit different because you have to factor in the additional payment; your payment is usually one and a half times or double on holidays. Another factor that will determine your total annual income is the number of hours you in a work for those that work different hours each week; if you work for twenty hours on some weeks and thirty or more on others, you have to make the calculations differently and keep track of each for the entire year.
It can be a bit challenging calculating annual income if you are on different work schedules, however, it is possible if you keep a clean record of the number of hours you are working each it and calculating the total at the end of each week. Make a list of all your income sources and be sure to include everything; the total amount you make from tips, commissions, are a part of the money you make annually and should be included.
As you can see from this guide, all you need is accurate figures that you have to put together to know how much you make in a year, and it is especially easily if you are paid by the hour and you have impeccable record keeping skills. 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. You can find out your annual income with the help of these tips.