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How To Convert Yearly Salary To Daily Pay Or Weekday Daily Pay
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In this video we discuss how to convert yearly salary to daily pay or weekday daily pay. We go through the formula and a few examples showing the calculations.
Transcript/notes
The formula to convert yearly salary to daily pay is daily pay equals, yearly salary divided by 365. We divide by 365 because there are 365 days in a year. During a leap year there is 366 days, so you can modify the formula if you need to.
As an example, if someone makes $63,000 a year, how much do they make per day? The formula would be daily pay equals, $63,000 divide by 365, which calculates to $172.60 per day rounded off.
And if you want to exclude weekends and calculate for just weekdays, we have to subtract the number of weekend days per year.
There are 52 weeks in a year and 2 weekend days per week. So, the number of weekend days in a year would be 52 times 2, which equals 104. Next, we subtract 104 from 365, which equals 261 weekdays per year.
Now we modify our formula and daily pay equals, yearly salary divided by 261.
If someone makes $35,400 per year, how much do they make per weekday?
Using the formula, we have weekday pay equals, $35,400 divided by 261, which calculates to $135.63 per weekday.
And here are a couple more examples on the screen for you.
Timestamps
0:00 Formula for converting yearly salary to daily pay
0:17 Example of converting yearly salary to daily pay
0:34 Formula for converting yearly salary to weekday pay
1:04 Example of converting yearly salary to weekday pay
1:22 More examples
Transcript/notes
The formula to convert yearly salary to daily pay is daily pay equals, yearly salary divided by 365. We divide by 365 because there are 365 days in a year. During a leap year there is 366 days, so you can modify the formula if you need to.
As an example, if someone makes $63,000 a year, how much do they make per day? The formula would be daily pay equals, $63,000 divide by 365, which calculates to $172.60 per day rounded off.
And if you want to exclude weekends and calculate for just weekdays, we have to subtract the number of weekend days per year.
There are 52 weeks in a year and 2 weekend days per week. So, the number of weekend days in a year would be 52 times 2, which equals 104. Next, we subtract 104 from 365, which equals 261 weekdays per year.
Now we modify our formula and daily pay equals, yearly salary divided by 261.
If someone makes $35,400 per year, how much do they make per weekday?
Using the formula, we have weekday pay equals, $35,400 divided by 261, which calculates to $135.63 per weekday.
And here are a couple more examples on the screen for you.
Timestamps
0:00 Formula for converting yearly salary to daily pay
0:17 Example of converting yearly salary to daily pay
0:34 Formula for converting yearly salary to weekday pay
1:04 Example of converting yearly salary to weekday pay
1:22 More examples
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