You may be earning $17 per hour from a new job or a raise but how much does $17 an hour equate to over the course of a year?
Let’s assume you work 52 weeks a year to figure out how much you’ll get paid per year (with two weeks of paid time off). If you work a full-time job, you will work an average of 40 hours per week. Keep reading for the calculations.
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How Much is $17 an Hour, 40 Hours a Week?
Working 40 hours a week at $17 an hour equals $680 at the end of each week before taxes. I’m using 40 hours since this is a standard workweek. If you work fewer or more hours or earn tips, then your weekly pay amount will vary.
How Much Is 17 Dollars an Hour, 40 Hours a Week after Taxes?
After taxes, if you earn $17 an hour, you’ll take home $680 each week pre-tax. The amount of taxes you pay is determined by a variety of factors. However, anticipating a tax rate of 25% to 30% is fair if you’re a dual-income household.
If you’re unmarried and this is your sole income, you may fall into the 12% tax bracket according to the IRS. In this case, your $680 pre-tax will become $598.40 after taxes.
This is only for example purposes though since each person’s tax situation can vary wildly. This example also doesn’t take into account state taxes or any deductions you may be eligible for on your taxes.
At $17 an hour, it means taxes will take up around a third to a fourth of your income. There are ways to reduce the amount of money you pay in taxes. However,this amount as a tax rate is reasonable for the ordinary person.
How Much Is 17 Dollars an Hour Monthly?
If you earn $17 per hour, you’d earn $2,720 per month if you work full-time.
A full-time employee or worker puts in at least 40 hours every week. This amount will change significantly depending on whether you work more or fewer hours.
You may be eligible for overtime compensation if you work more than 40 hours each week. Overtime pay is typically 1.5 times your regular wage. As a result, you could make a lot more money than what is mentioned above.
What Salary Equals $17/Hour?
If you earn $17 an hour, your annual pay would be $35,360. If you work 40 hours a week, multiply your base salary by the number of hours, weeks, and months you work in a year to get this figure.
$17 an Hour Is How Much a Year? (Before and After Taxes)
Essentially, if you can earn $17 per hour, you’ll make $35,360 each year. Of course, this assumes a 2,080-hour work year.
$17 an hour = $17,680 a year if you work 20 hours per week.
$17 an hour = $26,520 a year if you work 30 hours per week.
If you can raise your hourly wage from $16.83 to $17, you’ll make an extra $354 each year (before taxes)!
Uncle Sam will always want to weigh in on your earnings, so keep that in mind. You’ll have to pay federal income taxes and state income taxes if your state has those.
Taxes are a complicated subject, and it’s difficult to provide tax advice without knowing all the data regarding your income, retirement contributions, employment position, residency state, and other issues. So, I’m not going to!
That’s a massive no-no, especially if you’re a CPA. So to get the actual numbers for your situation, meet up with a certified financial planner or CPA who will have all of your individual tax information.
Now, let’s use a more general example. We’ll also keep things simple. I’m going with Florida because it doesn’t have a state income tax.
After taxes, your $35,360 a year would be as follows:
$35,360 pre-tax income minus $4243.20 in federal income taxes (12% tax bracket), you get after-tax earnings of $31,116.80.
Is $17 an Hour Good Pay?
You are earning a good amount of money if you earn $17 per hour. Hourly pay is calculated based on the number of hours worked. As a result, the larger the compensation, the more hours worked.
Assume you only planned to work a fewshifts and ended up putting in a total of 10 hours per week. You would earn $170 per week if you worked 10 hours per week.
Consider what would happen if you worked twice as many hours for a total of 20. You would earn $340 per week if you worked 20 hours per week.
Maybe you’re just working part-time for a total of 25 hours per week. You would earn $425 per week if you worked 25 hours per week.
However, if you worked 30 hours per week, you’d earn $510.
Finally, working full-time for 40 hours per week would earn you $680.
Whether or notyou make decent money at 17 dollars an hour is determined by the number of hours you work. It may not be a lot of money if you only work a few hours per week at this hourly rate.
Someone with a lower salary but more hours worked may wind up earning more than you. However, if you work part-time or full-time at 17 dollars per hour, you will be well paid.
In 2020, the median household income in the United States was $67,520. This means that every family member’s entire annual household income is considered rather than simply one individual’s income or a per capita metric.
Your household income is $70,720 if you have two earners each earning $35,360 per year. In 2020, your income would be higher than the median American household income. Similarly, if your household only had one earner who earns $35,360 per year, you would have earned less than the median household income for that year.
A living wage of $17 per hour is sufficient to support oneself and a modest family in a low cost of living area. The federal poverty level for a single person without any dependents in 2020 is $12,760.
This federal poverty limit climbs to $26,200 if you have a modest household of four. After taxes, $35,360 in annual income is around $30,000. This creates a very thin buffer between what the federal government considers to be the national poverty line and your annual income.
However, depending on the cost of living in your neighborhood and where you live, this federal poverty level assessment may have different results.
Can You Live on $17/hour?
Yes, you can make ends meet at $17 an hour. As long as you don’t have any dependents and live in a city with a low cost of living index.
Depending on your level of frugalness, you may not have much money left over at the end of the month for many ‘extras.’ In New York City, $35,360 will not get you as far as $35,360 in Houston, Texas.
Before considering whether $17 is a good hourly rate in your location, consider the cost of living in your area. As formost Americans living outside of wealthy metropolitan areas, $17 is a good hourly rate that will cover your living expenses while not letting youlive a lavish lifestyle.
To boost your hourly rate, you might consider learning some high-paying skills.
Online universitiesprovidecourses that can provide individuals with in-demand work skills. Skill seminars, on-demand training, and job placement chances are all given through the learning platform.
If you live alone and are on your own, $35,360 per year can be a good salary to support oneself. You could also wish to put money aside for your retirement and build up a healthy net worth.
This can be accomplished on $35,360 a year, but it will be more difficult than if you made $50,000 or $60,000. That isn’t to say that you need a six-figure wage to enjoy the American ideal; neither is $100,000 per year.
If your lifestyle isn’t excessive, you can make it in most cities and towns in the United States on less than $35,360 per year. It’s even better to learn how to save, invest, and make more money.
There’s no such thing as being overly prepared financially. However, many people associate “personal finance” with something far more sophisticated than it is.
The reality is that there are a plethora of solutions available to make personal finance easier. These technologies make personal finance so simple that anyone may start today and improve their financial situation from the day before.
$17 Dollars and Hour is How Much a Year?
After taxes, if you earn $17 an hour, you’ll take home $26,520 a year. Your gross salary before taxes would be $35,360.
This is a livable wage for a single person in a low to moderate cost of living area. It may be tough to save money or pay off debts if you have a family on this wage.
You’re technically above the poverty level at this income but if your housing or other bills take up a significant portion of your paycheck, you may find this hourly rate tight.
Related Articles:
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Steffa Mantilla
Certified Financial Education Instructor
Steffa is a Certified Financial Education Instructor (CFEI) and the founder behind Money Tamer. Her 12-year background in operant conditioning and positive behavioral change training is used to help people find effective motivators to change their harmful money behaviors. Steffa explains the reasons “why” behind people’s financial behaviors and how to successfully change them. After paying off over $80,000 in debt through budgeting, she now teaches families how to get their own finances in order. You can learn more about her here.
FAQs
How much does 17 an hour make a year? ›
$17 hourly is how much per year? If you make $17 per hour, your Yearly salary would be $35,360. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 40 hours a week. How much tax do I pay if I make $17 per hour?
How much is $16.50 an hour 40 hours a week? ›$16.50 an hour is $33,000 a year in annual income.
If you earn an hourly wage of $16.50 an hour and work for an average of 40 hours a week for 50 weeks a year, you'll earn a yearly salary of $33,000.
$17/hr is a bit below the median wage in the U.S. and is about $34k/year. The median household income is around $55–60k right now, but that is usually with two people working. I don't know why on $17/hr you can't survive and buy a house. That is $2833/month.
Can I live off of 17 dollars an hour? ›After taxes, if you earn $17 an hour, you'll take home $26,520 a year. Your gross salary before taxes would be $35,360. This is a livable wage for a single person in a low to moderate cost of living area.
How much is 17 an hour 40 hours a week? ›If you make $17 per hour, your Weekly salary would be $680.
How many hours is full-time? ›Full Time in California
According to the California Department of Industrial Relations, working 40 hours per week qualifies employees as full-time workers.
An average person works about 40 hours per week, which means if they make $50,000 a year, they earn $24.04 per hour.
How much is 40 hours a week at $16 an hour? ›40 hours x $16 = $640 per week.
What is a livable hourly wage in America? ›An analysis of the living wage (as calculated in December 2021 and reflecting a compensation being offered to an individual in 2022), compiling geographically specific expenditure data for food, childcare, health care, housing, transportation, and other necessities, finds that: The living wage in the United States is ...
What salary can I live on? ›A good monthly income in California is $3,886, based on what the Bureau of Economic Analysis estimates that Californians pay for their cost of living.
What is a good US wage? ›
According to the US Bureau of Labor Statistics (BLS), the median annual wage across all occupations in 2021 was $58,260 [1]. For a person living in Phoenix, Arizona, where the median wage is $56,610, earning above the national average may be considered very good.
How much is $17 an hour every two weeks? ›$17 hourly is how much per two weeks? If you make $17 per hour, your Biweekly salary would be $1,258. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 37.5 hours a week.
What is the average US minimum wage? ›Employers covered by the FLSA but who are not subject to the Puerto Rico Minimum Wage Act must pay at least the federal minimum wage of $7.25 per hour.
How much money a hour is good? ›The national mean salary in the United States is $56,310 according to the National Compensation Survey. That works out to be $27 per hour. So in order to be above average, you have to earn more than $28 per hour.
Is $17.50 an hour good? ›Is $17.50 a decent hourly wage? Decent, not great. For instance, in the state where I live, New Hampshire, the average monthly rent, according to Zillow is $1700 a month. 17.50/ hour with a 40 hour week will earn you $2800/month, before taxes.
How many hours is part time? ›Part-time work means a person works a set number of hours each week, which can range from a few to around 30 hours.
What is $17.50 annually 40 hours a week? ›$17.50 an hour is $36,400 without vacation time.
If you work a full 40-hour week for 52 weeks, that amounts to 2,080 hours of work. So $17.50 an hour in income times 2,080 is $36,400 salary per year.
Full-time employment generally means more benefits and permanent contracts for employees than their part-time counterparts. They might have access to vacation time, paid time off, employer-sponsored healthcare benefits, and employer matching for retirement plans.
Is it federal law to take lunch breaks? ›Federal law does not require lunch or coffee breaks.
How many hours can you work and still get benefits? ›If you claim Income Support or Jobseeker's Allowance you should normally either be not working or working on average less than 16 hours a week. Partners of people receiving Income Support/Jobseeker's Allowance are able to work for, on average, up to 24 hours a week, without their partner's entitlement being affected.
What is 70k a year hourly? ›
A salary of $70,000 equates to a monthly pay of $5,833, weekly pay of $1,346, and an hourly wage of $33.65.
What is $100 000 a year per hour? ›$100,000 is $48.08 an hour without vacation time.
If you work a full 40-hour week for 52 weeks, that amounts to 2,080 hours of work. So $100,000 a year in income divided by 2,080 is a $48.08 hourly wage.
$100,000 yearly is how much per hour? If you make $100,000 per year, your hourly salary would be $48.08. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 40 hours a week.
Can you live on $16 an hour? ›Yes, you can do it, and as you can see that it is possible with the sample budget of $16 per hour. Living in a higher cost of living area would be more difficult. So, you may have to get a little creative. For example, you might have to have a roommate.
Is $20 an hour good pay? ›“Good” is relative. The median household income in 2021 was $70,784. That breaks down to $34 per hour. So $20 an hour is quite a bit below the median wage.
How much is $40,000 a year per hour? ›So if an employee earns $40,000 annually working 40 hours a week, they make about $19.23 an hour (40,000 divided by 2,080).
What is poverty wage? ›Living Wage and Poverty Levels
The federal minimum wage of $7.25 an hour in many states is not enough to raise a family of four above the federal poverty level, which is $27,750 in 2022. That's $13,590 for an individual.
The Pew Research Center has put a financial definition to the term “middle income.” To be considered part of that group in 2021—which is synonymous with middle-class, according to Pew—a single American must have earned $30,003 to $90,010, according to a new set of reports released Wednesday.
What are the lowest paying states? ›The two states with the lowest minimum wage are Georgia and Wyoming, both sitting at $5.15; however, employers in Georgia and Wyoming that are subject to the Fair Labor Standards Act must still pay the $7.25 Federal minimum wage.
How do you live off a low salary? ›- Look for free and low-cost activities. ...
- Ask for a raise. ...
- Start a side hustle. ...
- Replace costly habits with inexpensive ones. ...
- Plan sequenced reward opportunities. ...
- Create accountability. ...
- Seek out low-cost alternatives to your hobbies.
Can you live off one salary? ›
Living on one person's income and saving the entirety of the other is one of the most effective ways to ramp up your savings and live a more financially free life.
How much money do you need to live comfortably without working? ›You multiply your annual spending by 25, and that is the minimum amount of money you would need invested to fund your lifestyle without working. (A word of caution: Like with any rule of thumb, the 25 times rule is not precise. The proper use of this rule of thumb is to get a ballpark figure, not an exact number.)
What state pays the most? ›| Rank | State | Hourly mean wage |
|---|---|---|
| 1 | Georgia | $183.57 |
| 2 | North Dakota | $179.44 |
| 3 | Hawaii | $176.25 |
| 4 | Illinois | $175.39 |
According to the Economic Policy Institute, the average annual wage of the top 1% was $823,763 as of 2020.1 A more recent study by SmartAsset points out that the national average of the top 1% earners is $597,815.2 Have in mind that the figures vary greatly from state to state.
Which U.S. state has the highest salary? ›| National rank | State or territory | Mean wage in US$ |
|---|---|---|
| 1 | District of Columbia | $87,920 |
| 2 | Massachusetts | $63,910 |
| 3 | New York | $61,870 |
| 4 | Connecticut | $60,780 |
So if an employee earns $40,000 annually working 40 hours a week, they make about $19.23 an hour (40,000 divided by 2,080).
How much is $20 an hour annually? ›To figure out how much $20 an hour is per year, multiply $20 by how many hours you work. For most full-time jobs, that's 40 hours per week for 52 weeks, or 2,080 hours per year, if you don't take any time off. That means $20 an hour is $41,600 a year.
How much a year is $18 an hour? ›If you make $18 per hour, your Yearly salary would be $37,440.
How much is 800 a week hourly? ›$800 weekly is how much per hour? If you make $800 per week, your hourly salary would be $20. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 40 hours a week.
Is 40k enough to live on? ›To answer whether a $40,000 salary is good, you need to consider your perspective. For a recent grad in a small town where the cost of living is low, that might be an annual income that pays the bills. But a $40,000 salary is not typically enough for a household to live comfortably in most parts of the United States.
Is 40k a year a livable wage? ›
While a $40,000 a year salary might categorize you in the lower-middle class and below the median individual income in America, it's still plenty of money for you to survive on. However, there are tons of factors that determine if you will struggle with $40k or live more comfortably than you expected.
How much does a single person need to make a year? ›What is a livable salary for a single person in California? A living wage for a single person in California with no children is $21.82 per hour or $45,385 per year, assuming a 40-hour workweek.
What's considered a good hourly wage? ›The national mean salary in the United States is $56,310 according to the National Compensation Survey. That works out to be $27 per hour. So in order to be above average, you have to earn more than $28 per hour.
How much a year is $25 an hour? ›If you make $25 per hour, your Yearly salary would be $48,100. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 37.5 hours a week. How much tax do I pay if I make $25 per hour? What is the income tax on $48,100 a year?
Is $18 an hour a livable wage? ›“Clearly, $18 an hour is not a living wage for most people in California unless they're single and in a very specific part of the state,” Bahr said. “We're under no illusions about the cost of living here.” The MIT Living Wage Calculator removes any such illusions.
How much is $30000 a year hourly? ›$30,000 yearly is how much per hour? If you make $30,000 per year, your hourly salary would be $14.42. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 40 hours a week.
How much is 24k a year hourly? ›$24,000 is $11.54 an hour without vacation time.
If you work a full 40-hour week for 52 weeks, that amounts to 2,080 hours of work. So $24,000 a year in income divided by 2,080 is a $11.54 hourly wage.