Monthly rate calculation

Parameter

Value

Description

Period

05.06.2025–30.06

Period for which the payment is calculated

Monthly rate

$1,600.00

Fixed monthly salary for a full month

Worked days

17

Number of days the employee worked

Planned hours

160

Standard monthly working hours

Actual hours

131

Hours logged by the employee

Hourly rate

$10.00

Hourly compensation rate

Amount

$1,310.00

Actual payment based on hours worked (131 × $10)

Step 1: Convert hours to minutes

WorkingMinutes = 131 hours × 60 = 7,860 minutes

Step 2: Calculate worked days

workedDays = WorkingMinutes / 480 = 16.375

(480 minutes is the standard number of minutes in a working day: 8 hours × 60)

Rounded: 16.38

The value is rounded in the code using the common rounding formula applied to all agreements.

Step 3: Determine the number of working days in the month

days = 22

(based on the working calendar)

Step 4: Calculate the engagement percentage

percent = workedDays / days = 16.38 / 22 = 0.7445454545454546

percent * 100 = 74.45454545454546%

Rounded: 74.45%

Step 5: Calculate the payment amount

AmountCurrency = percent * agreement = 1191.27273 $

Rounded: 1191.27 $

For comparison, when using an hourly rate: 131 hours × $10 = $1,310.00

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