Salary Calculator - Calculatorall.com
This salary calculator can be used for converting salary amounts into their corresponding values depending on payment frequency. There are different payment frequency options available like biweekly, monthly, and annual payments. The results shown by the salary calculator include both adjusted as well as unadjusted figures to ensure that any holidays and vacations in the year are all accounted for.
The salary calculator that we have here assumes daily as well as hourly salary inputs as unadjusted values. All the rest of the pay frequencies are meant to show values that are adjusted for vacation and holidays. Another assumption that is calculator relies on is that there are 260 weekdays and 52 working weeks in the year. The results that are not adjusted, however, ignore any holidays and the days for paid vacation.
What Is Salary?
Salary refers to the payment made by the employers to their employees for all their work contributions. The salaries of part time and full time employees are usually annual-based. Besides, these salaries are paid in their native currencies. Most of the salaries are paid once certain amount of time has been accumulated. As mentioned earlier, there several payment frequencies and the typical options include monthly, semi-monthly, weekly, bi-weekly, etc.
For protecting the rights of the employees, there are certain minimum wage limits enforced in many countries around the world. These limits are set by the local or central governments. Unions may also be formed for setting standards in some industries or companies.
What Is Wage?
For most part, wage is no different to salary and the two are often used interchangeably. They both refer to the payment made against employee contribution. The only difference that seems to be there is that salary is the word usually associated with the employee compensation based on annual schedule. Wage, on the other hand, is usually associated with compensation that is based around working hours multiplied by a certain hourly rate. Wage-earning connotatively refers to a lower-earning as compared to salaried people.
Part time and full time employees both usually get certain benefits regardless of what their salary or wage may be. These can include employer-contributed payroll taxes, healthcare insurance, unemployment tax, paid holidays, retirement contribution, insurances and bonuses. However, part timers get these benefits less often due to higher turnover rates on these positions.
One thing that takes wage earners one step above the salaried employees is that the salaried people don’t often get paid for the overtime while wage earners are likely to get paid for as much as they work.
How This Salary Calculator Works?
This salary calculator carries several options that are normally used for expressing payment frequency of salaries. However, the pay frequencies are bound to different in different countries, industries, companies and states. Talking about the United States, there isn't any federal law in which mandatory pay frequencies are specified. The only law that is in place states that the employers should pay their employees routinely as well as in predicable manner. But there are minimum payment frequency requirements for each state.
Let's take a look at some common payment frequencies in practice:
Daily - the workers are paid on daily basis, usually when they leave the workplace in the evening. Such payments are made to short-term contractors.
Weekly - the workers are paid once every week and normally the payment day is Friday. It's relatively a costly option for employers as there are 52 weeks in each year. This makes it expensive as the costs of payroll processing will be higher. For this reason, it's a less common pay frequency as compared to semi-monthly or bi-weekly options.
Bi-Weekly - the workers are paid every couple of weeks. This makes it 26 payments in a year mostly.
Semi-Monthly - the workers are paid twice every month. Normally, 15th of every month and last day in the month is your payment day. Despite being a common pay frequency, it leads to inconsistent payment dates as the dates vary depending on the month.
Monthly - the workers are paid once every month. It proves to be the most cost-friendly alternative for employers.
How This Salary Calculator Works?
The salary calculator here requires you to provide some simple input values for calculating your adjusted and unadjusted salary according to different payment frequencies described above. It requires you to enter your salary amount, a salary unit or frequency, number hours you work per week, number of days you work every week, total number of holidays in the year, and your vacation days in the year.
Enter all these values and hit the calculate button to let the salary calculator perform the calculations. The results show you a tabular representation of your daily, weekly, bi-weekly, semi-monthly, monthly, quarterly and annual salaries. The figures are shown for both adjusted and unadjusted salaries for your provided holidays and vacations.
So, use this salary calculator to determine how much you'd be earning according to any of the above mentioned payment frequencies.