Hourly salary refers to the sum of money an employee receives for each hour of labor.
What is Salary?
A salary is the regular annual, bimonthly, or monthly wage that an employee receives from their employer.
Salaried employees are guaranteed a minimum salary each year. Such employees are generally exempt from overtime compensation and are paid their regular salary regardless of the number of hours they work.
How to Convert Hourly to Salary?
How much a worker would make on a monthly basis may be determined by converting their hourly wage to a salary rate.
A worker's hourly wage may be converted to an annual salary using a formula called the "hourly to salary conversion."
The annual salary is determined by multiplying the employee's hourly rate by the total number of hours worked in a year.
Hourly to Salary Conversion Example
There is no need for a complex pay calculator to convert hourly earnings into a salary. To calculate your weekly wage, multiply your hourly income by the number of hours worked each week and multiply by the number of weeks in a year.
In order to do this, multiply the employee's hourly compensation by the total number of hours worked in a year. For instance, if a person works 40 hours per week and is paid $10 per hour, their annual pay would be $20,800.
The calculation is $20/hour x 40 hours per week x 52 weeks per year = $20,800.