How to Calculate Annual Income When You Work Part Time

If you want to find a part-time job yearly salary, you will generally want to multiply the number of hours you work in a week by the number of weeks you work in a year to find out how many hours you work per year. Then, multiply that number by your hourly pay to find your total pay for the year. Remember that to find your take-home pay, you will need to account for income taxes, Social Security and Medicare taxes and anything else withheld from your pay.

If you have a part-time job, it typically means that you work less than 35 or 40 hours in the typical week. To find your annual salary, you'll usually want to first figure out how much you make in that typical week.

Look at your schedule or your paycheck to figure out how many hours you work in a week. If your schedule is steady, this number may be the same from week to week. For instance, if you work from 9 a.m. to 1 p.m. every weekday, you work 4 * 5 = 20 hours per week every week. If your schedule is more flexible, you may work more in some weeks than others, so you'll want to take the average over several weeks to find out how many hours you work in a typical week.

Once you know approximately how many hours you work in a week, you can multiply that number by your hourly pay to figure out how many hours you make in that week. For instance, if you make $12 per hour and work 20 hours per average week, your average weekly pay is $240.

Note that if you are working irregular hours from week to week and using averages, your average part-time salary per week is ultimately only an approximation, and you will make more or less in various weeks, which is important to keep in mind when budgeting.

Once you have figured out how much you make in a week, you can use that number to determine your weekly pay. You must also know or approximate how many weeks you work per year. If you work every week, you can simply use the 52 weeks in a year, but if you take unpaid vacations or it is a seasonal job, you may work fewer weeks. For example, if you work a summer job at an ice cream stand or summer camp, or a winter job at a retail warehouse or Christmas tree stand, you may only work at that job for 10 weeks out of the year.

Multiply your estimated weeks of work by your weekly pay. For instance, if you work 40 weeks out of the year and make $240 per week, you would earn $240 * 40 = $9,600 per year at that job.

If you ever work overtime and are paid at higher than normal rates for it, you will make a higher rate of pay in those pay periods. If you work a partly seasonal job, such as one that picks up in hours around the holidays, you will also want to take that into account in your calculations. You can do this by taking your average pay per week for different times of the year and estimating how many weeks have each average pay.

For instance, you might make $200 per week during slower months for 30 weeks out of the year and $300 per week during another 15 weeks, and take seven weeks off, for a total pay of (30 * 200) + (15 * $300) = $10,500. All of these calculations come to be approximations if you're not sure of your hours or when you will earn overtime, so you may want to adjust them over time as your paychecks come in.

If you make tips in addition to ordinary pay, you will want to include these in your total pay and use the same logic if they vary over time. If you ever receive a bonus, you will want to add your total estimated bonus to your normal pay.

Not all of the money you earn will be in your paycheck. You will normally have some money withheld for taxes, including income tax and payroll taxes such as Social Security and Medicare tax. You may also have money withheld for other purposes, such as charitable contributions, insurance premiums or transit and parking passes bought through work.

If you want to calculate your take-home pay, subtract your average weekly withholdings from your average weekly wage and use that number to compute your total earnings. If you know how much in total will be withheld from your check annually for things like insurance, you can use that number of attempting to calculate weekly payments.