$40,000 a year is a fairly common salary in the U.S. but what does that mean if you want to know your hourly rate? $40,000 per year is how much per hour?
$40,000 Per Year is How Much Per Hour?
Knowing what your hourly rate is is important, especially if you take on side jobs like freelance writing or contracted work. Employers who contract individuals for work will usually ask what your hourly rate is (or project rate). If you make $40,000 per year it is about $20 per hour.
Let’s take a look at the breakdown of a $40,000 salary:
- Daily Salary – Your hourly rate isn’t the only thing an employer looking to contract you may need. In fact, some employers will pay you a daily, weekly or monthly rate. If you make $40,000 per year you make about $160 per day.
- Weekly Salary – Now that you know “$40,000 per year is how much per hour” you should also known how much it is per week. If you make $40,000 per year your weekly salary is $769.23.
- Monthly Salary – If you’re looking for your monthly salary, it can vary. Each month has a different number of days and a different breakdown of weeks. If you make $40,000 per year you make between $3,076 and $3,333 per month.
Your hourly, daily, weekly and monthly salary can be affected by a number of other things as well. The number of days you work during the year, your holiday pay and vacation time all come into play when figuring out your salary breakdown.
- Working Days During the Year – Before you can answer “$40,000 per year is how much per hour” you need to know how many days during the year. Taking away weekend days there are 260 working days in 2017. If you worked every single one of those days you would only be making $19.23 per hour.
- Holiday Pay – Let’s not forget about holiday pay though. Depending on your employer the number of paid and unpaid holidays may vary. For example, if your company gives you six holiday per year you would only be making about $19.69 per hour. However, if you have 14 holidays a year you would be making about $20.33 per hour.
- Vacation – Vacation is also a huge factor. If you have paid vacation the number of working days for the year will be altered. Although you won’t be working the days will be paid so your hourly rate is adjusted again ($19.23 per hour if you get two weeks paid).
Ways to Figure Out Your Hourly Pay
If you’re wondering about how much $40,000 per year is hourly you may be wondering about different annual salaries too. Not everyone makes $40,000 a year, after all. Some people make much more and some make less.
If you want to figure out what your hourly rate is you can visit Convert Units and use the site’s calculator to figure out how much you make per hour.