Calculating salary per day can be a useful tool for budgeting, tracking income, and understanding how much you are earning on a daily basis. Knowing your salary per day can also help you to better understand how much you are earning in a given month or year. This guide will provide an overview of how to calculate salary per day, including the different methods you can use to calculate your daily salary.
How to Calculate Salary Per Day
To calculate salary per day, divide the annual salary by the number of working days in the year. This number will vary depending on the number of days in the year, the number of holidays, and the number of vacation days. For example, if the annual salary is $50,000 and there are 260 working days in the year, the salary per day would be $192.31 ($50,000/260).
To know the per day salary divide your salary by the total number of days in a month, and to know the monthly salary multiply the per day salary by the total number of paid days in a month.
Salary per day = Salary / Total Days in a Month
For example, if your salary is 30,000 Rs
and the number of days in a month is 30 days then your per day salary = 30000/30= 1000 Rs
If the number of days is 31 days then per day salary = 30000/31= 967 Rs
If the number of days is 28 days then per day salary = 30000/28= 1071 Rs
The above calculation is not only used to calculate your gross salary per day, using the same formula you can calculate your per day allowances as well.
For example, if your conveyance allowance per month is 1600 Rs and the of days in that month is 30 days.
Then per day conveyance allowance = 1600/30 = 53 Rs.
Per Day Salary Calculation in Excel
How to calculate monthly Salary
Monthly salary = Per day Salary X Total Paid days
Per day salary = Salary / Total days in a month
Paid days = Total days in a month – LOPs (Loss of Pays)
For example, if your gross salary is 30000 Rs and that month is 31 days, and you have 2 LOPs then your monthly salary will be calculated as follows
= (30000 gross salary / 31 days in a month) X 29 Paid days= 28043
Because of 2 LOPs, the salary is decreased
What is Per Day Slary If My Company is Considering 236 Days in a Month
Some companies consider 26 days as the total days in a month without Sundays. Because in every month there will be 4-5 Sundays.
If you have any LOPs then those LOPs can be deducted from 26 days, not from the actual total days in a month.
If your company is considering 26 days as total days in a month then your per day salary = Your salary / 26
Ex: If an employee’s salary is 30000 Rs
Then your per day salary = 30000/26 = 1153
If the same employee has 2 LOPs in that month
Then his monthly salary = Per day salary X Paid days = 1153 X (26-2) = 27692
Finally, whether your company is considering actual total days in a month or 26 working days excluding Sundays, in both cases your monthly salary will not change, but your per day salary will be different.
To keep your salary structure simple it is better to consider the actual number of days in a month.
What is the actual number of days in a month?
Actual days in a month means a total number of days in a month.
In January we have 31 days, so the actual days in January month are 31.
Similar to April we have 30 days, so the actual days in April are 30
Is salary calculated 30 days or working days?
Per day salary is calculated based on the total days in a month either 30 (or) 31 (or) in April month 28 or 29 days.
Your earned salary is calculated based on your total working days (paid days) in that particular month)
How to calculate per day’s basic wage?
To know your per day basic wage divide your actual basic wage by the total days in a month.
How to Calculate Salary Per Day
Calculating salary per day is a simple process that can help you budget your finances and plan for the future. Knowing your daily salary can help you plan for expenses, investments, and other financial goals. Here are the steps to calculate your salary per day.
Step 1: Calculate Your Annual Salary
The first step in calculating your salary per day is to determine your annual salary. This is the amount of money you make in a year, before taxes and other deductions. If you are paid hourly, you can calculate your annual salary by multiplying your hourly wage by the number of hours you work in a year. For example, if you make $15 an hour and work 40 hours a week, your annual salary would be $31,200 ($15 x 40 hours x 52 weeks).
Step 2: Divide Your Annual Salary by 365
Once you have your annual salary, you can calculate your salary per day by dividing your annual salary by 365. This will give you the amount of money you make in a day. For example, if your annual salary is $31,200, your salary per day would be $85.47 ($31,200 / 365).
Step 3: Adjust for Holidays and Vacation Days
If you receive paid holidays or vacation days, you will need to adjust your salary per day accordingly. For example, if you receive 10 paid holidays and 10 vacation days, you will need to subtract those days from your total number of days worked in a year. This will give you a more accurate salary per day. For example, if you have a salary of $31,200 and receive 10 paid holidays and 10 vacation days, your salary per day would be $77.03 ($31,200 / 355).
Step 4: Calculate Your Taxable Income
Finally, you will need to calculate your taxable income. This is the amount of money you will be taxed on. To calculate your taxable income, subtract any deductions or credits from your salary per day. For example, if you have a salary of $77.03 and you receive a $2,000 tax credit, your taxable income would be $75.03 ($77.03 – $2,000).
Calculating your salary per day is a simple process that can help you budget your finances and plan for the future. Knowing your daily salary can help you plan for expenses, investments, and other financial goals. By following these steps, you can easily calculate your salary per day.