This is a simple solution for getting a close-to, approximate hourly wage to annual salary conversion. This calculation is easy to figure out quickly and is good-to-have walking around knowledge. Simply double the hourly figure and add 3 zeros.
This is not an exact figure, but a very close estimate that can be figured faster than it takes to find your calculator on your smartphone.
Note: This simple calculation only works for a full time employee that works 52 weeks a year at 40 hours per week.
The reverse also works when doing a quick estimate of what an hourly wage is when you know the annual salary. Start by taking the annual salary, moving the decimal left 3 places and dividing that number in half.
To illustrate a simple example of this. If you earn $15 per hour, that would roughly equate to a salary of $30,000 a year.
Hourly Rate to Annual Salary Calculation
Doing the actual math computation would be as follows:
52 weeks in a year multiplied by a 40 hour work week would 2080 hours worked in a year. When you multiply the $15 per hour by 2080 working hours you would get an actual annual salary of $31,200.
Therefore, the reverse is also easy enough to figure out. For a salary of $30,000 per year a wage estimate would be $15 per hour. Again this is an estimate that will get you within the ballpark by using simple math.
Annual Salary to Hourly Rate Calculation
Take the annual salary of $30,000 and divide it by the number of hours for full time employment of 2080 (52 weeks x 40 hours per week). This calculation will give you $14.42 hourly rate.
In addition to these quick calculations there are many on-line converters. If you are looking for a few more calculations going hourly wage to annual salary and more figures in-between, check out this awesome Hourly / Yearly Wage Conversion Estimator.