$24 an Hour is How Much a Year? Best Tips To Maximize Your Annual Income

What is your actual annual income? Are you earning enough to live comfortably? Suppose you got offered a job or a promotion at 24 dollars an hour. Have you wondered, “$24 an hour is how much a year?” 

Being paid a $24 an hour paycheck may seem like a pretty decent compensation, but we need to see the bigger picture. This article looks at how much you can make in a year, month, a week, and even a day if you get an hourly salary of $24. 

To have a clear idea of how much income you earn, you need to assess your actual take-home pay after tax deductions. In addition, you also need to learn how to calculate how much you earn per pay period so that you can draft a budget accordingly. This article is a good place to start.

$24 an Hour is How Much a Year?

In the United States, a full-time employee has 40 total hours workweek, i.e., 8 hours a day. Since a year has 52 weeks, we can multiply 40 hours by 52 weeks to calculate the total hours worked in a year. In this case, the value will be 2,080 hours (40 hours x 52 weeks).

After calculating the total number of hours, you can multiply the total hours worked with the base wage rate to get the yearly income without taxes. So, if you work full-time for 40 hours a week and get a $24 hourly rate, your yearly income will be $49,920.

For part-time workers, the annual wage would be of a different value. Let’s assume you work 4 hours per day, five days a week. It would accumulate to 20 hours worked per week, and your total number of hours worked for the year would be 1,040 (20 x 52 weeks/year), and you would get paid a yearly wage of $24,960.

However, these figures do not show the whole picture and do not take into account hours taken off or hours of overtime work. If you work fewer hours or take rest days off, the income value will be less. Similarly, if you take time off during the year, you will earn less.

How Much is $24 an Hour Annually After Taxes?

The annual income we calculated in the previous section does not include taxes. However, we know that our income is subject to tax deductions, and a fixed amount is deducted regularly from it. It is difficult to calculate the exact deductible amount here since multiple factors and individual differences affect it. 

The applicable tax percentage varies in different states. Good for you if you live in one of the states with no tax! Check your state law on taxation and find out how much tax you have to pay, if any. 

Let’s assume you are single, can claim the standard deductions, earn $24 an hour, and work in a place with no state income tax, like Florida. There, you get to keep $20.16 or 84% of your $24 hourly pay. After the standard $8,104 national government deductions (federal tax, social security, and Medicare) without state taxation, you will bring home $41,816 annually.

Similarly, if you work part-time in Florida (4 hours a day), you will get a gross annual income of $24,960 less standard deductions of $3,942, making your net yearly income $21,018. 

Calculating your annual after-tax income gives you a fair idea of how much money you have. You can get an even clearer idea if you calculate monthly and weekly income estimates. In case you are wondering, continue reading. We have addressed these questions in the following sections. 

How Much Is $24 an Hour per Month?

So, what would your monthly income look like if you earned $24 an hour? Let’s find out! 

As stated above, the average American weekly work hours are 40 or 8 hours a day. With 52 weeks in a year, we get the figure of 2,080 hours (40*52) as the total number of working hours in a year. Dividing that by 12 months/year is equal to 173 hours, the average number of hours you worked in a month. Then, multiply that by your hourly wage of $24, and you get $4,160 as your monthly income.

The above calculation is for a full-time schedule. If you work for fewer hours or are entitled to overtime pay, your monthly income will vary accordingly. For part-timers working half the 173 hours, you may get $2,076 per month (86.5 hours * $24).

How Much Is the $24 Hourly Rate per Week?

Let’s break down the values even further and determine how much a $24 per hour income is in a week. 

If you work 8 hours a day, an hourly rate of $24 will fetch you $192 per workday, or $960 a week, assuming you work five days a week and 40 weekly hours of work in total. 

However, if you put in more or fewer hours at work or took days off, the total weekly amount would be different. For instance, if you work part-time and work half that time at 4 hours a day, your daily income would be $96, and your weekly pay would be $480.

How Much Is $24 per Hour Biweekly?

If you work full-time, your biweekly income before taxes would be $1,920. We multiply the number of hours worked per week with the hourly pay rate and multiply the value by two weeks (40*$24*2= $1,920). 

On the other hand, if you work part-time, your biweekly gross income would be $960. 

Woman Writing In Front Of The Laptop Stock

How Much Is $24 an Hour per Day?

Lastly, we look at your daily earnings if you earn $24 an hour. If you work full-time, your daily income would be $192, given an 8-hour work schedule. 

Again, the value would differ according to the number of hours worked. If you work 4 hours a day, you will make $96 a day at a pay rate of $24 an hour.

Summary – $24 an Hour Is How Much a Year?

Here is a summary of how much you will make at $24/hour if you work full-time:

Pay period($24 per hour – Full Time)Gross income
Yearly income$49,920
Monthly income$4,160
Bi-Weekly income $1,920
Weekly income $960
Daily income $192

Tips to Live on $24 an Hour

In the best-case scenario, an hourly rate of $24 brings you an annual gross income of $49,920. It means that your gross annual income is a little under $50,000 a year, which is still $10K less than the average income of middle-income workers. 

However, these calculations give you a fair idea of how much you can make in a year. It will help you to make a budget so that you can live comfortably within your resources. A major portion of your income goes to your basic expenditures, including rent, utility, groceries, etc. Other budget components would include your investment portfolio and recreational expenses, etc.

While $24 an hour may not reflect the ideal income scenario, you can still live comfortably provided you spend with caution. We have offered a few tips which may help you save money and stretch your income.

Outflow < Inflow

The first and foremost rule is to keep your cash outflows lower than your inflows. It implies spending less than you make to avoid being caught in a debt cycle. This strategy may also help you save money which you can invest or save up for the rainy days.

Ask for a Raise

If you have been stuck in a job that pays $24 an hour for a while and your employer does not seem interested in offering a higher position, consider renegotiating your salary terms. If you have been with the company for some time, they might agree to your request. 

Find Means to Make More Money

If you feel you cannot make ends meet on $24 an hour, you can consider looking for alternative means to make money. You can do freelance gigs, get a part-time job or start a small venture on the side to increase your income sources. You can also make an investment portfolio with stocks and funds if you have a knack for stocks.

  • Take part in online surveys. All you have to do is answer questionnaires or join focus groups sponsored by companies doing product research, and you will get paid. Check out some of the best online survey sites to earn cash and gift cards. These two sites even offer $5 sign-up bonuses:
  • Be an online transcriptionist. If you are good at grammar, pay keen attention to details, and have a good headset and reliable internet, you can work as a transcriptionist. Here’s a transcription guide to getting you started.
  • Offer tutorial services. There are many online teaching opportunities in English language tutorials and subjects like Math and Science. You can share your knowledge while you earn cash.
  • Sell your skills as a freelancer. Online job platforms like Fiverr, FlexJobs, and Upwork bring together employers and freelance workers. If you have marketable skills like software development, marketing, proofreading, graphic design, etc., you should try creating a smashing resume and listing your profile at these job sites. 
  • Flip items for profit. If you are good at finding saleable goods and reselling them at a profit, there are many online sites like Craigslist, Letgo, eBay, and Amazon where you can earn cash by buying and selling. You can also buy secondhand items or sell your own preloved or unused goods in online flea markets.
  • Play online games. This is the perfect side hustle for you if you are a gamer. There are platforms like Mistplay, InboxDollars, or Swagbucks, where you can play to your heart’s content while earning points that can be exchanged for gift cards or cash. You can also earn money by starting a YouTube gaming channel or a video gaming blog.
  • Get a data entry job. You can earn cash while working from your home. Basic requirements include typing skills, attention to detail, and computer and Internet connection.
Man Working On His Laptop Beside His Bed Stock

Curtail Your Expenses

If you have been living rather recklessly, without regard for how it is impacting your financial situation, you need to stop and take charge now. Monitor and record your expenses and find loopholes and areas where you can limit your expenses or find lower-priced alternatives. It may seem difficult at first, but soon it will become a lifestyle.

Save Money

Get a piggy bank if you have to but put aside some money every month. Set goals and reward yourself from time to time. You can even set a no-spend challenge with friends to make it more fun. 

Move to a Lower-Taxed Region

If you feel that a large chunk of your income is consumed by taxation and the tax rate is too high, consider relocating if you have the option. Not all states have the same tax rate, and you can find a state with a low tax rate or states that do not pay state taxes on the earned income.

Here are the states that do not impose income taxes: 

  • Alaska
  • Florida
  • Nevada
  • South Dakota
  • Tennessee
  • Texas
  • Wyoming

What Jobs Pay 24 Dollars an Hour?

If you are interested in finding occupations that can potentially pay a $24 an hour rate, here are some job examples.

  • Managers
  • Data entry operator
  • Chef
  • Cleaner
  • Entry-level marketing 
  • Truck driver
  • Warehouse workers
  • Movers
  • Dishwasher
  • Freelancer
  • Event planners
  • Virtual assistant

One example of a company that pays $24 an hour to its employees is Target. It has recently raised the pay rate. Other examples of such companies include Bank of America, Disneyland, Wells Fargo, Amazon, Costco, and more. 

While these aren’t necessarily companies with the best benefits, these companies can be a good starting point for the rest of your career. 

Is $24 an Hour Good?

While the prevailing federal minimum wage in the USA is $7.25 an hour, workers’ pay still varies according to the state’s current minimum wage law. There are higher wages at $15.20 in the District of Columbia, D.C. to sub-standard $5.15 pegged in low-wage Wyoming and Georgia. 

So, $24 an hour accounts for a significantly higher amount than the basic minimum wage rate. It may not give you a life of luxury, but it can help you lead a comfortable life.

You have begun on the right track by taking charge of your finances and finding out how much exactly you earn with a rate of $24 an hour. It is a good place to start, and you can slowly but surely make your way up the salary scale and increase your income.

Can You Live on $24 an Hour?

If you budget properly and spend wisely, the purchasing power of $24 an hour can allow you to live comfortably. You may not afford every luxury you desire, but you won’t have to live frugally either. The key is to make a proper budget and stick to it. Focus on saving and avoid spending more than you earn.

It’s nice to save some money for investment purposes so you do not have to live from one paycheck to the other and constantly fret over money troubles. 

Woman Counting Money Stock

Conclusion – $24 an Hour is How Much a Year?

At $24 an hour, you will be making $49,920 annually

It is important to have a proper financial plan to make the most out of your hard-earned money and live a comfortable life. To do so, you need to know exactly how much you are making in a year, a month, a week, etc., in order to make informed long-range budget estimates and goals.

May this guide give you a nudge in that financially-empowered direction!

If you want to learn more about how much you will make in a year at different pay rates, check out our related posts:

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