A prevailing wage is an hourly rate, including benefits, of similar job types in a geographical area. It applies to employees working for the government or government contract workers. The prevailing wage is calculated with a simple or weighted average, including the average pay for workers in a specific field.

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A prevailing wage calculator can help determine the average hourly rates paid to most workers in a particular field for various projects. 

 

What is the Prevailing Wage Calculator?

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Employers need to determine the prevailing wage to establish the correct commensurate wage. Prevailing wage calculators function as compliance assistance tools. The Department of Labor has offered prevailing wage calculators to facilitate compliance with labor laws. They bring a service that is continually undergoing development and is subject to change. The Department of Labor (DOL) calculator can help to determine the average pay for each job.

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Online calculators help calculate prevailing wages, weighted jobs, and other wages required to meet the regulatory and statutory regulations. They help determine minimum wages employers should pay when working on public works projects. Users must keep up with the developments to remain compliant with the laws. The accuracy of the information obtained using the calculators will depend on the data offered.

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After data collection, users can use one of two methods to calculate the prevailing wage:

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• The Straight or Simple Average method uses the average wage surveyed employers pay to calculate the prevailing wage.

• The Weighted Average determines the prevailing wage by considering the number of workers each surveyed employer employs.

 

How We Support with Prevailing Wage Rate

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We understand that with the vast amount of information and classifications, it can be overwhelming to determine the correct rates for your project. The rates are not always straightforward, with hidden fees and footnotes.

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Many classifications have predetermined increases with vital effective dates when prevailing wage rates increase. With our experience, we can streamline the process. We deliver comprehensive support and can help to steer you in the right direction.

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There are many requirements, depending on the type of project. We help with the determination of applicable rates for various public works projects. You give us information on the kind of work you will perform, and our experienced team will calculate the prevailing wages for the specific classifications.

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We track and calculate predetermined wage increases. This brings operational efficiency and peace of mind. We allow you to focus on the success of your project, knowing that you are labor-compliant. 

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Why Choose Prevailing Wisdom?

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When you choose Prevailing Wisdom, you get a team of experienced consultants willing to help you stay ahead in labor compliance. We help to make sure your project is optimized for efficiency by offering relevant tools, resources, and knowledge. We offer comprehensive support to help you navigate the public works industry's complexities.

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You can benefit from expertise, superior customer support, organization, and efficiency. Our consultants possess a wealth of experience and knowledge that allows them to present personalized solutions. We have the expertise to address your business's unique requirements and challenges.

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If you have any inquiries about our prevailing wage rate service, feel free to contact us today.

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