Did you know that if you worked 40 hours a week for $40 an hour, you’d make $83,200 in a year? That’s pretty good money, especially if you’re just starting out in your career. Still, it’s worth noting that taxes and other deductions will come out of that salary, so you may not end up taking home quite as much as you think.
Let’s take a closer look!
Making $40 an Hour Is How Much a Year?
To get a better idea of your annual salary at $40 an hour, we need to do some quick math. Let’s multiply 40 by 52 (the number of weeks in a year). This tells us that if we worked full-time, we would earn $83,200 per year, $6,400 per month, $1,600 per week, and $320 per day.
However, once we include taxes, we get a different number. So, $40 an hour is how much a year after taxes? Exactly $62,400 per year, or should we say, it’s $240 per day, $1,200 per week, and $4,800 per month.
That said, people who make 60k per year can live pretty comfortably, considering that the average US salary in 2021 amounted to $53,490 per year.
3 Must-Know Facts About $40 per Hour Salary
The $40 per hour earning can actually wide considerably depending on several factors.
1. If you’re a part-time employee, you’ll earn between $41,600 and $72,800.
(The Next Gen Business)
$40 an hour is how much a week if you work for 20 hours? Following the same formula, you’ll end up making $800 per week or $41,600 per year (before taxes).
At the same time, those who work for 35 hours per week (this is still considered part-time) will make $1,400 per week, i.e., $72,800 per year (before taxes).
2. You can make $40 an hour even without a degree.
(World Scholarship Forum)
You don’t always need a pricey degree to make bank. Namely, to get a $40 an hour salary, you can work as a makeup artist, a freelance writer, or even a dog walker.
In fact, 8% of all freelancers are content writers for a reason since this can be a lucrative career. For example, beginner writers make an average of $30–$50 per article, while more experienced writers can make $1,500 per article.
3. California is the state with the highest income taxes; a whopping 28.3%!
If you work in the Golden State, 28.3% of your paycheck will go to taxes. Therefore, if you make $83,200 per year, you’ll be taxed $23,537, ending with $59,663. So, $40 an hour is how much a month with taxes? $4,972, to be exact.
In contrast, Florida has the lowest income taxes (21.2%), meaning you’ll be taxed $17,656, ending up with “just” $5,462 per month or $65,544 per year.
By the numbers, $40 an hour is $83,200 per year before taxes and $62,400 after taxes. So, if you’re looking for a raise and don’t want to move to another state, start looking for jobs that pay $320 per day.
Of course, these are just estimates, and your actual take-home pay may vary depending on your tax bracket. For now, you at least have a good idea of what to expect!
$40 an hour is how much a year after taxes?
With $40 per hour, you’ll make $83,200 per year. However, if you include taxes, your wage will shrink to $62,400.
Your wage might slim even more if you live in California since the Golden State has the highest income taxes (28.3%). On the other hand, if you work in Florida, you’ll only lose 21.2% of your income on taxes.
Where can I find jobs that pay $40 an hour?
If you search the internet, you’ll find many jobs that pay $40 per hour. For example, you can become a freelance writer, a makeup artist, a tutor, a personal trainer, or a dog walker. All of the mentioned jobs have high hourly rates between $15 and $50.
You can even make more than $40 per hour if you’re a highly experienced individual. Namely, professional freelance writers can make up to $1,500 per article.
Is $40 an hour a good salary?
We believe that people making $40 per hour have a decent salary, especially if you compare it with the average wage in the US, which amounts to $53,490 per year, i.e., $26.75 per hour.
In other words, you’ll have enough money to pay your bills and rent on time. Plus, you’ll be able to take a loan to buy a car or a house.
So, $40 an hour is how much a year? Well, $83,200 or $62,400 after taxes.