Useful Tips for Finding your Annual Income
The total amount of money you make or will make in a year is one of the last things on your mind because all you want is to find a job now! With an average person known to make about forty-eight thousand dollars annually, your should make it your business to know how much you are working for annually. With a little information on the website and the tips discussed on this page, you can know how much you make in a year. You can learn more about finding your annual income by reading the following guide.
You cannot find out your annual income if you don’t know how much money you are making in an hourly; your hourly rate, which is usually listed on the paystub is the first piece of information you need. By figuring out the accurate amount you make every time you work for an hour, you are already halfway to figuring your annual income; you just have to factor in the number of hours you work in a week, and the total number of workweeks in one year, and you have the total amount in dollars that you make annually.
For someone who works overtime, the calculation of the annual income is a bit different because you have to factor in the additional payment; your payment is usually one and a half times or double on holidays. For someone who is working for the same number of weeks, calculating annual income is usually easy and straightforward, however, if you are working different hours each week, the trick is to do the calculations weekly to avoid being confused.
If you wait for your numbers to add up to know your weekly income, there is a high chance of being confused and ending up with an inaccurate figure especially if you are working for different hours every week, hence the importance of making weekly calculations. Make a list of all your income sources and be sure to include everything; the total amount you make from tips, commissions, are a part of the money you make annually and should be included.
Something that most people consider daunting, tedious, and time-consuming does not always have to be so if you know how to go about it and arrive at an accurate figure. Even if you don’t know how to calculate how much you make in a year or have never thought about, now is the time to take control of your finances and never lose track of your total income. In summation, this guide highlights everything you need to know about calculating your annual income.