Is there a standard formula used to calculate monthly pay for an hourly employee? I am trying to calculate three months severance pay for an employee.
Alternatively, if you know their weekly pay, or can average it over any time frame like 4, 5, or 6 months, then take weekly pay and multiply by (52/12) and you will get monthly. It's 4.3333333333333333333333333333333 weeks per month.
Employee makes $10/hour and works 40 hours per week. So their weekly pay is $400. Multiply $400 by 52 and divide by 12 (long way of doing it). Their monthly pay would be $1733.33. Or, you can take $400 multiplied by 4.33333 and get the same thing.