BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -With the pay hours total in hand, calculating hourly rates is an easy task. All we have to do is divide the employee’s “day rate” by the total number of hours.

Detailed explanation-2: -First, determine the total number of hours worked by multiplying the hours per week by the number of weeks in a year (52). Next, divide this number from the annual salary. For example, if an employee has a salary of $50, 000 and works 40 hours per week, the hourly rate is $50, 000/2, 080 (40 x 52) = $24.04.

Detailed explanation-3: -With an hourly rate, the contractor is paid for each hour worked, whilst with a daily rate, the contractor will charge a set amount per day. There is also a third option-charging a fixed price. Here, the contractor will charge a fixed price for carrying out the entirety of the work.

Detailed explanation-4: -Get the hours per months = Hours in Year ÷ 12 (months) Get Hourly Pay = Monthly Salary ÷ Hours Per Month. Get Daily Pay = Hourly Pay x Hours Per Day.