How to Compute the Annual Salary of Exempt Employees
When you apply for a mortgage or other loan, one of the first questions asked by the lender is how much money you make. Generally, the lender is looking not at the amount that you bring home but your total gross pay during the year.
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Instructions
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Obtain a copy of your most recent pay stub. If you have access to your pay statements online, log on to your account and retrieve that information. Otherwise, contact human resources or simply wait until your next scheduled payday.
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Find the amount of gross pay listed at the top of the pay stub. This is the amount that your employer pays you each week, before any deductions for taxes or benefits.
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Multiply the amount of your gross pay by the number of pay periods per year. For example, if you are paid twice monthly, you have 24 pay periods; if you are paid every other week, you have 26 pay periods. As an exempt employee, you do not receive overtime pay, so your gross pay remains consistent through all pay periods. Multiplying the gross pay on your pay stub by the number of pay periods per year is the simplest way to compute your annual salary.
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