Income - Head Matters

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1. What Affects Income

b. How can you increase the money you bring home


Let’s look first at your current earnings  to identify benefits, deductions and take-home pay on your paycheck stub.

Your earnings
Gross pay is generally the amount of money you make per hour multiplied by the number of hours you work. Some people are paid on commission, based on what they sell.  The words “earnings, wages or earned income” are other ways to describe gross pay. Some people are paid a salary which is payment for work tied to the completion of specific duties usually covering a week or more. Often, salaried employees supervise others, work longer than 40 hours a week and don’t get overtime pay. Sometimes the paycheck for a salaried employee will read as if they worked 40 hours in a week or 80 hours in two weeks even though they may work longer.  To determine an hourly amount for a salary, divide the annual total evenly by 52 weeks (the number of weeks in a year) and then by 40 hours (the number of hours in most employers’ work weeks). Many people are paid hourly and their paycheck reflects pay for the number of hours they worked in that pay period rather than a flat, 40 hours per week. 

If you have or are considering a job that is paid hourly, use this calculator to help you determine your paycheck amount.

Paycheck Calculator

Hourly Paycheck Calculator

Use this calculator to help you determine your paycheck for hourly wages. First, enter your current payroll information and deductions. Then enter the hours you expect to work, and how much you are paid. You can enter regular, overtime and one additional hourly rate. This calculator uses the 2016 withholding schedules, rules and rates (IRS Publication 15).


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Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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Income

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