Include your email address to get a message when this question is answered. 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 site will then calculate your weekly, monthly and annual wages. Employees who work 5 days a week thus tend to work about 250 day, less any other holidays & time off. Thus, total deductions are Medicare + pension contribution, After deduction-wage for employee one = $82 After deduction-wage for employee two = $81 Simply enter a wage, select it's periodic term from the pull-down menu, enter the number of hours per week the wage is based on, and click on the "Convert Wage" button. You need to learn your employer’s system for crediting you with these tips. Gain valuable insights with real-time statistics and analytics for your calculator. We know ads can be annoying, but they’re what allow us to make all of wikiHow available for free. This is calculated by starting at the regular minimum wage of $7.25 and subtracting a credit of $5.12 per hour. Compare your calculations with the paycheck you actually receive. Some other factors, like state and federal taxes, may apply as well. into its equivalent stated in all other common periodic terms. (adsbygoogle = window.adsbygoogle || []).push({}); © 2020 Calculator Pro Calculators All Rights Reserved. Because tips often come in cash, it is tempting just to grab the money and go at the end of the night. This can be helpful when comparing your present wage to a wage being offered by a prospective employer where each wage is stated in a different periodic term (e.g., one is listed as an hourly wage and the other is listed as annually). For a simple example, suppose you worked 32 hours in one week at the federal minimum wage rate of $7.25 per hour. No link. The more days you work each week the lower your equivalent daily income if you are based on a fixed annual salary. We use cookies to make wikiHow great. Many employers also often give workers a week off around the holidays near the end of the year & another week of vacation or sick time to use in the summer or throughout the rest of the year. Don’t forget to include any overtime you worked. Your base pay is therefore, If you want to estimate your annual pay, multiply this result by 50 weeks per year. Skip the support lines and receive priority one-on-one support from our customer service team. Start by recording the hours you worked in a given period, such a week or month. If you were paid any bonuses during the pay period, add these too. Here’s how to compute the employee’s daily rate. Daily Rate = (Monthly Rate X 12) / Total working days in a year. Let The Hourly Wage Calculator do all the sums for you - after the tax calculations, see the annual pay, and the monthly, weekly or daily take-home. Calculators » Financial » Daily Wage Calculator. You can get a free online daily wage calculator for your website and you don't even have to download the daily wage calculator - you can just copy and paste! 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}. This person’s total wages would then be, To extend this example to an annual estimate, multiply the weekly result by 50. Click Calculate. Withholding rates are different for everyone based on your tax bracket and local and state laws. Essentially, the government is assuming that you will earn at least $5.12 each hour in tips.