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66. Monthly Salary

Description

Computes an individual's monthly salary/wages based on their paycheck and the pay period.

Code

Monthly Salary:

IF PayPeriod-m = "Weekly"
CheckAmount-n * 52 / 12
ELSE IF PayPeriod-m = "Every other week"
CheckAmount-n * 26 / 12
ELSE IF PayPeriod-m = "Twice a month"
CheckAmount-n * 2
ELSE
CheckAmount-n
END IF


Monthly Salary - Variation:

IF PayPeriod-m = "Weekly"
CheckAmount-n * 4.3
ELSE IF PayPeriod-m = "Every other week"
CheckAmount-n * 2.167
ELSE IF PayPeriod-m = "Twice a month"
CheckAmount-n * 2
ELSE
CheckAmount-n
END IF


Yearly Salary:

IF PayPeriod-m = "Weekly"
CheckAmount-n * 52
ELSE IF PayPeriod-m = "Every other week"
CheckAmount-n * 26
ELSE IF PayPeriod-m = "Twice a month"
CheckAmount-n * 24
ELSE
CheckAmount-n * 12
END IF

Explanation

This computation takes the amount on an individual's paycheck and the pay period (weekly, every other week, twice a month, or monthly) and computes either the individual's monthly or yearly salary. Whether the salary is gross or net is at your discression.

The computation requires two variables: "CheckAmount-n," a number variable for the salary from a single pay stub, and "PayPeriod-m," a multiple choice variable for indicating how often the individual is paid. The "Other" option for PayPeriod-m should be disabled, and it should be set as "Check one only."

Monthly salary is computed by multiplying the check amount by: 52 (weeks) / 12 (months) for weekly checks, 26 (52 weeks / 2) / 12 (months) for every other week, 2 (pay periods a month) for twice a month, and just the check amount itself for monthly checks (assumed if the pay period is not one of the others).

A variation is required by many jurisdictions. In the variation, monthly salary is computed by multiplying the check amount by: 4.3 for weekly checks, 2.167 for every other week (bi-weekly), 2 (pay periods a month) for twice a month, and just the check amount itself for monthly checks (assumed if the pay period is not one of the others).

Yearly salary is computed by multiplying the check amount by: 52 (weeks) for weekly checks, 26 (52 weeks / 2) for every other week, 24 (2 times per month * 12 months) for twice a month, and 12 for monthly checks (assumed if the pay period is not one of the others).

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