How to calculate yearly pay?
 

I am working on a spreadsheet with all the regional salaries including bonuses and tuition reimbursement that will help with my search for a flight school. I am wondering what a reasonable formula for calculating yearly pay is? Do you usually just multiply the hourly rate by 1,000? Also how do you account for per diem? Thanks!

There are really 1000 variables. Time spent on reserve will generally accrue less credit than a line holder, so going to a place with a shorter reserve can mean making more money (sometimes). Some places have premium pay, others have very little.

Some airlines have faster upgrades, which result in higher pay.

I know pilots that work all the time, dropping down to 7 or 8 days off a month, and know how to "play the game" to get critical pay. Others fly as little as possible. So, even if they were hired in the same class at the same regional, their pay differs $20,000 a year (no exaggeration).

There really isn't a formula - it would be different for every single pilot.

Use the aerocrew news grids to figure that out.
Salarly= Hourly rate x minimum guarantee x 12

Per diem is not included in salary. But you can subtract the minimum days off from the days in the month, multiply that by 24 (hours) then by the per diem rate to get a very high end estimate.

I would take the guaranteed hours times the hourly rate x 12 as mentioned above. You know you'll make that. Per Diem is not income per se and I don't think I would factor it in as there will be plenty of expenses that can use that up.
If there's bonuses, I would spread those out over the associated commitment period (if any). Your first year, you're likely to make pretty close to guarantee plus bonus. Later, you'll have more control over how much you work and can adjust your income up or down a bit depending on your needs and goals. Very few airline pilots fly 1000 hours a year. (not impossible to bill that many but that's really pushing it)

It depends on how much you work. I earned about $16,000 over guarantee this year according to my last pay stub.

Very few block 1000 hours, but it is very easy to credit well over 1000. With training pay, DH pay, cancellation pay, and critical/scheduled day off pay, you can credit far more than 1000 hours a year.

Agreed. Not sure where he works but I only work about 15 days/month and credit well over 1000 hours for the year. If I count training and holiday pay I'm over 1200.

Oh, I forgot vacation pay. 2 weeks vacation pay is 42 hours for us.

We are not trying to be difficult, there are just too many variables. There are people making less dollars per hour but making more money per year.

Hourly pay is not reflective of what you will make in a year at an airline. If you are using that as a gauge, then you are missing the big picture. Work rules, time on reserve, upgrade time, and overall benefits far outweigh hourly pay.

Buy a Farmer's Almanac. Use the Solunar Tables and your figures will be spit on!

Don't count on anything more than monthly guarantee. Anything you make over that is nice to have.