Are you trying to figure out how much an hour is worth when you earn $35k per year?
There is no doubt that knowing your hourly wage is a crucial step. Knowing your hourly pay rate when searching for job postings offering a yearly salary can help you choose a more profitable position. Even in entry-level or mid-level positions, planning for your future take home pay is essential.
Let’s take a look at how much you make per hour!
The Basic Math: From Annual to Hourly
Getting the formula right can be a simple understanding of calculations. Working 2,087 hours and earning $35,000 annually works out to $16.77 per hour. This calculation is based on a 40-hour week, 52 weeks a year, with no time off. You might work less or more than 2,087 hours due to overtime and vacation time, but it’s a decent starting point. This calculation can vary significantly depending on how many hours of work you devote to your job each week.
How a $35,000 Salary Is Broken Down
In hourly terms: $16.77
Per day: $134.16 (eight hours)
Average weekly income: $670.80
Every two weeks: $1,341.60
Getting Paid Bi-Weekly
Employers often issue payrolls every two weeks on a biweekly schedule. If your employer will pay this way, you could expect a biweekly earnings estimate of $1,341.60. There are specific programs, like a tax calculator or salary calculator, that can help you to calculate how income tax will affect your paycheck.
$35,000 per Year Is How Much per Month?
When calculating your paycheck, it’s important to note that most months are longer than four weeks long, so some pay periods may appear to provide extra money. Taking $35,000 and dividing it by 12 will give us $2,916.67 per month. Remember that you might not get paid monthly, so plan accordingly.
An Annual Salary of $35,000 and Its Hourly Wage Factors
Since the 40-hour work week is standard in most industries, it’s helpful when converting annual salary into hourly pay. However, the following job-specific variations may impact your hourly pay.
Your Weekly Work Schedule
The number of hours worked directly impacts your hourly wage. Employers will usually have full-time and part-time positions. Based on your choice, you’ll make an hourly wage, a weekly wage, or a monthly wage.
A full-time employee makes $35,000 annually and works 40 hours a week. Based on the roughly four weeks in a month at 40 hours per week, multiplied by $16.77 per hour, is $670.80 weekly or $2,638.20 monthly.
If the position you are in is part-time, that means you only work 20 hours per week. If the month has four weeks, 20 hours per week multiplied by $16.77 per hour is $335.40 weekly or $1,341.60 monthly.
Additionally, if you work a job that allows overtime pay, your weekly or monthly salary may vary greatly. Typical jobs where overtime is common include manufacturing, mail workers, and grocery stockers. The Fair Labor Standards Act dictates that all overtime hours worked must be compensated time and a half. If you make $35k a year, which is $16.77 an hour, your overtime pay would be $25.16 per hour for all hours worked in excess of 40 hours per week.
PTO: Vacation Time When You Earn $35,000 in Income Salary
The time you take off from work also affects your hourly rate. Working 2,087 hours is equivalent to working year-round without a break. The hourly wage is $16.84 if you have two paid days off and $17.10 if you have five paid days off.
Remember to mention vacation time when you speak to hiring managers or recruiters. In the case of paid leave, your salary will not be affected. Each day of paid time off effectively increases your hourly rate.
What Is $35,000 per Year After Taxes?
According to the 2023 new tax law, a $35,000 salary puts you in the 12% marginal tax bracket. This new tax rate affects your gross pay, not your net pay, however you can opt into tax withholding to get less of a shock when taxes are due. Income tax also takes a chunk out of it. Check your state and federal income tax rates if you’re planning ahead or making a budget based on a $35,000 pre-tax salary. Contributing to a 401(k) or IRA can reduce your federal tax bill.
Is $35,000 per Year a Good Salary?
Earning $16.77 an hour puts you below the national average salary. An annual pay of $35,000 won’t go as far in more expensive regions like the Northeast or West Coast. Living on a $35,000 salary would only be possible in these places with some supplemental income. The Bureau of Labor Statistics says the latest average hourly wage in the U.S. on private payrolls amounts to $33.44 as of May 2023.
Increasing Your Income
You can also determine how much $35,000 compares to the cost of living in your location. It’s always good to have an idea of your ideal income to pursue things you are passionate about or save for retirement.
A Few Points To Consider
Job hunting can be incredibly time-consuming, so planning ahead is important. It’s also essential to consider the cost of living and commuting in the area where you’re looking for a job. You can achieve a healthier work-life balance with detailed information about these factors. Having a clear set of goals can significantly help job search planning and lead to greater opportunities.
This article was originally produced and syndicated by Financially Well Off.