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$55, a year is how much an hour in the US? Hourly wage calculator.

 

As a simple baseline calculation, let's say you take 2 weeks off each year as unpaid vacation time. Then you would be working 50 weeks of the year, and if you work a typical 40 hours a week, you have a total of 2, hours of work each year. In this case, you can quickly compute the hourly wage by dividing the annual salary by Want to reverse the calculation?

Start with the hourly wage and answer the question: You get the same result if you work all year with no vacation time. In the previous case, we assumed 2 weeks of unpaid vacation, so your total year consisted of 50 weeks. But if you get paid for 2 extra weeks of vacation at your regular hourly rate , or you actually work for those 2 extra weeks, then your total year now consists of 52 weeks.

Assuming 40 hours a week, that equals 2, hours in a year. If you wanted to be even more accurate, you can count the exact number of working days this year. It has a total of days in the year including both weekdays and weekends. There are weekend days counting every Saturday and Sunday in the year , and weekdays Monday through Friday.

So if you worked a normal 8 hour day on every weekday, and didn't work any overtime on the weekends, you would have worked a total of 2, hours over the year. Most companies give employees time off for various holidays, so that should really be included in the calculation.

The problem is that different countries can vary in their national holidays, and your company may give certain days off but not others. On average, in the U. there are 7 major holidays: New Years Day, Memorial Day, Independence Day, Labor Day, Thanksgiving, the day after Thanksgiving since this is always a Friday , and Christmas.

Many businesses also have an additional floating holiday that is sometimes used for Christmas Eve, New Years Eve, or one of the days near July 4th. Often this is based on whether one of those days falls on a Tuesday or Thursday.

Adding that extra holiday can give employees an extra long weekend. Some schools can also be off on Presidents Day, and banks may have their own official holidays. Retail businesses often have different rules for what's considered a typical "business day". Federal holidays may include Veterans Day, Columbus Day, Martin Luther King Day, and Washington's birthday.

Of course, holidays may also fall on a weekend day, in which case you might get the previous Friday or the following Monday off. Given all these variations, here's a table showing how the number of holidays affects your hourly rate:. Of course, some months are longer than others, so this is just a rough average. If you get paid biweekly, you may get 2 checks in one month and 3 checks in another, so some calculators look at a month as a 4-week period, with 13 of these periods in a year.

You can check how many weeks in a year to get the exact number. First of all, if you're working a regular 8-hour day, then you can simply take any of the hourly rates listed above and multiply it by 8 to get your daily rate. com provides a tool you can use to calculate the equivalent hourly wage based on your annual salary.

You can factor in paid vacation time and holidays to figure out the total number of working days in a year. The salary calculator will also give you information on your weekly income and monthly totals. Remember that a full salary with benefits can include health insurance and retirement benefits that add more value to your total annual salary compared to similar hourly rates.

You may also want to factor in overtime pay and the effects of any income taxes on your take home pay. Type in your own numbers and convert annual salary to hourly wage for your job to find out how much you're worth!

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55 000 a year is how much an hour -

 

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here. The average income in the U. Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining.

You may be disappointed that you were not able to reach your financial goals and you are left wondering…. When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 55k a year hourly. That way you can decide whether or not the job is worthwhile for you. For our calculations to figure out how much is 55K salary hourly, we used the average five working days of 40 hours a week.

Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2, working hours. That number is the gross hourly income before taxes, insurance, K, or anything else is taken out. Net income is how much you deposit into your bank account.

You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis. This is a great number to know! How much do I make each week? This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday. Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security.

When you make below the average household income, the amount of taxes taken out hurts your hourly wage. Plus a percentage is taken out for Social Security and Medicare FICA of 7.

Therefore, here is a great tool to help you figure out how much your net paycheck would be. In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody that lives in a no tax state like Texas or Florida. This is the debate of HCOL vs LCOL. That is why it is important to realize the impact income taxes can have on your take home pay. It is one of those things that you should acknowledge and obviously you need to pay taxes.

More than likely, your salary is not a flat 55k, here is a tool to convert salary to hourly calculator. Many teachers are hovering in this range, which may make you wonder do teachers get paid in the summer. If you are looking to change industries, you need to check out the freight broker salary. Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person.

One of the biggest factors to consider is your cost of living. In another post, we detailed the differences of living in an HCOL vs LCOL vs MCOL area.

To stretch your dollar further in the high cost of living area, you would have to probably live a very frugal lifestyle and prioritize where you want to spend money and where you do not.

Whereas, if you live in a low cost of living area, you can live a much more lavish lifestyle because the cost of living is less. Thus, you have more fun spending left in your account each month. Thus, you still have to be wise with how you spend your money. If you are debt free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.

However, if you are riddled with debt or unable to break the paycheck to paycheck cycle , then living off of 55k a year is going to be pretty darn difficult. It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level. As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt.

The rest of the money leftover is left for fun spending. If you want to know how to manage 55k salary the best, then this is a prime example for you to compare your spending.

You can compare your budget to the ideal household budget percentages. You are making more money than the minimum wage and almost double in many cities.

While is a good salary starting out in your working years. It is a salary that you want to increase before your expenses go up or the people you provide for increase. However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. And what they thought used to be a great salary actually is not making ends meet at this time.

This salary is something that you can live on if you are wise with money. Check: Are you in the middle class? In fact, this income level in the United States has enough buying power to put you in the top 95 percentile globally for per person income source.

In the future years and with possible inflation, in many modest cities a 55, a year will not be a good salary because the cost of living is so high, whereas these are some of the cities where you can make a comfortable living at 55, per year. You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else. Your living expenses and ideal budget are much less.

Oh well, lesson learned. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household. That is from birth to the age of 17 and this does not include college. This is the hardest part because each family has different choices, priorities, and values.

You can live comfortably as a family on this salary, but you will not be able to afford everything. Many times when raising a family, it is helpful to have a dual-income household. Thus making your combined salary a very good income. Learn how much money a family of 4 needs in each state. Like anything else in life, you get to decide how to spend, save and give your money.

That is the difference for each person on whether or not you can live a middle-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than Oklahoma or even Texas. In addition, if you are early in your career, starting out around 45, a year , that is a great place to be getting your career. Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you.

Everybody has choices to make. But one of the things that can help you the most is to stick to our ideal household budget percentages to make sure you stay on track. Learn exactly how much do I make per year…. Learn how to supplement your daily, weekly, or monthly income with trading so that you can live your best life!

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