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The system calculates the Base Annual amount as follows:
Example: 7.5 Hrs/Day x 175 # of Days Empld = 1312.50 Annual Hours x $35.00 Midpoint = $45,937.50 Base Annual
Midpoint hourly rate calculations:
When the Hours field on the Salaries > Midpoint tab is populated with hours for a type 3-Hourly employee (e.g., 5.5 hours), the system will calculate the Minimum, Midpoint, and Maximum fields as an hourly rate.
Example: If the Pay Rate is 7.75 (below the Midpoint rate of 8.00), and if the Midpoint is increased by 1% (8.00 x 0.01 = 0.08), the Pay Rate will update and increase to 7.83 (7.75 + 0.08). Likewise, if the user enters a negative percent (-1%), the program will decrease the Pay Rate by 0.08 and set the Pay Rate back to 7.67.
Midpoint daily rate calculations:
When the Hours field on the Salaries > Midpoint tab is populated with 0.00 hours for a type 2-Non-contracted emp, the system will calculate the Minimum, Maximum, and Midpoint fields as a daily rate.
Example: Minimum Daily Rate (75.00) x # of Days Empld (187) = Annual Contract Amount (14,025)/# Annual Payments (12) = Pay Rate (1,168.75)
Example: Daily Rate on Job Info tab (77.00) x # of Days Empld (187) = Annual Contract Amount (14,399)/# Annual Payments (12) = Pay Rate (1,199.91)
Example: Daily Rate on the Job Info tab (95.00) x # of Days Empld (187) = Annual Contract Amount (17,765)/# Annual Payments (12) = Pay Rate (1,480.41). This amount is OVER the Maximum, and the system will update to the Maximum Daily Rate (90.00) x # of Days Empld (187) = Annual Contract Amount (16,830)/# Annual Payments (12) = Pay Rate (1,402.50). The system reduces the salary to the Maximum amount because the original Pay Rate was OVER the Maximum amount.
Examples:
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