Determining an hourly wage when your yearly salary is divided into 12 equal payments can be difficult. Hence why we created this handy guide to help you do the math without much hassle!
Whether you’re looking for ways to increase your income or just want to know how your earnings compare to others’, this breakdown will give you all the information you need!
Let’s get going!
Making $30 an Hour Is How Much a Year?
The cost of living in the US is astronomical. For example, the average price for a one-bedroom apartment in New York City is over $3,000 a month! And that’s just one city!
To make a living wage in this country, you would need to earn at least $30 an hour. That’s $1,200 a week, $5,250 a month, or $62,400 a year.
You’ll get even less when you incorporate taxes into the equation, i.e., $49,920. Still not bad for less than nine hours of work per day.
Tips for Surviving on $30 per Hour
Can you live off $30 an hour? The answer is yes — and no. Depending on your expenses, it may be tough to get by on just $30 an hour, but it’s definitely doable with careful budgeting and some creative thinking. Here’s how:
1. If you make $62,400 a year, about 22% of your income will go to taxes.
$30 an hour is how much a year after taxes? About $47,642 if you work full-time, i.e., 40 hours per day. To be more precise, about 12% of your money will go on federal taxes, state taxes (4%), and Medicare (7.65%).
However, don’t get scared by these high figures. You can still live quite comfortably even if you make $30/hr, especially if you live in states that don’t have state income taxes (like Florida).
2. The most creative job that pays a minimum of $30/hr is video editing.
Is 30 an hour a good wage for a video editor? Absolutely! The average video-editor wage is $30/hr; meaning, they earn more than the average American (namely, $20.17 per hour).
However, this can vary greatly depending on the level of experience and expertise an editor has. Some editors may make as little as $20 per hour, whereas others may earn up to $50 or more.
Generally speaking, those who have mastered the art of video editing and have a wealth of experience under their belts can command higher salaries.
Other creative jobs that pay $30 per hour include landscape architecture, urban and regional planning, and writing.
3. With $62,400 per year, you can afford to buy a house.
Let’s do the math again. $30 an hour is how much a year 40 hours a week? $62,400, to be exact. And $62,400 divided by $477.42 (the approximate monthly payment on a $100k 30-year mortgage) equals $27,919 per month; $27,919 divided by 30 days equals $930 per day.
In short, this should be enough to cover rent or mortgage payments. Of course, you may need to spend more (or even less) on rent, depending on your location. But with a bit of research and determination, it is possible to buy a house while making $30 an hour!
What does a $30 an hour salary look like? Depending on your tax bracket and other factors, this equals somewhere between $60,000–$62,000 annually before taxes. Not too shabby!
$35 an hour is how much a year after taxes?
That’s about $70,000 per year before taxes or $52,500 after taxes. This means you’ll be making $6,125 per month, $1,400 per week, and $280 per day.
How much is 70k a year hourly before taxes?
If your annual salary amounts to $70,000, assuming you’re a full-time employee, you’ll make about $34.31 per hour, $191.78 per day, $1,346 per week, and $5,833 per month (before taxes).
What is $30 an hour annually after taxes?
If you make $30/hr, your gross annual salary will amount to $62,400. However, with added taxes, it will shrink to about $47,642, which equals $22,91 an hour ($7.10 less). That is if you’re a full-time employee and you work for $2,080 hours per year.
Conversely, $30 an hour is how much a year if you’re a part-time employee? About $46,800.