Finding a new job in today’s day and age is not an easy task. There are so many people out there looking for jobs that it becomes very difficult to stand out from among the crowd.
But even when you do get an offer for the job you’ve applied for, it’s not always simple to just say yes right away.
One very important consideration is the amount of money you will make over time.
Figuring the financial side of a job out sometimes involves a little effort on your part.
This is especially true if your employer offers you an hourly wage rather than a fixed monthly one.
So, if you’ve just been offered a $35 an hour salary, what does this mean in terms of monthly or annual income?
Let’s find out.
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$35 Dollars an Hour is How Much a Year?
The very first thing you need to establish when trying to find out $35 an hour is how much a year is the number of hours you will be working each year.
This is fairly straightforward.
If you work a full-time job for 8 hours a day, then you will be working for 40 hours a week.
If you work for 40 hours a week, then you can expect to have an annual income of $72,800.
Note that this amount does not exclude the taxes that may be applicable on your wages, so you should always factor those in.
Another thing to keep in mind is that this number is only for full-time jobs where you work 40 hours a week.
If you are working more hours, then your annual salary will increase.
If you are working lesser hours, then it will decrease.
So, it’s important to know exactly how much time you will be spending on your new job to find out $35 an hour is how much a year.
Paychecks With A $35 An Hour Salary
You should also calculate how much money you are going to be making per paycheck.
Needless to say, this will help you figure out your expenses on a day-to-day basis and you can decide much more efficiently whether your job is going to be enough for you and your family or not.
Here’s what your paycheck with $35 an hour salary could look like:
- If you are paid monthly, you can expect to receive a paycheck of $5,600 each month.
- If you are paid every two weeks, you can expect to receive a paycheck of $2,800 every two weeks.
- If you are paid every single week, you can expect to receive a paycheck of $1,400 every week.
Why Taxes Are Important To Consider
Perhaps the most important consideration when working out 35 dollars an hour is how much a year or, inversely, 70k a year is how much an hour is the amount of taxes you’d have to pay.
Depending on the state in which you live, your taxes can vary a lot.
You may think that you’d be earning $72,800 at the end of each year but you would likely have to pay a lot over 10k just in taxes.
Before deciding on anything, always check your state laws and the taxes that apply to your income.
This will give you a more factual representation of your monthly and yearly earnings on a $35 an hour salary.
If you fail to do this, you run the risk of overextending your expenses or going out of your budget before realizing that you don’t have enough money to sustain your lifestyle.
The more realistic information you have about your regular income, the better you can manage your money.
Is $35 An Hour Enough?
This depends largely on your lifestyle, where you live, and what you like to do with your money.
Broadly speaking though, earning more than $70k a year should be enough for you and your family to live a comfortable life.
The household income in the US roughly comes out to be $56,000 on average. So, you will be in the approximately 30% of households that earn the amount you will make with a $35 an hour salary.
Important Things To Consider
Even if you are making a very good amount of money each year, there are some things you should always strive for.
- Give priority to saving money each month. Set aside a certain percentage of your earnings and you will soon have enough money to use on a rainy day.
- Invest your savings in different opportunities like opening a laundromat or a pressure washing business. This will help you grow your money even more rather than just sitting in a bank account.
- Pay off debts as fast as possible to keep yourself from falling into the depths of increasing interest.
- Create a budget because even with a good salary, you should always try and minimize your expenses while increasing your savings so you can retire at some point and enjoy life.
Now that you know how much $35 per hour is per year, you should be in a better position to decide whether to take the new job or not.
It is a very good amount of money to make, especially if you’re careful about how you spend your money and are good at saving and investing it.
If you already have a monthly budget that you live by, it should be very easy to see if you can live on a $35 an hour salary.
If you don’t have such a budget, it would help to quickly add up all the major expenses you have like rent, groceries, and transport.
And don’t forget to find out everything you can about tax deductions before making a decision!