Excel/Annual Salary

Advertisement


Question
QUESTION: If you are offered a job and the annual salary they want to offer you is $37,000 and will be working 70 hours a week, what is the hourly rate they will be paying you.  Also need the same for $38,000 and $39,000 also working 70 hours a week.

Also, if you might be working 60 hours a week, and they offer you $37,000, $38,000 or $39,000 what is the hourly rate for each of those annual salaries they may offer?

ANSWER: Cris Guillen,

based on what you have stated, there are 52 weeks in a year and you will work 70 hours in each of those weeks so 52 x 70 = 3650 hours per year.

37,000/3650 = $10.16
38,000/3650 = $10.44
39,000/3650 = $10.71

52 weeks x 60 hours per week = 3120 hours per year

37,000/3120 = $11.86
38,000/3120 = $12.18
39,000/3120 = $12.50

I have rounded the hourly rate to two decimal places.  

The specific answer would depend on if 52 x 70 hours per week is in fact what you would work.  Also, you said nothing about overtime being a factor or weekend work or any situation which where you would received a different rate per hour.  

you can write an excel formula in say c1
A1:  37,000
B1:  70
C1:  =A1/(52*B1)

--
Regards,
Tom Ogilvy


---------- FOLLOW-UP ----------

QUESTION: When I multiply 52 weeks times 70 hours a week I come up with $3,640 not $3,650. Also, since it will be on salary, there is no overtime, however, there are two locations, Location 1 is on salary and Location 2 will be hourly so I want to make sure I will get paid the same hourly rate at Location 2 as I would at Location 1.

Answer
Chris Guillen,

Actually, I did the calculations using 3640 (I used excel to calculate the hours).  But when I typed the number of hours per year in the posting, I committed a typo.  So the rates shown in the original posting were calculated using 3640 and are correct.

37,000/3640 = $10.16
38,000/3640 = $10.44
39,000/3640 = $10.71


--
Regards,
Tom Ogilvy  
About Excel
This topic answers questions related to Microsoft Excel spreadsheet (or workbook) stand-alone or Mircrosoft Office Excel including Excel 2003, Excel 2007, Office 2000, and Office XP. You can get Excel help on Excel formulas(or functions), Excell macros, charting in Excel, advanced features, and the general use of Excel. This does not provide a general Excel tutorial nor the basics of using a spreadsheet. It provides specific answers to using Microsoft Excel only. If you do not see your Excel question answered in this area then please ask an Excel question here

Excel

All Answers


Answers by Expert:


Ask Experts

Volunteer


Tom Ogilvy

Expertise

Selected as an Excel MVP by Microsoft since 1999. Answering Excel questions in Allexperts since its inception in 2001. Able to answer questions on almost all aspects of Excel's internal capabilities. If seeking a VBA solution, please specify that in your question itself so I give you the answer you want. [Excel has weak protection - if you are distributing an application, I don't answer questions on how to protect your project from your users.]

Experience

Extensive experience.

Education/Credentials
Master of Science (MS) degree Operations Research (ORSA)

Awards and Honors
Microsoft MVP in Excel.

©2016 About.com. All rights reserved.