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Rate of Pay Calculator

Created by Joanna Śmietańska, PhD
Reviewed by Komal Rafay
Based on research by
Baye, M. Managerial Economics and Business Strategy; 2009
Last updated: Jan 18, 2024


Check this easy-to-use rate of pay calculator to quickly estimate your annual salary, monthly wage, or weekly pay. Are you planning an expense and would like to know how much you earn in a week, two weeks, a month, or a year? You just found a great tool to do it—learn what a pay rate is, calculate the hourly rate, and convert hourly pay to salary.

What is pay rate?

Simply put, the meaning of pay rate is the amount of money an employee or freelancer receives for his work in a given time frame. Wondering what your hourly, biweekly, monthly, and yearly salary is? Just follow these steps:

  1. Specify your hourly wage.
  2. Enter the number of hours worked per week.
  3. Our rate of pay calculator will find your daily, weekly, biweekly, monthly, and yearly pay rate.

For example, you earn $15 per hour and work a standard 8 hours a day, or 40 hours a week. Converting the hourly pay to salary, your rate of pay is:

daily pay = hourly × hours per week / 5 = $15 × 40 / 5 = $120

weekly pay = hourly × hours per week = $15 × 40 = $600

biweekly pay = hourly × hours per week × 2 = $15 × 40 × 2 = $1,200

monthly pay = hourly × hours per week × 52 / 12 = $15 × 40 × 52 / 12 = $2,600

yearly pay = hourly × hours per week × 52 = $15 × 40 × 52 = $31,200

Hopefully, this has cleared any ambiguity regarding what a pay rate is!

Rate of pay and overtime

In general, the rate of pay includes all kinds of payments received by an employee or freelancer from an employer, including wages, bonuses, commissions, overtime rates, etc. However, in the United States, the rate of pay meaning is different: we have separately the regular pay rate and the overtime one.

Regular rate of pay, or wage, is received during regular working hours without overtime.

Overtime refers to the number of hours worked outside normal, regular working hours. In this case, the overtime pay rate is usually multiplied by 1.5.

How to use this rate of pay calculator

Using this pay rate calculator is very simple:

  1. Determine the total number of hours worked per week.
  2. Enter your hourly wage.
  3. Voilà! The rate of pay calculator will instantly show your pay rate during 1 day, 1 week, 2 weeks, 1 month, and the whole year.

Note that this hourly rate salary calculator is flexible and works in any direction. For example, you can enter your weekly salary, and the calculator will calculate all other salary rates for any number of hours worked.

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FAQ

How to calculate hourly rate from salary?

Let's check how to calculate the hourly rate from your salary if you work 40 hours a week and earn $3,500 a month:

  1. Use the formula for monthly pay rate:

    monthly pay = hourly × hours per week × 52 / 12

  2. Convert to:

    hourly pay = monthly pay × 12 / (hours per week × 52)

  3. Substitute the data:

    hourly pay = $3,500 × 12 / (40 × 52) = $20.19

What will be my annual salary if I earn $23 per hour?

The annual salary is $47,840, based on a 40-hour workweek. To calculate this:

  1. Use the formula for yearly pay:

    yearly = hourly × hours per week × 52

  2. Input the hourly wage ($23) and weekly work hours (40):

    yearly = $23 × 40 × 52 = $47,840 per year

Joanna Śmietańska, PhD
Hours per week
Hourly wage
$
Daily wage
$
Weekly wage
$
Biweekly wage
$
Monthly wage
$
Annual salary
$
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