Annual Equivalent Salary

The Annual Equivalent Salary is an estimated salary based on 26 pay periods, if an employee is paid all of their pay period hours for every pay period. This may be referenced when calculating life insurance, or other deductions.
 
How to calculate an Annual Equivalent Salary:
 
1. Pay rate multiplied by 2080 if Hourly, 1 if Annual, or 260 if Daily.
 
2. Multiply #1 by FTE.
 
3. Divide pay period hours by 80 for Pay Group 01, or 173.3 for Pay Group 20. (Round to four decimal places.) Result is the Standard Hours Percent (SHP)
 
4. Multiply the Salary (#2) by the SHP (#3). (Round to two decimal places.) Result is the Annual Equivalent Salary (AES).
 
Examples:
 
Hourly Employee in Pay Group 01 with Rate of $22.10, 80.0 Pay Period Hours, and 1.0 FTE:
1. 22.10 x 2080 = 45,968.00
2. 45,968.00 x 1.0 = 45,968.00
3. 80.0 ÷ 80.0 = 1.0000
4. 45,968.00 x 1.0000 = 45,968.00
 
 
Hourly Employee in Pay Group 01 with Rate of $19.50, 42.0 Pay Period Hours, and 0.67 FTE:
1. 19.5 x 2080 = 40,560.00
2. 40,560.00 x 0.67 = 27,175.20
3. 42.0 / 80.0 = 0.5250
4. 27,175.20 x 0.5250 = 14,266.98
 
 
Annual Employee in Pay Group 20 with Rate of $45,000.00, 173.3 Pay Period Hours, and 1.0 FTE:
1. 45,000.00 x 1 = 45,000.00
2. 45,000.00 x 1.0 = 45,000.00
3. 173.3 ÷ 173.3 = 1.0000
4. 45,000.00 x 1.0000 = 45,000.00