Post # 1
I just started a new job Monday and it’s salary, not hourly. I’m trying to gauge how much my biweekly checks will be, and I’m a little confused.
I will make $34,500 per year, paid biweekly, with 2 weeks (10 days) paid vacation.
So do I take the $34,500 and divide by 26 pays per year? Or 25 pays per year because the other 2 weeks is paid vacation? Or is the 2 weeks of paid vacation INCLUDED in that $34,500?
I feel dumb not understanding this, but I’ve always been hourly! I had asked for $16.50 per hour, and was told verbally that they would do that, but then I got my offer letter and it said $34,500, and when I asked, I was told it “all evened out/equalled out” because we “didn’t ever work more than or less than 40 hours”.
i just want to make sure I’m not getting gypped!
Post # 2
Total salary divided by 26 weeks. Two weeks paid vacation means you don’t have to go to the office or do work, but will still recieve your salary. You will get a paycheck for approximately $1,326 every other week.
Post # 3
You aren’t getting gypped. if you worked 40 hours each week at 16.50 per hour you would gRoss 660 per week. $33,400 ish per year.
Post # 4
Either way you calculate this, it still comes out the same.
A. $34,500/26 (pay periods annually) = $1326.92/pay period
$1327/80 (hours in a pay period) = $16.58/hour
B. $34500/2080 (work hours in a year @ 40 hrs per week) = $16.58/hour
The paid vacation part means you can take a day off, but you will still get paid. Usually, any unused but accrued vacation is paid out when you leave the company.
Post # 5
The paid vacation is included in the salary. You can use 2080 hours per year to calculate roughly what the hourly wage is for a salary, and using that number on your salary you get $16.58 per hour, so they definitley aren’t ripping you off.
Post # 7
Dragonfly715: My salary is is divided in 26 weeks. That includes vacation as you’re still being paid the same, just not coming to work.
Post # 8
Not sure where you live, but also be aware that if it’s in Canada (not sure how it works in the States) that pay gets taxed enough that your actual pay-check will probably amount to around to just over $1200 – not $1326.
Post # 9
Dragonfly715: Good negotiating, Dragonfly! Glad you got what you asked for and I hope you enjoy the new job. Like a PP mentioned, if you want to figure out your net, or takehome pay, don’t forget to subtract taxes and any other deductions you might have. There might be some online calculators that could help you estimate that. Also, you might know this already, but some people don’t — if you want to increase the likelihood of getting a big tax refund in April (if you’re in the US) make sure to fill out your W4 form with 0 exemptions. That means they’ll take out more taxes, but you’ll get whatever was overpaid back when you file next year. If you would rather have less taxes taken out and risk owing the government, then you can claim 1 or however many you qualify for. Again, great job asking for what you wanted (and getting it!)