How to Convert Yearly Salary To Hourly Pay Rate, Weekly Pay, Monthly Pay And Daily Pay Explained

In this video we discuss how to convert a yearly salary to an hourly pay rate, a weekly pay rate, a monthly pay rate and a daily pay rate. We go through examples of each of these

Transcript/notes
The formula to convert yearly salary to hourly pay rate is hourly pay rate equals, yearly salary divided by the quantity, 52, the number of weeks in a year times the number of hours per week.

As an example, lets say that someone makes a yearly salary of $37,000 and they work a typical 40 hour work week. Now we can plug into the formula. So, we have hourly pay rate equals, $37,000 divided by the quantity 52 times 40. This gives us $36,000 divide by 2080 hours, and this calculates to $17.31 per hour rounded off.

Now for yearly salary to monthly pay. The formula to convert yearly salary to monthly pay is monthly pay equals yearly salary divided by 12. We divide by 12 because there are 12 months in a year.

For instance, if someone has a yearly salary of $43,000, the formula would be monthly pay equals $43,000 divided by 12, which equals $3583.33 rounded off.

Now for yearly salary to weekly pay. The formula to convert yearly salary to weekly pay is weekly pay equals, yearly salary divided by 52. We divide by 52 because there are 52 weeks in a year.

For instance, if someone makes $28,000 a year, how much do they make per week? The formula would be weekly pay equals, $28,000 divide by 52, which calculates to $538.46 rounded off.

Now for yearly salary to daily pay. 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.

Chapters/Timestamps
0:00 Yearly salary to hourly pay rate
0:37 Yearly salary to monthly pay rate
1:04 Yearly salary to weekly pay rate
1:32 Yearly salary to daily pay rate

[CreativeThinking]

Thanks for sharing. Very helpful. Have a great weekend. 👍45 likes