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.
118(2). The age amount tax credit is a non-refundable tax credit, claimed on line 301 of the personal income tax return. This tax credit is available to individuals who are, at the end of the taxation year, aged 65 or older. The federal age amount for 2013 is $6,854 ($6,916 for 2014).This amount is reduced by 15% of income (net income from line 236 of your tax return) exceeding a threshold amount of $34,562 for 2013 ($34,873 for 2014), and is eliminated when income exceeds $80,255 for 2013 ($80,980 for 2014).his is because the age amount tax credit is based on line 236 of the tax return, net income for tax purposes. Losses carried forward are deducted after this on the tax return. See our article on how to calculate Total Income For Tax Purposes, Net Income For Tax Purposes, and Taxable Income.