Monetary Based Raises

• 1). Determine your previous gross yearly salary. Refer to box No. 1 on your W-2 form, if available, which is labeled "Wages, tips, other compensation." If you do not have a W-2, refer to a recent pay stub or multiply the normal amount of hours worked by your current hourly wage. Do not include bonuses or benefit packages.
  
  
• 2). Approximate your potential new gross yearly income. Take the number of hours you expect to work and multiply that by the new hourly wage. Do not include overtime. Use a calculator for better accuracy. (Example: Your new hourly rate will be $8.50/hr. You expect to work 40 hours per week for 48 weeks a year, so 40 X 48 = 1,920 hrs. 1,920 X $8.50 = $16,320/yr.)
  
  
• 3). Subtract your old yearly income from the anticipated new yearly income. The difference will be the gross amount of your increased earnings. Divide this difference by the original annual salary to ascertain the percentage of raise you have earned. (Example: Old salary: $15,360. New Salary: $16,320. 16,320 -- 15,360 = $960. $960 divided by 15,360 = 6.25 percent)
  
  

Percentage-Based Raises

• 1). Ascertain your former yearly salary. Refer to box No. 1 of your most recent W-2 Form (if available) or use the calculation method from Section 1. Do not include bonuses or benefit packages.
  
  
• 2). Multiply the amount of your raise times your old annual salary. This will be your increase in earnings. (For example, if you have been earning $20,000 per year and you will be getting a three percent raise, you would multiply 20,000 X .03, which equals $600.)
  
  
• 3). Add the amount of increased earnings (from Step 2) to your original annual salary to determine the total amount of your new projected annual salary. (Ex. $20,000 + $600 = $20,600.)