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Question

How should I derive an hourly cost rate for salaried employees?

Solution

Unanet Hourly Cost Rate Calculations

Time Period

Hourly Cost Calculation

Time Period Setup*

Work Hours per Period

Semi-monthly

Annual Salary / Working hours in a year (e.g. 2080)

Work Hours = working hours per year / 24

86.6667 (if using 2080)

Weekly

Weekly Salary / 40

Work Hours = 40

40

Bi-weekly

Biweekly Salary / 80

Work Hours = 80

80

Unanet recommends that you align your Unanet timesheet with your payroll period.  If you pay biweekly, for example, you should use biweekly or weekly timesheets.

* Time period setup - Unanet Work Hours defaults to 2080 work hours per year. Only change default if Work Hours per period is something other than 2080.