As economies start to open up, many people are getting back to work. Now, oftentimes these “starter jobs” tend to have hourly wages. So, piggy-backing off of our last wage-calculation article, we are going to go over how to calculate annual income from your hourly. As an example, we will calculate how much $18 an hour is on a yearly basis.
Pre-Tax Breakdown
Here is the hourly-to-annual formula we will use:
[(hourly wage)*(hours worked weekly)] * 52
So, just like the last time, you can plug in any hourly wage and this will work. Just make sure you have an accurate “hours worked” variable, as you have to make sure all parts of the formula reflect reality if you want a realistic estimate. here is what the formula looks like when you plug in $18 an hour, 40 hours-per-week:
(18*40) *52
If you run this equation, you will end up with just over $34,000. It isn’t much, but it is okay to start out. If you fill in any other hourly wage, and any other amount of hours worked, you’ll get your pre-tax annual total.
Post-Tax Goal
When trying to make a post-tax annual goal, you’ll need the help of a paycheck calculator or financial pro. The calculators will be a great way to get a ballpark estimate for your specific income and locality, and the pros will help you narrow it down much more accurately.
Read More:
- How Much a Coronavirus Vaccine Will Cost You
- Do This If Your Job Doesn’t Come Back After the Pandemic
- How to Earn Big in the Gig Economy
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Trey LaRocca is a freelance writer, financial sales worker, and tech guy. When he isn’t out and about or at work, he’s usually at home enjoying some video games and a beer. Currently residing in Newport Beach, this California Kid can be found at the beach on any given weekend. Trey has years of experience in day/swing trading, financial analytics, and sales.
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