$30 an hour is how much a year
Have you recently been offered a job that pays you $30 an hour? You may be wondering if $30 an hour is good pay.
Planning a budget on an hourly wage can be tricky unless you know how much you earn monthly or annually.
If you earn $30 an hour and work an average of 34 to 35 hours, you make around $55,500 a year. This is without tax deductions.
This post is your complete guide to $ 30 an hour is how much a year, a month, or a week. We’ve got you a sample budget to help you get started.
We have also compiled a list of 10 jobs that pay $30 an hour.
So, let’s dive in and help you figure out 30 an hour is how much a year?
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- $30 an hour is how much a year
- $30 an hour is how much a year?
- After taxes, 30 an hour is how much a year?
- Your 2020 Federal Income Tax Plus FICA: $9,506
- 30 an hour is how much in pay checks?
- Sample budget for $30 an hour wage
- Jobs that pay $30 an hour
- $30 an hour is how much a year
$30 an hour is how much a year?
To calculate $30 an hour is how much a year, we first need to find out how many hours a person works in a year.
According to the Bureau of Labor Statistics, Americans worked an overage of 34.4 hours a week in 2021. So, we can calculate that an average worker works for 137.6 (34.4 X 4) hours a month.
We can also figure out how much an average worker works in a year by multiplying 34.4 with 52 weeks, which is 1788.8 hours.
$30 per hour multiplied by 1789 working hours a year gives you an annual income of $ 55,458.
If you work eight hours a day for five days a week, you work 40 hours a week and 2080 hours a year.
In this case, your annual salary would be (2080 X 30) $ 62,400.
Related: $15 is how much a year?
After taxes, 30 an hour is how much a year?
Now that you have learned 30 an hour is how much a year, you may be wondering how much taxes you have to pay on this salary.
The taxes you pay usually differ from state to state.
While in some states, you may pay taxes as high as 21.3% (Hawaii), other states do not charge any income tax.
These include –
- South Dakota
The following states do not levy tax on earned wages, but they tax investment income –
- New Hampshire
Now that you know that you can earn between $55,500 to $62,500 per year on an hourly wage of $30, depending on the number of hours you work in a year, let us find out how much taxes you have to pay –
According to nerdwallet.com, here are your income tax brackets for taxes due in May 2021 (October 2021 with an extension) –
|Tax Rate||Taxable income bracket|
|10%||0 to $9,875||10% of taxable income|
|12%||$9,876 to $40,125||$987.50 plus 12% of the amount over $9,875|
|22%||$40,126 to $80,525||$4,617.50 plus 22% of the amount over $40,125|
|24%||$80,526 to $163,300||$14,605.50 plus 24% of the amount over $85,525|
|32%||$163,301 to $207,350||$33,271.50 plus 32% of the amount over $163,300|
|35%||$207,351 to $518,400||$47,367.50 plus 35% of the amount over $207,350|
|37%||$518,401 or more||$156,235 plus 37% of the amount over $518,400|
In addition, FICA taxes are levied at 6.2%for social security and 1.45% for Medicare. You will also have to pay some additional state taxes depending on which state you live in.
An easy way to calculate your tax is to use an online tax calculator.
Enter your financial details here to calculate your taxes. You also need to enter the state you live in and your filing status (married or single).
We entered ‘$ 55,458’ under household income, ‘Austin, Texas’ under location, and ‘single’ under filing status.
According to these inputs, a person with an annual income of $55,458 ($30 an hour for 34.4 hours a week) will have to pay $9,506 in taxes.
Your net take-home pay will be $ 45,953.
Your 2020 Federal Income Tax Plus FICA: $9,506
Your Income Taxes Breakdown
|Tax Type||Marginal Tax Rate||Effective Tax Rate||2020 Taxes*|
|Total Income Taxes||17.14%||$9,505|
|Income After Taxes||$45,953|
30 an hour is how much in pay checks?
Figuring out how much 30 an hour is per day, per week, per month and per year, can help you understand how much you can afford to pay towards mortgage,
…how much you can save and how much you can spend for essentials.
How much is 30 an hour per day?
If you earn $30 an hour and work an average of eight hours a day, you will make $240 a day.
If you earn $30 an hour and work seven hours a day, you will make $210 a day before taxes.
How much is 30 an hour per week?
If you work 34.4 hours a week and earn $30 an hour, you will earn $ 1032 ( multiply the hourly wage by 34.4) per week.
How much is 30 an hour biweekly?
If you earn $30 an hour, you make $ 2064 biweekly (double your weekly salary).
How much is 30 an hour per month?
If you earn $30 an hour, you will earn $ 4,621 per month (divide your annual salary by 12).
Is $ 30 an hour a good salary?
If you earn$30 an hour, you make around $ 55,458 annually and $ 45,953 after taxes. This is a fairly decent amount, and you can even put some money towards savings, especially if you are single.
Whether $ 30 an hour is a good wage also depends on where you live. Choose a city where the cost of living is relatively low.
If that is not an option, you can shift to a cheaper neighbourhood or live with a roommate.
Sample budget for $30 an hour wage
Not sure how to budget a $30 an hour salary. We hope our sample budget can help.
If you earn $ 30 an hour, you earn $ 4621 per month before taxes. Your take-home salary is $3,829 after taxes.
We need to calculate your monthly budget based on your take-home salary.
As you can see, this budget allows you to be able to save a decent sum. You can also rent a small apartment or share a space with a roommate.
Jobs that pay $30 an hour
It is not very difficult to find a job that pays $30 an hour. With a full-time job that pays $30 an hour, you can earn $55,458 annually.
Here’s a list of 10 jobs that pay more than $30 an hour –
1.Multimedia artistand animator -$30.02 an hour
2.Loan officer -$30.3 per hour
3.Arbitrator or mediator -$30.41 per hour
4.Insurance underwriter -$30.45 per hour
5.Film and video editors -$30.62 per hour
6.Landscape architects -$31. 69 per hour
7.Accountant -$32.42 per hour
8.Dental hygienist -$32.63 per hour
9.Scriptwriter -$31.02 per hour
10.Food scientist -$30.95 per hour
Conclusion – 30 an hour is how much a year?
We hope we have answered all your doubts and queries about $ 30 an hour is how much a year through this post.
You now know it is $55,458 per year before taxes and $45,953 after taxes. This is a decent sum, and you can live comfortably on this salary.
However, no matter how much money you make, it is essential to live within your means.
You can use our sample budget to manage your monthly expenses.