Are you enjoying your current or past career as a C-level exec (Chief Executive Officer, Chief Financial Officer, Chief Technology Officer, etc.) in a large, medium-sized or small corporation, or unemployed and looking to calculate your unemployment compensation plan? If so, your compensation calculator looks a lot different than your father’s or grandfather’s did. Nowadays it’s the norm for a compensation package to include a lot more than mere income. It can contain base salary, plus overtime, variable compensation (such as short-term bonus or incentive), long-term incentives (such as prerequisites and benefits), the level of your individual success, your company’s overall success, any bonus you received, and many, many other factors. Read below to get some advice on how to calculate your workplace career compensation package (and save money), and also how to calculate your unemployment compensation package, step by step.
How To Generate Your Compensation Calculator For Your Career Compensation Package
1) Get together every last relevant bit of your paperwork that may pertain to your compensation package, which includes detailed descriptions of bonuses, incentives, stock options, etc.
2) Determine the base salary portion of your compensation package by converting an hourly amount to an annual amount (do so by simply multiplying it by 2,080 if you work a 40 hour work week).
3) Calculate your overtime pay (from a typical one year period of time) separate from your regular 40-hour pay.
4) Calculate your target variable compensation (which is the dollar percentage of your annual salary). If, perhaps, your employer happens to use a different type of compensation plan, then use last year’s dollar numbers.
5) Calculate your commission for the coming year based on what level of sales you expect to generate this year. You may have to guess, but you should be able to do so somewhat accurately.
6) Ask your HR or personnel director to help you estimate any incentive plan dollar amounts.
7) Calculate cash benefits, such as 401k matching, from your annual income and percentage contribution, and your employer’s monetary contribution based on his percentage matching.
Now it’s time to add together each relevant element above to determine your total annual compensation package.
How to Calculate Your Unemployment Compensation Package
1) Find out how much compensation your state provides.
2) Calculate the date range of your base period.
3) Calculate the yearly amount of any perks you’ve received.
4) Calculate or look up your gross pay from your base period or highest quarter.
5) Find out your state’s unemployment calculation formula.
Check, and then double check your work.