Easy Trick to Calculate Wages Instantly | Summary and Q&A

TL;DR

Learn how to instantly compare annual and hourly wages using a simple conversion trick.

Key Insights

• 💦 The trick works based on a 40-hour workweek and assumes 50 working weeks in a year.
• ☠️ Converting from annual to hourly rate: Divide by 2,000. Converting from hourly to annual rate: Multiply by 2,000.
• ☠️ The hourly rate of $23 pays better than the annual salary of $42,000 by $4,000.
• ☠️ Other salary comparisons show the importance of comparing rates using this trick.
• 👻 The trick simplifies calculations and allows for quick wage comparisons.
• ☠️ Knowing how to convert between annual and hourly rates is a valuable tool for financial decision-making.
• ❓ The trick can be used to evaluate different job opportunities or negotiate salaries.

Transcript

good day can you solve this easy question involving wages in just a few seconds here it is which of the following options pays better we have two options the first option has a rate of $42,000 per year okay per anom we have a second option which is paying $23 per hour so which of these pays better these are both full-time jobs at 40 hours per week ... Read More

Questions & Answers

Q: How can I quickly compare annual and hourly wages?

To compare, multiply the hourly rate by 2,000 to convert it into an annual salary.

Example: $23 per hour * 2,000 = $46,000 per year.

Q: What if I have an annual salary and want to convert it to an hourly rate?

Divide the annual salary by 2,000 to convert it into an hourly rate.

Example: $42,000 per year / 2,000 = $21 per hour.

Q: Can you provide examples with other salary rates?

Sure. Let's compare an annual salary of $68,000 with a per hour rate of $35 and an hourly rate of $29 with an annual salary of $55,000.

For the first comparison, $35 per hour * 2,000 = $70,000 per year. The $68,000 annual salary pays better.

For the second comparison, $55,000 per year / 2,000 = $27.50 per hour. The $29 per hour rate pays better.

Q: Is there a trick to quickly converting annual and hourly rates?

Yes, the trick is to divide or multiply by 1,000 first before dividing or multiplying by 2. This simplifies the process.

Summary & Key Takeaways

• There are two options: a $42,000 per year salary and a $23 per hour salary.

• To compare, convert the hourly rate into an annual salary by multiplying by 2,000.

• The $23 per hour job pays better, with an annual salary of $46,000.