Calculating your annual salary and reducing it to an hourly rate is particularly beneficial while looking for a new job and figuring out salary requirements. Maybe you're just curious about how much you actually make per hour in your current salaried position. Either way, it is good to know how to make this calculation.
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For your first example, use a £48,750 annual salary. The end result will be based on a 40 hour work week and 52 weeks worked in the year. The second example will use £29,250 for the annual salary and a 35 hour work week.
Divide your annual salary by 52, the number of weeks in a year. This will give you the amount you make per week.
For example, £48,750 divided by 52 weeks in the year is £937.5.
A £29,250 annual salary divided by 52 weeks per year is £562.5.
Take that weekly rate, and divide it by the number of hours you generally work per week.
For example, from the first sample of £937.5, divide by your 40 hour work week:
$1442.31 divided by 40 hours per week is £23.40.
$865.38 divided by 35 hours per week is £16.0.
Just that quickly, you have figured out your hourly rate based upon your yearly salary.
In our first example, £48,750 annually translates to £23.40 per hour for a 40 hour work week. In the second example, £29,250 annually is £16.0 per hour for a 35 hour work week.
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