$35 an Hour is How Much a Year?
If the figure in the title of this article matches how much you make an hour – congrats! You’re officially making more than the average American. More than 60 million jobs in the US pay between $15 and $20 per hour.
So, put your caviar aside, and while you wait for your Bentley to get polished, have a look at this article. We’ll discuss just how much you’re actually making and what you can do with all that cash (it’s not easy, we know). So, $35 an hour is how much a year?
How Much is $35 an Hour Annually?
While it’s very easy to calculate this on your own or by using an online salary calculator, there are several factors you need to take into consideration, and one of those is, unfortunately, taxes. So we’ll divide this segment into two parts – before and after taxes.
$35 per hour annual salary before taxes
So, let’s say that you work a typical 40-hour working week. In that case, calculating how much you’ll make a year is quite easy. There are approximately 52 working weeks per year. Each one is a 40-hour week, which equals 2,080 hours per year. So all you have to do is multiply your hourly wage by 2,080, and you get $72,800. Now, that’s not so bad, is it?
$35 an hour is how much a year after taxes?
However, before you take out a loan on a mansion in Switzerland, you’d have to consider that the government also needs its share. That’s right – taxes!
Let’s assume that you qualify for the standard tax deduction for an individual of $12,950. Taking this from your $72,800 hard-earned annual salary, we get $59,850 of taxable income. This puts you in the 22% tax bracket. But the calculation is a bit more complex:
- On the first $10,275, you will pay 10% income tax, or $1,027.5.
- Between $10,275 and $41,775 you will pay 12%, or $3,780.
- On the remaining $18,075, you will pay 22% tax, or $3,976.5.
Altogether your federal income tax is $8,784. Subtracting this amount from your $72,800 annual salary, we get $64,016. There are also state and local taxes to consider, though. The rates vary greatly, but a rough estimation gives us a final figure of around $52,200. That’s how much $35 an hour is after taxes.
Now, while there are ways for you to reduce your taxes, always make sure that they are legal. Otherwise, your hefty annual income might not be enough to get you out of trouble.
What If I Work Part-Time?
Let’s say you are doing a typical 25-hour part-time day, five days a week. That would mean that you work a total of 1,300 hours per year. Multiplying that by 52 (weeks per year) gives a total of $45,500 per year before taxes.
$35 an Hour Is How Much a Month?
Some people find it hard to calculate their income on a yearly basis. So let’s see how much $35 an hour is in different time frames (all calculations are for a 40-hour workweek).
- Weekly: If you are making $35 an hour, you will be able to cash in $1,400 every week before taxes.
- Bi-weekly: Logically, this would make it $2,800 every two weeks, of course, before taxes.
- Monthly: Probably the most common way of calculating your income is by gross monthly salary. Suppose that a month is approximately four weeks, each of those having five working days. This brings your monthly income (before taxes) to $5,600.
Final Thoughts: Is $35 an hour a good salary?
Well, in a nutshell, we would say – yes. This wage is well above the average hourly pay in the US.
And, $35 an hour is how much a year? The answer is $72,800 before taxes. Even after the government takes its share, you are left with around $45,500 – an amount that could provide you with considerable financial freedom.
Of course, if you had worked in a position that paid $50 per hour, a $35 hourly wage is a downgrade that may seem like a tough blow to your budget. Also, if you live in Manhattan, where home prices easily exceed $1 million, you won’t be able to do so much with your $35-an-hour wage. But still, in most US states and cities, you can afford a comfortable lifestyle with your $35 an hour yearly salary.
Essentially, what you are able to do with your salary in terms of purchases and savings depends mainly on your living expenses and spending culture.