My Pay Rate Calculator

My Pay Rate Calculator

Understanding Your Paycheck

This calculator helps you estimate your gross pay based on the hours you've worked and your hourly wage, including any overtime. Gross pay is the total amount of money you earn before any deductions like taxes, insurance premiums, or retirement contributions are taken out.

How it Works:

  • Regular Pay: This is calculated by multiplying your regular hours worked by your standard hourly wage.
  • Overtime Pay: If you work more than a standard workweek (often 40 hours), you may be eligible for overtime pay. This is typically calculated as your standard hourly wage multiplied by a premium (like time and a half, or 1.5 times your regular rate) and then multiplied by the number of overtime hours you worked.
  • Total Gross Pay: This is the sum of your regular pay and your overtime pay.

Knowing your gross pay is the first step in understanding your earnings. It's important to compare this to your net pay (the amount that actually lands in your bank account) to see the impact of deductions.

Example Calculation:

Let's say you worked 40 regular hours and 5 overtime hours at an hourly wage of $15.50, with an overtime rate multiplier of 1.5 (time and a half).

  • Regular Pay = 40 hours * $15.50/hour = $620.00
  • Overtime Rate = $15.50 * 1.5 = $23.25/hour
  • Overtime Pay = 5 hours * $23.25/hour = $116.25
  • Total Gross Pay = $620.00 + $116.25 = $736.25

Therefore, your estimated gross pay for that work period would be $736.25.

function calculatePay() { var hoursWorked = parseFloat(document.getElementById("hoursWorked").value); var hourlyWage = parseFloat(document.getElementById("hourlyWage").value); var overtimeHours = parseFloat(document.getElementById("overtimeHours").value); var overtimeRateMultiplier = parseFloat(document.getElementById("overtimeRateMultiplier").value); var resultDiv = document.getElementById("result"); resultDiv.innerHTML = ""; // Clear previous results // Input validation if (isNaN(hoursWorked) || hoursWorked < 0) { resultDiv.innerHTML = "Please enter a valid number for Hours Worked."; return; } if (isNaN(hourlyWage) || hourlyWage < 0) { resultDiv.innerHTML = "Please enter a valid number for Hourly Wage."; return; } if (isNaN(overtimeHours) || overtimeHours < 0) { resultDiv.innerHTML = "Please enter a valid number for Overtime Hours."; return; } if (isNaN(overtimeRateMultiplier) || overtimeRateMultiplier <= 0) { resultDiv.innerHTML = "Please enter a valid number greater than 0 for Overtime Rate Multiplier."; return; } var regularHours = Math.min(hoursWorked, 40); // Assuming 40 hours is standard var actualOvertimeHours = Math.max(0, hoursWorked – 40); var regularPay = regularHours * hourlyWage; var overtimeRate = hourlyWage * overtimeRateMultiplier; var overtimePay = actualOvertimeHours * overtimeRate; var totalGrossPay = regularPay + overtimePay; resultDiv.innerHTML = "

Your Estimated Gross Pay:

$" + totalGrossPay.toFixed(2) + ""; }

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