The following calculator converts hourly salary, annual salary, monthly salary, etc. between each other. It gives both holidays and paid vacation days adjusted and unadjusted results.
|Holidays & Vacation Days|
This salary calculator assumes 52 working weeks or 260 week days per year in calculation. The unadjusted results ignore the holidays and paid vacation days. For the adjusted calculation, the hourly, daily, or weekly results are the real rate of working for the period of time. The others are adjusted based on holidays and paid vacation days. For example, if your hourly rate is $10 for 5×8 hours per week and you have a total of 25 holidays and paid vacation days in a year, then your annual salary is $10×(260 - 25)×8 = $18,800. The bi-weekly, semi-monthly, monthly, and quarterly results are adjusted accordingly based on the ratio.
A salary is the payment from an employer to an employee for the time and work contributed. Salary is mainly paid in currency with very small fraction of goods or services compensation. Most salary were paid after an accumulated amount of time, typically monthly, semi-monthly, bi-weekly, weekly, etc. To protect workers, many countries enforce a minimum wage set by either the central government or local government.
In the United States, people typically work as freelancers or full time employees. The salary of full time employees are normally annual based. Beside the salary, full time employees normally have other benefits—employer contributed healthcare insurance, payroll taxes (half of the Social Security and Medicare tax), unemployment tax, retirement contribution, paid holiday/vacation days, bonuses, and other insurances, etc. Adding all the benefits together, normally they worth 1.3 - 3 times of the employee's base salary. However, full time employees normally do not have over-time payment. The major benefits of freelancers are freedom, flexibility, and some tax benefits. Freelancers' payments are normally hourly, daily, or weekly based. Since freelancers do not have benefits, the payment should be higher than the salary of equivalent full time positions. However, the rates in the real world are mainly supply-demand driven. Normally freelancers are paid 1 - 2 times the base of equivalent full time position. Yet, it is not rare to see freelancers take lower compensation in the real world. On the other hand, with highly demanded special skill, freelancers may get compensation 10+ times higher than regular employees.