To calculate the daily rate:
\[ DR = \frac{MS}{DW} \]
Where:
A daily rate salary describes the total monetary earnings a person would theoretically bring home daily if they were paid that often. The daily rate is based on the monthly salary and the number of days worked for the month on average. This method of calculating a daily rate salary accounts for days off and provides a better understanding of how much you are getting paid each day.
Let's assume the following values:
Using the formula:
\[ DR = \frac{3,000}{20} = 150 \, \text{\$/day} \]
The Daily Rate is $150 per day.
Let's assume the following values:
Using the formula:
\[ DR = \frac{4,500}{22} \approx 204.55 \, \text{\$/day} \]
The Daily Rate is approximately $204.55 per day.
