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$1.00 * 8 * 20 * 12 = $1920 per annum

who in software gets paid an hourly wage?

People I know at Apple are hourly.

Is there a good reason to pay on a hourly basis?

overtime is normally $hourly * 1.5 or so depending on the company

I do.

No idea, I'm not even in the US, sorry.

I'm not following your numbers here.

Generally, the calculation I use is this:

$1.00 * 40(hrs/wk) * 52(wks/yr) = $2080 per year.

(Usually I'm working the other way to get an hourly number from an annual salary but the math works both ways.)

Yeah that's more correct than twelve twenty-day months. In my locale, wages are expressed monthly so I'm a bit more used to roughly divide by twenty, for instance when calculating the relative cost of daycare.

I assume he means per hour.

$1/hr