A salary such as $60,000 is often represented using an annual figure, but that makes it hard for people to determine whether that’s good money or not. And it’s perfectly understandable — we don’t pay rent or go grocery shopping once a year only.
Let’s talk about a $60k salary in hourly rates and monthly figures.
60k a Year Is How Much an Hour in the US?
If you work a full-time job, $60,000 per year equals $28.85 per hour. But let’s go over it step by step, so you can play around with as many different figures as you need to.
First, calculate how many hours you work per year. To do that, multiply the number of working hours per week by the number of weeks in a year (52). Afterwards, divide the annual salary by the number you just calculated.
For example, if you have a full-time job, chances are you work the standard 40 hours a week. This means you spend 2,080 hours every year doing your job. When you divide $60,000 by those 2,080 hours, you get a $28.85 hourly rate.
Now, let’s work out how much that is on a weekly basis.
How Much Is 60k per Month or Week?
If you multiply the hourly rate ($28.85/hour) by the number of hours you work per week (40), you get $1,153.84 per week.
This means the bi-weekly earnings for 60k are $2,307.69, which amount to a monthly salary of $4,615.38 — before taxes, that is.
60k a year is how much a month after taxes?
Tax deductions vary depending on the state you live in. For example, if you earn 60k and live in New York, you’ll pay $14,020 in annual taxes. This means you’ll get a net annual income of $45,980, which is about $3,832 per month.
In Louisiana, though, the tax rate is cheaper (21.8% instead of 23.4%), which means your net earnings will be $46,943 per year or $3,912 per month if you live in this state.
It still sounds like you give a lot of money to the government — we know. But if you take into account that tax evasion could cost you up to $250,000, it turns out paying your taxes is actually 17 times cheaper than not paying them.
Nevertheless, you can get away with not paying taxes if you know how to do it legally.
Is 60k a Year a Good Salary?
In 2020, the average yearly salary in the US was $56,310, which means a salary of 60k per year is slightly above average. In other words, while you won’t be considered a high earner, you should be able to afford a comfortable lifestyle — i.e., take care of your monthly expenses and indulge in some leisurely extras.
However, several factors affect how comfortably you can live on 60k.
Firstly, your standard of living is affected by how many dependents you have. In general, a single person spends $3,189 per month on average, whereas the monthly expenses of a family of three add up to $6,178.
Secondly, the quality of life you can afford also depends on where you live. Larger cities tend to be more expensive and so, living on an average salary is a little more difficult if you live in one of these. This is why smaller cities in the Midwest — Sioux Falls (SD), Lincoln (NE), or Wyoming (MI) — are among the best places to live on 60k.
What Are Common 60k a Year Jobs?
Here are some examples of workers who earn an average of $60-65k a year:
- Engineering Technician
- Food Service Manager
- Construction Inspector
- Real Estate Sales Agent
- Healthcare Social Worker
- Tax Collector
What If You Earned a Little More?
Many of us aspire to earn a higher salary, and the truth is that earning a little more a year via a hobby or a freelancing activity can make a big difference to your financial health and your quality of life. With this in mind let’s explore the hourly rates for slighter higher yearly salaries.
For instance, $65k a year works out as $31.25 per hour or $5,000 per month.
Then, 70k a year is how much an hour?
On a 70k salary, you’d earn $33.65 per hour and $5,384 per month.
The difference between 60k and 70k is certainly noticeable, particularly if you’re keen to save money, or if you have children. On a 70k salary, you’d have more disposable income and be able to live more comfortably.
Again, the amount you need to live well largely depends on your location. States like New York require nearly $100,000 a year to live comfortably, but you could have the same quality of life in other states for as little as $58,321 per year.
That said, keep in mind that there’s more to a job than just cash. Income statistics show that there’s little correlation between a higher salary and an increase in job satisfaction. So, we recommend you consider more than just how much an hour is 60k a year and weigh your options carefully.
It’s possible to live comfortably on $60k per year, especially if you live in an inexpensive city and have no dependents. $28.85 per hour can suffice, depending on your lifestyle.
How much is 60k hourly?
If you have a full-time job, you’ll be earning $28.85 per hour. The median hourly wage in the US is $20.17.
Is 60k a good salary for a family?
60k per year can be a good salary for a family if you live in a smaller city that’s in a not-so-expensive state. For example, cities like Wyoming, MI, or Cedar Rapids, IA.
How much is $30 an hour annually?
Considering 40 working hours per week, then you’d get $62,400 per year. Then, 60k a year is how much an hour? $28.85.