So your boss told you that you were getting paid $10 an hour? Don't believe it! This calculator will show you how much you're REALLY profiting (after-tax, after work-related-expense takehome) from each hour you devote to working -- both paid and unpaid. But wait! Before you approach your boss with this startling computation, make sure you see both sides. You know, your boss's "side" and the "outside!" ;-)
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Compare Your Hourly Rates
How much are you being paid an hour? That should be an easy enough question to answer. After all, your hourly wage is printed in black and white on your pay stub. But is that your REAL hourly wage? When you take into account various work related expenses, not to mention taxes, you are probably earning less than you think. Sometimes, considerably less. Knowing your real hourly wage is important. It can help you build a better budget, and it can help you compare and contrast prospective job offers. But calculating a person's actual hourly wage can be tricky, and there are a great number of variables to be considered. The Real Hourly Wage Calculator will help your determine how much money you are really earning per hour, so you can better manage your time and money and get the most out of every paycheck.
Work Related Expenses
Work related expenses can have a major impact on a person's hourly wage, and some can be more difficult to calculate than others. Taxes are a constant for everyone earning an hourly wage, and most of us make allowances for them when anticipating our next paycheck. But other expenses can be more subtle, and can escape the attention of even the most vigilant worker. The following are some of the more common work related expenses that can seriously impact a person's earnings:
- Taxes – Federal income and social security taxes take up a large portion of a person's earnings. While these are typically deducted from your paycheck, they do have an impact on your actual hourly wage. In some areas of the country, state income tax will also reduce a worker's real hourly wage.
- Commuting – Travel to and from work costs money, both in fuel and in wear and tear on your vehicle. These costs often get overlooked, but in extreme cases they can seriously impact a person's wage profile.
- Child Care – 40+ hours of child care a week reduces a worker's real hourly even further, sometimes by as much as $3.50 an hour.
- Clothing Expenses – Some jobs require workers to purchase and wear uniforms, and these clothing costs will further reduce a person's real hourly wage.
Work Related Benefits
It's not all bad news, however. There are work related benefits that can increase a worker's real hourly wage. For example, if your job provides health insurance this value added service actually adds to your actual hourly wage. The same holds true for life insurance. Likewise, if your employer offers retirement benefits, or matches your 401(k) contributions this also adds to the actual hourly wage. Finally, bonuses and vacation pay also help to boost your bottom line.
Calculating Your Real Hourly Wage
Knowing your real hourly wage can be invaluable. First and foremost it will help you to better manage your money by illustrating the impact work related expenses can have on your income. Secondly, it can aid in a job search. If you are considering changing jobs, understanding the real value of each wage being offered can help you make an informed decision. For example, if the new employer offers a higher technical wage, but the work related expenses are also higher, switching jobs may not make sense financially. Use the Real Hourly Wage Calculator to better understand the relationship between your income and your work related expenses.