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I live and work in Australia and I've been offered a contract that pays $1000 a day (including super) and the contract says I would be paid weekly.

I've always used http://www.paycalculator.com.au/ to calculate my take home pay and I punched in $1000 a day (5 days a week) and it breaks down what I take home as:

Weekly: $2,906.21 (total tax: $1,660.00)    
Fortnightly: $5,812.42 (total tax: $3,320.00)
Monthly: $12,593.91  (total tax: $7,193.00)

I'm not sure why but if I multiply my weekly pay x 4, I end up with less than what I would earn if I get paid monthly. Why is this? Would it be more advantageous if I asked to be paid monthly?

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    4 weeks represents 28 days, how many days in a month? – Victor Apr 26 '16 at 9:55
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    Also if you are getting paid $1000 per day why are you not getting $5000 per week? – Victor Apr 26 '16 at 10:05
  • @Victor Looks like the OP is not including the superannuation in the totals. The site itself totals $5000 per week. – Peter K. Jul 22 '16 at 8:51
  • Weekly theoretically gets you the money a trifle earlier, which means your bank account may earn a few cents more interest. However, since most of the major bills you pay are probably monthly, this can make planning your cash flow a bit more complicated. "Better" depends on your own priorities and your own ability to manage cash flow. – keshlam Jul 22 '16 at 13:49
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You are getting paid the same amount in all cases as there is more than 4 weeks in a month. If you multiply the weekly amount by 52 weeks, the fortnightly amount by 26 and the monthly amount by 12, you end up with the same yearly salary, just over $151K.

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  • Well, not exactly the same. $2,906.21 * 52 = $151,122.92 and $5,812.42 * 26 = $151,122.92 and $12,593.91 * 12 = $151,126.92. The monthly amount results in $4 more per year. A better fit for the other two would be $12,593.58 per month (a difference of $0.33 per month). – user Jul 22 '16 at 8:00
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As Victor says you would be paid the same amount in all cases. This calculator http://www.icalculator.info/australia.html provides a breakdown of the calculation so may be a bit more helpful when comparing the calculations.

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