To figure an hourly wage from an annual salary, you need to know the number of hours worked per year. Step 1. Add the number of weeks your employee works plus the number of weeks of paid vacation to find the total number of weeks worked.For example, if your employee works 50 weeks and you pay for two weeks of vacation, add 50 plus 2 to get 52 weeks. Step 2.Multiply the number of weeks per year by 40, the number of hours per week, to find the number of hours worked per year.In this example, multiply 40 by 52 to find the total hours for the year equals 2,080. Related Reading: How to Calculate the Hourly Rate of Pay for Time and a Half.Step 3. Divide the annual salary for the employee by the number of hours to find the hourly rate.or example, if your employee works 50 weeks and you pay for two weeks of vacation, add 50 plus 2 to get 52 weeks. Step 2. Multiply the number of weeks per year by 40, the number of hours per week, to find the number of hours worked per year.
How Much the Credit Can Pay You. The amount of the credit depends on two things: the number of qualifying children you have and your gross income. Those with one qualifying child can claim up to $3,000 per year toward determining the credit amount, while those with two or more qualifying children have a $6,000 annual limit. %VIRTUAL-article-sponsoredlinks%Calculating the credit requires taking your actual expenses or the maximum limit, whichever is less.
DEFINITION of 'Child Tax Credit'. The Child Tax credit is a credit given to taxpayers for each dependent child who is under the age of 17 at the end of the tax year. The Child Tax credit is a nonrefundable credit that reduces the taxpayer's liability on a dollar-for-dollar basis. The Child Tax credit is intended to provide an extra measure of tax relief for taxpayers with qualifying dependents.