I am trying to learn how to calculate the NET payment for a partial month and the overtime (net and gross) based on some random payments and facts I found from the past. I got stuck with a specific one because one month is split into two different contracts. Also, I was not able to find the way to calculate the NET overtime directly. So, the facts of the problem are shown below:
- The annual salary is 23000 gross payment.
- The gross overtime payment is 11.05 per hour.
- In September, the overtime hours were 10.5 hours.
- In October, the overtime hours were 48 hours.
- In October, the contract with the 23k salary stopped on the 13th. A new contract was set to be based on an hourly payment of 11.05 per hour where there hours are fixed to 8 per day.
So, my findings so far:
- The NET payment for September should 1608.52 according to the UK salary calculator.
- The GROSS overtime payment for September should be 116.025 pounds (10.5 * 11.05).
- The GROSS overtime payment for October should be 530.4 pounds (48 * 11.05).
- The NET payment for October (until the 13th) should be 890.88 pounds (74.24 * 12) where 74.24 is the daily payment according to the UK salary calculator. I am not sure if the calculation is correct. I assume you take the NET daily and multiply it by the days worked. It is 12 days as for that month people had to work during the weekends too.
- The GROSS payment for October (after the 13th) should be 884 pounds (80 * 11.05) where the total hours were 80.
I am not sure how to calculate the NET overtime payment in order to find out the exact amount needed to be paid for October and then September.