I need help creating a simple formula that converts an hourly wage to an annual salary.
I need help creating a simple formula that converts an hourly wage to an annual salary.
Think there's no such single function. You need to DIY. How would you calculate it by hand. Explain it fully, step by step. This increases your chances of getting help with the formula.
Maybe this can help . Hourly rate : $15,00 multiply by hours work in one week (40) multiply by 52 weeks in a year, if paid for full year.
Hourly to annual is a bit subjective and really aren't the same even after calculation. You may want to consider some formula options depending on your intent:
1) Vacation weeks are not paid but may be a percentage of total
2) Statutory holidays
3) Overtime and it's rate if applicable
4) Any other applicable benefits and burden such as sick days
Generally, 1800 hrs/yr is a reasonable average and what we use for a general equivalent.
You will have to make a few assumptions:
1. full-time is equal to 40 hours per week
2. there are 52 weeks in a year
Once you have done that, it is simply hourly rate times 40 hours times 52 weeks. "=(A1 *2080)", if cell A1 has hourly rate in it (2080 is 40 times 52).
Bookmarks