How I Convert Weekly Travel Pay into a Gross Salary Yearly Income

As a traveler, I like to see how my salary compares to a permanent worker’s yearly salary…Here’s what I do:

How to Calculate Gross Yearly Income without Factoring in Vacation Time:

After experimenting with the calculator (listed at the bottom), I know that $2000/week after taxes is equivalent to a $160,000 gross yearly salary in California assuming I work all 52 weeks.

Therefore, if I am making more than $2000/week after taxes, I enter a gross yearly salary higher than $160,000 until I find the amount that is equivalent to my net weekly pay.

 

• Step 1: Type in your estimated annual gross yearly income and select your state Click “calculate”

• Step 2: Click on the “weekly” salary rate button Scroll down to the “net pay” value If the “net pay” amount is too low or too high, adjust the amount in step 1 (gross yearly income) and repeat until you find the correct weekly net pay amount

How to Calculate Gross Yearly Income while Factoring In Vacation Time:

I personally take at least 8 weeks off a year. Therefore, if I’m assuming I’ll be making about $2000/week after taxes for all my contracts, I calculate my adjusted weekly net pay by performing the following calculations.

$2000/week x 44 weeks (because I’m taking 8 weeks off during the year) = $88,000

$88,000/52 weeks = $1692/week after taxes

So, in this scenario, I’m really making $1692/week after taxes throughout the year because of my 8-week vacation

Therefore, I’m making about a $132,000 gross yearly salary making $2000/week after taxes throughout the year with my travel contracts while taking 8 weeks off for vacation.

In comparison, if I did not take any vacation during the year while making $2000/week after taxes, I would make about a $160,000 gross yearly salary in California.

Another Example:

If I’m making $2000/week after taxes for 26 weeks, and $1800/week after taxes for the other 26 weeks, then you can average the two weekly pay amounts and use this amount to determine your gross yearly salary.

In this example it would be $1900/week after taxes, which is equivalent to about a $150,000 gross yearly salary in California.

Here’s a link to the calculator that I use:
https://www.talent.com/tax-calculator