Salary Calculator
Convert between different pay periods and calculate your actual earnings
Salary Conversion Results
| Pay Period | Amount | Adjusted Amount* |
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* Adjusted for holidays and vacation days
Salary vs. Wage
Salary Employees
Salaried employees receive a fixed amount of compensation regardless of the number of hours worked. They are typically exempt from overtime pay and receive benefits like paid time off, health insurance, and retirement plans.
Hourly Employees
Hourly employees are paid for the exact number of hours they work. They are typically non-exempt and eligible for overtime pay (usually 1.5 times the regular rate) for hours worked beyond 40 per week.
Independent Contractors
Contractors are self-employed individuals who are paid for specific projects or services. They are responsible for their own taxes and benefits, and are not entitled to employee benefits or protections.
Understanding Paycheck Deductions
Federal Income Tax
The U.S. has a progressive tax system with rates from 10% to 37%. Your withholding depends on your income, filing status, and allowances claimed on your W-4 form.
Social Security and Medicare
Social Security tax is 6.2% (up to the wage base limit) and Medicare is 1.45% (with an additional 0.9% for high earners). Employers match these contributions.
State and Local Taxes
These vary by location. Some states have no income tax, while others have rates up to 13.3%. Local taxes may also apply in certain cities or counties.
Other Deductions
These may include health insurance premiums, retirement contributions (401k, 403b), flexible spending accounts, union dues, or wage garnishments.
Understanding Pay Periods
Weekly (52 pay periods/year)
Employees are paid every week, usually on the same day (e.g., every Friday). Common for hourly workers and industries with fluctuating hours.
Bi-weekly (26 pay periods/year)
Employees are paid every two weeks, resulting in two months each year with three paychecks. One of the most common pay schedules.
Semi-monthly (24 pay periods/year)
Employees are paid twice per month, typically on the 15th and last day of the month. Paycheck amounts are more consistent than bi-weekly.
Monthly (12 pay periods/year)
Employees receive one paycheck per month, usually on the last day of the month. Common for executives and salaried professionals.
Currency Calculator
Convert between currencies using live exchange rates
Result
Current Exchange Rates
| Currency | Code | Rate (USD) | Last Updated |
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Foreign Exchange Market Information
What is an Exchange Rate?
An exchange rate is the price of one currency expressed in terms of another currency. For example, if the EUR/USD exchange rate is 1.20, it means 1 Euro can be exchanged for 1.20 US Dollars.
The Forex Market
The foreign exchange market (Forex) is a global decentralized market for trading currencies. It’s the largest financial market in the world, with a daily trading volume exceeding $6 trillion.
Bid/Ask Spread
In currency trading, the bid price is what buyers are willing to pay, while the ask price is what sellers are asking for. The difference between these prices is called the spread, which represents the broker’s profit.
Cryptocurrencies
Digital currencies like Bitcoin and Ethereum operate on blockchain technology and have exchange rates that fluctuate based on market demand, similar to traditional fiat currencies but often with higher volatility.
The History of Money and Currency
Barter System
Before money, people exchanged goods and services directly through barter. This system was inefficient due to the “double coincidence of wants” problem.
Commodity Money
The first forms of money were commodities with intrinsic value like salt, cattle, and shells. These were widely accepted in trade because of their inherent usefulness.
Metal Coins
Around 600 BCE, the first metal coins appeared in Lydia (modern Turkey). Gold and silver coins became standard due to their durability, divisibility, and intrinsic value.
Paper Money
First developed in China during the Tang Dynasty (7th century), paper money represented a promise to pay the bearer in coinage. Modern fiat currency is not backed by commodities but by government decree.
Digital Revolution
The 21st century has seen the rise of digital payments and cryptocurrencies, transforming how we think about and use money in an increasingly cashless society.
Expense Analyzer
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