Calculating your income: I changed jobs this year

If you changed jobs this year, you’ll need two numbers to estimate your annual income:

 

  1. How much money did you make at your first job?

 If you changed jobs this year, start with the amount of money you made at your first job. To do that, first figure out how many weeks you worked there during this calendar year, using this calculator.

Then, either divide your yearly salary by 52, and then multiply that amount by the number of weeks you worked OR, multiply your weekly income by the number of weeks you worked.

For example:

Let’s say you left your job on March 25th of 2020. That means you worked there for 12 weeks in 2020.

  • If you made a salary of $52,000 a year, that means:
    • ­You made $1,000 a week ($52,000 / 52 weeks = $1,000)
    • So, you made $12,000 before you left your job ($1,000 x 12 weeks =$12,000)
  • If you were paid weekly and made $500 a week, you made $6,000 before you left your job ($500 x 12 weeks = $6,000)

 

  1. How much money are you making at your new job?

Next, calculate how much money you’ll make at your new job. To do that, figure out how many weeks you’ll work at this new job in 2020 using this calculator. Start with your first day of work and end with the last day of 2020.  Or, if the job is seasonal, end on the day you expect to stop working.

Then, either divide your yearly salary by 52, and then multiply that amount by the number of weeks you’ll work OR, multiply your weekly income by the number of weeks you work.

For example, let’s say your new job started on May 28th of 2020. If you keep that job for the rest of the year, you’ll work there for 31 weeks in 2020.

  • If your new salary is $60,000 a year, that means:
    • ­You make almost $1,154 a week ($60,000 / 52 weeks = $1,153.84)
    • So, you’ll make $35,774 at your new job ($1,154 x 12 weeks =$35,774)
  • If you’re paid weekly and now make $550 a week, you’ll make $17,050 at your new job ($550 x 31 weeks = $17,050)

 

Once you’ve calculated the answers to these questions, just add them together. So,

$ made at your first job + $ made from your new job

 = Your annual income

And if you received unemployment between those two jobs, add the total amount you received from unemployment as well.

HealthSource RI connects you with health and dental insurance from these companies:

Individuals & Families: 1-855-840-4774
Employers & Employees: 1-855-683-6757