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Dec29

Vacation Pay

How do I determine vacation pay if an employee was salaried at $3,000/month and had 17 days vacation accrued?

The employee’s hourly rate must be used. If you don’t already have the employee’s salary converted to an hourly rate, then divide the employee’s annual salary by his hours worked.

Let’s say the employee typically works 8 hours per day, 40 hours per week which equals 2,080 hours per year (40 hours per week x 52 weeks in a year = 2,080 hours in a year). The employee’s annual salary is $36,000.  So, $36,000 / 2,080 = $17.31 per hour.

17 days of vacation is 136 hours (17 vacation days x 8 hours a day = 136 vacation hours). $17.31 per hour x 136 vacation hours = $2,354.16 in vacation pay.

HTH!

This entry was posted on Thursday, December 29th, 2016 at 2:26 pm and is filed under
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