this post was submitted on 01 Sep 2023
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I think this is mostly a US thing. Why use yearly salary? You're not paid once a year, are you? Most likely once a month. Referencing monthly salary makes much more sense.

"I'm making 50k". Great, now I have to guess - dollars? Monthly? Yearly? If yearly then what's the monthly paycheck? Net? Gross?

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[โ€“] amenotef@lemmy.world 5 points 2 years ago* (last edited 2 years ago)

In Spain it is also yearly. In general the annual salary is divided in 14 payments, unless you ask to have it divided by 12, depends on the employer, so it makes sense.

The income tax is also annual based. So depending how much you earned during the fiscal year you have a different tax rate. (And part of the income tax rate is dependent on the "state" but they are all more or less similar).

[โ€“] diskmaster23@lemmy.one 5 points 2 years ago

What's up with yearly salaries not keeping up with inflation?

[โ€“] ryannathans@lemmy.fmhy.net 5 points 2 years ago (1 children)

It's a financial year not a financial month

[โ€“] IuseArchbtw@feddit.de 5 points 2 years ago (1 children)

Happens in germany too. A lot of people get a special salary at the end of the year, Christmas money if you will, and that also accounts into the yearly salary. If I earn 4K a month, I earn 48K a year, but if I get 100% christmas money, I earn 52K.

[โ€“] Hoomod@lemmy.world 4 points 2 years ago

Salary is guaranteed, bonuses are not

[โ€“] confusedwiseman@beehaw.org 4 points 2 years ago

This must be very regional. Additionally, Iโ€™d bet a lot of this might depend on industry.

Someone whoโ€™s hourly might have fluctuations in their hours over a set period of time, like a month, or even week to week.

Seems like a number should always be coupled with a unit.

[โ€“] Ertebolle@kbin.social 3 points 2 years ago

It's not as useful for day-to-day budgeting as a more granular one, but people generally only look at their finances closely once a year at tax time and so it's a good point of comparison for that; get a sense of how your financial life is evolving.

It's also the number you're asked for on tax forms, other financial forms (loans, financial aid, bank accounts), questionnaires (though you can lie or 'prefer not to say' on those)... comes up a lot, basically.

[โ€“] CAPSLOCKFTW@feddit.de 3 points 2 years ago

Wwll, I get 14 monthly payments a year, so two times a year the double amount, plus a yearly bonus, plus a fixed one time payment, so monthly would simply not represent how much i get yearly.

[โ€“] Acters@lemmy.world 3 points 2 years ago

If you know the yearly, then that is the allotted amount in the company budget for you. So, in the big picture, you are being paid yearly. Especially if you are salary or contract. I have switched to making a yearly budget with monthly categories, and the yearly costs are much easier to factor into. My budget became more simplified and less stressful. Also, another benefit is that I save for an average cost that is usually higher than most months, and the high cost months are less troublesome to plan for.

I try to calculate net income: deductions and taxes removed from gross income. Overall, I feel better as I can plan ahead of time and don't need to do it every month. Still need to keep an eye on following the plan and for anything that changes it. I don't just plan it either, I execute it.

[โ€“] Zippy@lemmy.world 3 points 2 years ago

I think most answered your question with one exception. Dollars? What else you expect it in? Cats?

(Ignoring you will want it in the country of your residence)

[โ€“] Zephyr@reddthat.com 2 points 2 years ago (1 children)

Many US jobs are based off an hourly rate, some with overtime (usually not added in). I noticed other posters mentioned Xmas bonus. As an hourly worker I received a standard 3% yearly raise to cover increased costs of living. Because our cost of living increase was nearly double that, our salary actually declined. Oh and that Xmas bonus... If you count a 25$ gift card to Walmart a bonus...

Pretty shit, but it could be worse.

[โ€“] ZapBeebz_@lemmy.world 2 points 2 years ago

Federal Government can be nice because I'm salaried, but also get time and a half for OT, so I get the best of both worlds. On the other hand, we don't get performance bonuses, and our yearly COLA takes a literal act of Congress to decide on the percentage.

[โ€“] Voyajer@lemmy.world 2 points 2 years ago* (last edited 2 years ago)

In my last three jobs, I was paid weekly, then bimonthly, and currently every two weeks. Weekly and every two weeks is easy to convert, but bimonthly my pay would fluctuate slightly.

There are also yearly bonuses and similar that would not be included.

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