To calculate pay increase do the following:
Determine your increase in % or per hour
Add it to your current salary
Deduct around 22% for annual taxes
Factor in an inflation rate of 2 - 3%
This is the only way to truly determine how much your pay raise was. Failing to consider inflation and taxes will only lead to disapointment. when looking at your bank account.
To help make this calculation a little easier, I've created this super simple pay raise calculator. Simply input your current pay and your expected increase.
From there, my code will deduct for inflation and taxes so you get the true picture of what your pay will look like moving forward.
Calculating pay increase percentage is a straightforward process:
Identify the amount of the pay increase in monetary terms.
Divide the increase amount by your current salary.
Multiply the result by 100 to get the percentage.
Remember, this percentage only represents the gross increase. For a net figure, adjust for taxes and inflation as previously mentioned.
Using this method gives a clear and accurate picture of the relative increase of your salary, helping you understand the real value of your pay raise.
If you find your pay increase is not high enough, you are two options: negotiate for a higher pay raise or give yourself a pay raise.
The latter can result in a much higher raise than the former but requires substantially more work. Picking up another job or starting an online business like an app or Etsy Shop can give you the financial free you deserve.
Once you've decided on the type of business you want to run, check out the free version of Super Easy CRM. It's the perfect tool for budding entrepreneurs and seasoned vets alike.
It was designed by a man who was similarly frustrated with his pay and decided to give himself a raises instead of waiting on someone else to do it.
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