Plain Figures

Pay Raise Calculator

Enter your pay and a raise, as a percent or a dollar amount, to see your new pay and what the raise adds each year, month and paycheck, before tax.

Your pay is
The raise is
Numbers

New annual salary

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Enter your numbers to see the result.

How a raise is calculated

A percent raise multiplies your pay by 1 plus the percent. A dollar raise adds the amount. The difference over a year is new yearly pay minus current yearly pay; dividing it by 12 gives the monthly difference and by your pay periods gives the difference per paycheck.

New pay = current × (1 + percent ÷ 100) or current + amount

Equivalent percent = raise ÷ current × 100. Yearly pay for hourly workers = rate × hours per week × paid weeks. All amounts are gross, before tax.

Example: a percent raise on salary

$62,000.00 a year, a 4% raise, paid every two weeks.

  1. New salary: $62,000.00 × (1 + 4 ÷ 100) = $64,480.00
  2. Per year: $64,480.00 − $62,000.00 = $2,480.00
  3. Per month: $2,480.00 ÷ 12 = $206.67
  4. Per paycheck: $2,480.00 ÷ 26 = $95.38

Example: a dollar raise on hourly pay

$24.00 an hour, a $1.50 raise, 40 hours a week, 52 paid weeks, paid every two weeks.

  1. New rate: $24.00 + $1.50 = $25.50 an hour
  2. Equivalent percent: $1.50 ÷ $24.00 × 100 = 6.25%
  3. Yearly pay: $24.00 × 40 × 52 = $49,920.00 before, $53,040.00 after, so $3,120.00 more
  4. Per month: $260.00; per paycheck: $3,120.00 ÷ 26 = $120.00

Questions

How do I calculate a percent raise?

Multiply your current pay by 1 plus the percent as a decimal. A 4% raise on $62,000 is $62,000 × 1.04 = $64,480.

How do I turn a dollar raise into a percent?

Divide the raise by your current pay and multiply by 100. A $1.50 raise on $24 an hour is 1.50 ÷ 24 × 100 = 6.25%. Choose “Amount” above and the calculator shows it.

Is the raise percent based on my current pay?

Yes, the calculator applies it to what you enter as current pay. If your employer applies a merit increase to a different base, use that base.

Why is the per-paycheck figure larger than I see in my paycheck?

It is gross, before tax and other deductions. Your take-home increase is smaller. The paycheck calculator shows how gross pay turns into take-home pay.

How do hourly raises become yearly pay?

The calculator multiplies the rate by hours per week and paid weeks per year, as the hourly to salary calculator does.

Can I enter a pay cut?

No, the raise must be 0 or more. To compare two pay figures, enter the lower as current pay and the difference as the raise.

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