Weekly Pay Formula:
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Gross weekly pay is the total amount earned in a week before any deductions like taxes, insurance, or retirement contributions. It's calculated by multiplying the hourly rate by the number of hours worked in a week.
The calculator uses the simple formula:
Where:
Explanation: This calculation gives you your gross (pre-tax) earnings for a standard work week.
Details: Knowing your gross weekly pay helps with budgeting, loan applications, and understanding your overall compensation. It's the foundation for calculating taxes and other withholdings.
Tips: Enter your hourly wage and typical hours worked per week. For overtime calculations, you would need to account for different rates for hours over 40 (in the US).
Q1: Is this before or after taxes?
A: This calculates gross pay (before any deductions like taxes or benefits).
Q2: How do I account for overtime?
A: For overtime (typically hours over 40/week in the US), you would need to calculate those hours separately at 1.5x your normal rate.
Q3: What if my hours vary each week?
A: Use an average of your weekly hours for estimation purposes, or calculate each week separately.
Q4: Does this include bonuses or commissions?
A: No, this only calculates regular hourly wages. Other compensation would need to be added separately.
Q5: How can I estimate my take-home pay?
A: You would need to subtract estimated taxes and other deductions from your gross pay.