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$60000 A Year Is How Much An Hour Explained
When you are looking for a remote job to make money online, the salary you will be earning plays a key role in your decision making process.
How much is sufficient to cover your daily expenses?…$40K, $50K, $60K, more?
The way to determine this is to estimate how much you will make in an hour.
Le’t take $60000 a year as an example.
$60000 a year is how much an hour?
$60K is a decent salary to earn annually but how much is it an hour.
$60000 A Year Is How Much An Hour?
$60K A Year Is How Much An Hour?
There are 52 weeks in a year.
In a typical working week, you could be working for 40 hours.
That’s 2080 hours of work annually.
Next, let’s divide your annual salary of $60,000 by the number of your annual working hours.
You get paid $28.85 per hour of work.
On a typical 8 hour work day, you make $230.80.
Similarly, on weekly basis, you make $1,153.84.
Some get paid bi-weekly. If this is the case, you make $2,307.
That’s a salary of $5,000 a month.
But there is something we have not accounted for yet.
Will you actually receive $60,000?
We need to consider tax deduction as well. The relevant tax rate depends on the state you leave in.
Your annual salary after tax deduction could be anywhere between $44,000 – $49,000.
That’s between $862 – $942 weekly and $1,723 – $1,885 bi-weekly.
On a monthly basis, thats between $3,733 – $4,083.
You pay on average $350 in taxes so $4,200 in a year.
As a result, it is in your best interest to live in a state where the state tax is minimal or even zero. This way, you can actually make close to the full $60,000.
Here is a list of states with no income tax:
- Alaska
- Florida
- Nevada
- New Hampshire
- South Dakota
- Tennessee
- Texas
- Washington
- Wyoming
$65000 Is How Much An Hour?
Let’s run the same calculations for an annual salary of $65000.
40 working hours times 52 week in years is 2080 hours annually.
$65000 divided by 2080 hours earns you $31.25 hourly.
On an 8 hour work day, you are earning $250 and in a week, you are earning $1,250.
Bi-weekly, that’s $2,500.
On a monthly basis, you are earning $5,417.
If we deduct income tax and depending on the state you are based in, you are making between $48,000 – $52,500 in a year.
That’s between $870 – $955 per week, $1,742 – $1,910 bi-weekly and $4,000 – $4,375 monthly.
Is $60,000 A Year Considered As A Good Salary?
With $60,000 a year you can live a comfortable life for sure.
Obviously, it depends on your location, cost of living and personal circumstances. For example, is it just you living off your salary or do you need to support a whole family.
How To Plan For Your Yearly Budget On A $60000 Salary
Let’s assume you are based in a state with a low income tax rate earning a $60000 salary annually.
You will have $3,733 to spend monthly.
You put 20% of this in your savings account. That’s $746.6
You then have to pay your utility bills and rent. That’s roughly $1,230.
You probably own car and therefore, pay insurance so that’s another $300.
Your mobile phone monthly payment is around $50 and Internet plan $50 as well.
Your monthly gas expense works out to about $100.
A decent groceries budget is $250.
You also need to account for other expenses and personal care. That’s $200.
And because you are awesome, you have another $100 to spend on leisure.
It all works out to a total of $3,026.6.
You are left with $706.4.
You can spend it, save it or invest it and grow it. It’s up to you.
How To Live On A $60000 Yearly Salary
It is a good idea not to spend more than you earn.
You don’t want to be left with outstanding bills you cannot afford to settle.
Here is a clear plan of action to help you live comfortably on a $60000 yearly salary:
- Create a budget
- Monitor expenses
- Save money before spending your salary
- Keep expenses to the minimum
- Always pay off your dues to avoid applied interests for late payments
What Next?
$60000 a year is how much an hour?
We now have a clear answer to this question and have learned how to budget for it.
Hope you enjoyed this article and feel that you can live a comfortable life earning such a salary.
Just remember to manage your expenses wisely.
In the meantime, if you’d like to start a side hustle that you could even turn into a full time income activity, check out The Authority Site System online course by the Authority Hacker team.
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