The hourly rate of pay is calculated by dividing the gross salary for a specific period by the number of hours worked in that same period. Gross salary is the amount earned prior to any deductions.
Know MoreThe same formula applies whether the salary being converted is annual, monthly, bi-monthly, or weekly. For example, if an individual receives a weekly check with a gross pay of $1,200, and he worked 40 hours that week, his hourly rate is $30.00. Similarly, an individual receiving an annual gross salary of $62,400 who works 40 hours per week, or 2,080 hours annually, also makes $30.00 per hour.
Learn MorePain and suffering compensation is calculated by multiplying special damages by a certain factor or by using a daily rate for each day someone has lived with pain and suffering since an accident, according to AllLaw.com. These methods are used by insurance companies when attempting to settle an injury claim.
Full Answer >Required minimum distributions, or RMDs, from an IRA are calculated by dividing the year-end value of the IRA by the distribution period determined by the IRS, according to BankRate. RMDs must start being withdrawn no later than April 1 of the year following the year the account holder turns 70 1/2.
Full Answer >Median income is calculated by identifying the middle value in a set of incomes as long as the set of incomes is in ascending order, according to Concept Stew. With an even number, the median is calculated by averaging the two numbers in the middle of the set.
Full Answer >According to the Internal Revenue Service, fair market value can be calculated based on the current selling price of the property, the price of comparable goods, the cost to replace the item or the opinion of experts on an items value. No specific formula can universally calculate FMV.
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