You can quickly find your year-to-date earnings on your paycheck pay stub. You can find both your gross pay and net earnings after deductions. If you don’t have your pay stub but you know your weekly gross and net pay amounts, you can easily figure out how much you’ve made so far this year with a little basic math or using a year-to-date income calculator.
Read More: Gross Pay Vs. Net Disposable Earnings
Gross vs. Net Pay
The first thing you’ll want to do before you calculate your year-to-date earnings is to decide whether you want to know your gross or net amount, or both. The gross amount you earn is the agreed-upon salary you earn, or the total amount of wages you’ve earned (if you’re hourly) before any benefits or taxes are deducted.
The amount of money you get to put into your savings or checking account is your net pay. For example, if you earn $52,000 per year in salary, your gross pay for a week is $1,000. If you take home $850 after deductions for taxes and voluntary benefits, such as dental or vision insurance or a 401(k) contribution, that’s your net pay.
Read More: How To Read a Paycheck Stub
What Is Year-to-Date?
“Year-to-date earnings” refers to the amount of pay you’ve earned as of your last paycheck. If you earn $1,000 per week and have worked 12 weeks, your year-to-date gross pay has been $12,000. You can find this number on your pay stub, along with year-to-date taxes, benefits deductions and retirement account match and contribution, depending on how your company handles paychecks.
Making Your Calculation
If you don’t have a paystub handy or don’t have quick access to the account where you deposit your paychecks, or you just cash your paychecks and don’t put them into an account, you can still find your year-to-date earnings.
You must know your weekly, bi-weekly or monthly gross and/or net pay amounts (depending on how often you’re paid). For example, if you make $1,850 in take-home pay every two weeks and you know you’ve been paid 18 times this year, you multiply $1,850 X 18 to get $33,300. That means that after 36 weeks, or roughly 8.3 months, your year-to-date net earnings are $33,300.
Planning on Leaving?
If you’re planning on leaving your job on a specific date, you might want to know how much money you’ll have available based on what you will be paid through your final day. For this example, we’ll assume you’re working until the last day of a pay period.
If you earn $60,000 per year and get paid every two weeks, you’ll be paid 24 times during the year. If you divide $60,000 by 24, you’ll get $2,500 in gross pay each pay period. If you quit after working 12 pay periods, your earnings to date on the day you quit will be $2,500 X 12 = $30,000. You can use this same formula to calculate your net earnings (take-home pay) to date on your end date with the company.
If you’ll be getting any commissions or bonuses when you leave, you’ll need to estimate what those amounts might be and add them to your $30,000 figure.
Steve Milano has written more than 1,000 pieces of personal finance and frugal living articles for dozens of websites, including Motley Fool, Zacks, Bankrate, Quickbooks, SmartyCents, Knew Money, Don't Waste Your Money and Credit Card Ideas, as well as his own websites.