Hourly Wage 500
Hours Per Week 72
A salary is an amount paid to an employee on a regular frequency by the employer for working in the organization. The pay frequency may be daily, weekly, monthly and may differ from company to company based on their rules and regulations.
The wages and salary are the same the only difference the wages are paid on the hourly basis by considering the service lent. Whereas salary is paid on the monthly basis for the service lent to the organization.
The incentive is the extra amount paid to the employee for the work or attract and renting the best employees. The incentives are mainly divided into three types:
- Bonuses: The reward given to the employee based on the performance. The bonuses are given by considering the company’s needs like profits, successful completion of the project etc.
- Profit sharing: The extra payments given to the employee by the profits gained by the company.
- Stock option: The employee is given an option to buy the company shares for a particular price during the specified period of time. The company’s management offers the stock option to key employees of the company.
Different pay frequencies:
- Daily: The pay given to the worker at the end of the day. Usually, short-term contractors are paid on the daily basis.
- Weekly: The pay given to the employee once a week, usually on Friday. The payroll processing cost is high.
- Bi-weekly: The pay given to the employee every two weeks. Paid 26 times a year.
- Semi-monthly: The pay given to the employee twice a month, usually on the 15th of the month.
- Monthly: The pay given to the employee once a month. It is the most cost-friendly option.
The components included in the salary calculator:
- Salary amount: The salary amount received by the employee.
- Hours per week: The working hours per week.
- Days per week: The working days per week.
- Holidays per year: The government holiday per year.
- Vacation days per year: The vacation holidays the employee takes per year.
Using this salary calculator can estimate the salary amount based on the pay frequency. The result may include unadjusted and adjusted values.