So it turns out that my most favoritiest finance manager and most favoritest co-worker in the whole world got permission from Boss to tell me about my raise :-)
We now turn to the numbers which probably make most people want to gouge their eyes out. But I find playing with excel sheets to be absolutely awesome fun and this is my blog so here we go.....
I have been raised 3.812%. This is 1.544 percentage points higher than the average rate of inflation so far in 2010 (http://inflationdata.com/inflation/inflation_rate/CurrentInflation.asp). But better yet word on the street is that there wasn't an across the board raise but rather I did better than some other people. They must like me :-)
My gross salary was $30825.00 and now I shall be earning $32000.05 which is an increase of $1175.05. Honestly that doesn't seem like a huge increase. But check this out....My previous take home pay each period was $922.68 with my own approximation of taxes the increase will have me at 1037.67. And so my best estimation of the increase in monthly net take-home pay is $229.99. Now given that $1175.05 divided by 12 does not come close to $229.99 you are probably confused. I was too for a bit.
Back at the end of December our Finance Manager (who I shall now call CFO to make my life easier) came in the office and started talking to me. She was a bit frazzled because she had been to our payroll company to pick up checks where she was informed that when a company is paying its employees bi-weekly (as we were paid) that every 11 years there would be a 27th pay period in the year and so 2009 or 2010 would be that year for us. However since this was coming out of the blue for this fiscal year (we run July1-June30) the amount we recieve each pay period had been caluclated by dividing our salary by 26. And so continuing to pay us regularly would cost an extra lot of money for that extra pay period. Many phone calls then happened to various board members. The final decision was made that we would move to a twice monthly pay system. Somehow it worked out that we would get the same amount each pay period but now we had less pay periods - which made up for the 'extra' pay we had received. It was ridiculously confusing but I puzzled it all together at the time and it did work out.
But anyways as a result of that transition even without a raise my pay would have gone up $76.89 each pay period ($153.78 monthly). So it would have already felt like I was getting more money. See I always budget monthly using 2 pay periods. In the old system this meant there would be 2 awesome months where I had extra awesome $. So when we changed it sucked to loose that but didn't impact my budgeting. The increase would have felt like a raise anyways so the real raise is kinda just more awesomeness.
Next up shall be budgeting!
We now turn to the numbers which probably make most people want to gouge their eyes out. But I find playing with excel sheets to be absolutely awesome fun and this is my blog so here we go.....
I have been raised 3.812%. This is 1.544 percentage points higher than the average rate of inflation so far in 2010 (http://inflationdata.com/inflation/inflation_rate/CurrentInflation.asp). But better yet word on the street is that there wasn't an across the board raise but rather I did better than some other people. They must like me :-)
My gross salary was $30825.00 and now I shall be earning $32000.05 which is an increase of $1175.05. Honestly that doesn't seem like a huge increase. But check this out....My previous take home pay each period was $922.68 with my own approximation of taxes the increase will have me at 1037.67. And so my best estimation of the increase in monthly net take-home pay is $229.99. Now given that $1175.05 divided by 12 does not come close to $229.99 you are probably confused. I was too for a bit.
Back at the end of December our Finance Manager (who I shall now call CFO to make my life easier) came in the office and started talking to me. She was a bit frazzled because she had been to our payroll company to pick up checks where she was informed that when a company is paying its employees bi-weekly (as we were paid) that every 11 years there would be a 27th pay period in the year and so 2009 or 2010 would be that year for us. However since this was coming out of the blue for this fiscal year (we run July1-June30) the amount we recieve each pay period had been caluclated by dividing our salary by 26. And so continuing to pay us regularly would cost an extra lot of money for that extra pay period. Many phone calls then happened to various board members. The final decision was made that we would move to a twice monthly pay system. Somehow it worked out that we would get the same amount each pay period but now we had less pay periods - which made up for the 'extra' pay we had received. It was ridiculously confusing but I puzzled it all together at the time and it did work out.
But anyways as a result of that transition even without a raise my pay would have gone up $76.89 each pay period ($153.78 monthly). So it would have already felt like I was getting more money. See I always budget monthly using 2 pay periods. In the old system this meant there would be 2 awesome months where I had extra awesome $. So when we changed it sucked to loose that but didn't impact my budgeting. The increase would have felt like a raise anyways so the real raise is kinda just more awesomeness.
Next up shall be budgeting!
PS: I could probably go on talking numbers for many more posts but I'll try to contain it and intermittently schedule it with more crafts :-)
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