Average Gross Weekly Wage Formula:
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The Average Gross Weekly Wage (AGWW) is a calculation that determines the average amount of earnings a person receives per week before any deductions. It's commonly used for financial planning, loan applications, and determining benefits eligibility.
The calculator uses the simple formula:
Where:
Explanation: This calculation provides the average weekly income by dividing total gross wages by the number of weeks worked.
Details: Calculating average gross weekly wage is important for budgeting, loan applications, determining child support or alimony payments, and assessing eligibility for certain government programs or benefits.
Tips: Enter your total gross wages (before any deductions) and the number of weeks worked. Both values must be positive numbers.
Q1: What counts as gross wages?
A: Gross wages include all earnings before taxes, insurance, retirement contributions, or other deductions are taken out.
Q2: Should I include overtime pay?
A: Yes, overtime pay should be included in your gross wages calculation as it represents earnings during the period.
Q3: What if I worked partial weeks?
A: You can use decimal values for weeks (e.g., 2.5 weeks) to account for partial weeks worked.
Q4: How is this different from net weekly wage?
A: Gross weekly wage is before deductions, while net weekly wage is the amount you actually receive after all deductions.
Q5: Can I use this for irregular income?
A: Yes, this calculation works well for averaging irregular income over a specific period of weeks.