How much do you make an hour? If you receive a yearly salary, you may be wondering how much you get paid for each increment of time you work. How does your annual pay pan out on a per-hour basis? Fill out the calculator below, and it will estimate how much money you earn hourly.
Different jobs under different professions are paid or compensated for their work in different ways. Many employees in various professions are paid a simple hourly rate, that is, these wage earners make a certain amount of money for each hour that they work.
Meanwhile, other jobs are paid by an annual salary. An annual salary is a fixed amount of money that is dispersed to the employees on a regular schedule throughout the year, and is typically not precisely fixed to the number of hours that this employee works (though employers still often have expectations for a certain number of hours worked by salaried employees).
If you work a job where you make a yearly salary, you may still be interested in how much you make equates to an hourly waged job. You may be considering taking another job that pays by the hour, you may want to compare to another job that you previously worked, or you may want to estimate how many hours it takes doing your job to buy sometimes or pay for a an expenditure like rent, mortgage, loans, or bills.
How much do you make a year? You may be wondering this if you work for an hourly wage. How do your biweekly paychecks compare to an annual salary? Fill out the calculator below, and it will estimate how much money you earn yearly.
The amount of money that you make each year is commonly known as an annual salary. Workers under many professions are hired under a fixed salary amount, so they know how much money they make per year, sometimes regardless of the amount of hours that they work. Many other professions are not assigned a yearly salary, but are instead paid a fixed amount for each hour that they work. These jobs are hourly wage earners. The calculator above will help you if you work for an hourly pay rate, but would like to compare what you earn to an annual salary.
It should also be taken into account when estimating how much you make a year from your hourly wage, that the United States, as well as certain other jurisdictions, requires that employers pay a special higher rate, called overtime, for hours worked beyond what is considered a typical work week. The Fair Labor Standards Act of the US Department of Labor mandates that employees be paid an overtime rate of at least ‘time and a half’ or 1.5 times their regular wage, for every hour worked beyond forty hours in one week. The above calculator uses a simpler method that does not factor in additional overtime pay for hours worked past a full work week.
Many people work for an hourly wage, are are curious what the equivalent of their pay rate would be if they were working for an annual salary. Well, with some simple calculations, you can convert your hourly paycheck into a yearly paycheck.
We also have a “how much do I make a year?” calculator on this website that will automatically calculate this figure for you upon plugging in your amounts, but you can follow these directions to calculate it yourself.
To calculate what you make in a year, you just need to determine three numbers. For an accurate estimation of your yearly pay, these values will need to be as exact as possible. These three values are: your hourly rate, the average number of hours you work per week, and the number of weeks you work per year. Simply multiply these three figures together to get your yearly pay. Because there are 52 weeks in a year, we can express this formula as:
(52 - [number of weeks of vacation]) * [hourly pay rate] * [average hours per week] = yearly pay
For instance, someone who works about 40 hours a week at $12/hr, and works all but three weeks of the year would calculate:
(52 - 3) * 12 * 40 = $23,520 /year
It is important the the “average number of hours you work per week” actually reflect the average. For instance, if half your weeks you work 40 hours, and half you work 20 hours, you work and average of 30 hours per week.