How much will I earn in an hour? You might have asked this to yourself after seeing an open job posting. You wonder how much you’d earn daily, weekly, biweekly, or monthly. Let’s calculate an example; say, $58,000 a year is how much an hour.
If you’re an employee who earns based on the number of hours worked and, sometimes, has to work overtime to make ends meet, having such money information at your fingertips means you can plan your financial life smartly.
In this article, we will calculate an estimate of your income and deductible tax per period. We’ll give useful tips on living comfortably on a $58,000 yearly paycheck.
Let’s get started!
$58,000 a Year Is How Much an Hour?
A $58,000 yearly income will allow you to make $27.88 or $28 an hour.
To simplify our computation, let us first calculate the number of hours you worked in a year.
A standard workweek is composed of 40 hours (5 days * 8 hours/day) and a year has 52 workweeks. Thus, we will follow this formula for your total work hours during a regular year:
- 40 total working hours in a week * 52 total working weeks in a year = Total working hours in a year
- 40 * 52 = 2,080 hours
With a $58,000 gross yearly income as a full-time worker, you earn $27.88 or $28 an hour.
- Yearly salary/total working hours in a year = Total hourly salary
- $58,000 / 2,080 = $27.88 or $28 an hour
If working part-time, for example, just 4 hours a day or half the daily work hours, your yearly pay will also be halved to $29,000. To get your gross hourly salary, divide this income by the number of hours a year (1,040). Your total hourly pay is $27.88 or $28 as a part-time worker.
- Yearly salary/total working hours in a year = Total hourly salary (part-time)
- $29,000 / 1,040 = $27.88 or $28 an hour
$58,000 a Year Is How Much After Taxes?
When you earn $58,000 a year, you’ll earn between $45,138-$48,035 after taxes, depending on your situation.
Your income tax deductible is determined by your place of work/residence, your civil status, tax bracket, federal taxes, and other government deductions, such as Medicare and Social Security.
Some states in the USA do not impose any income tax, while others charge a flat rate or a graduated rate for taxation.
If you work full-time or live in California, the state with the highest tax rate, a yearly gross income of $58,000 will become $45,138 after deducting taxes. The total tax of someone from Texas will amount to $9,965, and the net annual pay is $48,035.
However, let’s say you work part-time and work 4 hours daily. Your $29,000 gross yearly pay in California be deducted with a tax of $4,742, leaving you with a net annual income of $24,258.
On the other hand, had you been working in Texas as a part-timer, a $3,939 tax would have been deducted from your annual take-home pay, leaving you with $25,061 in net annual income.
$58,000 a Year Is How Much per Month?
$58,000 a year will give you a gross income of $4,833 every month.
To calculate the value, divide the yearly salary by the total number of months worked in a year.
In your case, you will work for 12 months, assuming that you have opted for a full-time job. Your monthly income calculation is shown below:
- $58,000/12 = $4,833.33 or $4,833
You will take home $3,761 after monthly taxes of $1,072 if you are a full-time worker from California, or, for the same period, you will receive $4,003 as your monthly net pay and get a tax deduction of $830 if you are from Texas.
Working part-time will earn you a gross monthly income of $2,416.50 or $2,416. You will receive $2,021 for the month if you are working in California and $2,088 in Texas after tax deductions of $395 and $328, respectively.
Expect these figures to change if you worked fewer hours or were entitled to overtime pay.
$58,000 a Year Is How Much per Week?
You will earn $1,115 weekly if you earn $58,000 a year.
To convert your weekly salary, divide your gross annual income by the number of weeks in a working year (52).
- $58,000/52 = $1,115.38 or $1,115
You will take home $868 after weekly taxes of $247 if you are a full-time worker from California, or, for the same period, you will receive $923 as your weekly net pay and get a tax deduction of $192 if you are from Texas.
Similarly, if you work part-time, your gross weekly pay is halved at $557.50 or $558. Therefore, your net monthly salary will be $467 in California and $482 in Texas, after tax deductions of $91.27 and $75.81, respectively.
$58,000 a Year Is How Much Biweekly?
To calculate your paycheck biweekly, multiply your gross weekly compensation calculated above by 2 weeks ($1,115 * 2 weeks). With an annual gross pay of $58,000, your biweekly income is $2,230.
As a full-time worker, if your gross biweekly income is $2,230, then your net monthly take-home pay is $1,736 with $494 in taxes if you are in California; in Texas, you will get $1,847 after a deduction of $383.
Part-time work will bring you $1,115 in total pay every 2 weeks. Your net biweekly income after $247 in taxes is $868 in California. In Texas, expect a $192 tax deduction, leaving you with biweekly take-home pay of $923.
$58,000 a Year Is How Much per Day?
As computed at the beginning of this article, your $58,000 annual salary translates to a $28 hourly rate of pay.
- $58,000 yearly salary/2,080 total working hours in a year = $27.88 or $28 total hourly wage
- $28 * 8 hours of work per day = $224 gross daily income
So, If you are a full-timer, you will get a daily paycheck of $174 in California after $50 in taxes. In Texas, $39 in taxes will let you bring home $185 for the month.
If you are a part-timer with 4 hours daily (instead of 8) at a pay rate of $28 an hour, you will earn a total of $112 for the day. In California, you will get a net daily pay of $94 after $18 taxes, while in Texas, that would be $97 in take-home pay daily after a tax deduction of $15.
Again, your total income for any period would be different if you took time off from work (e.g., leaves and other instances) or rendered overtime hours.
Knowing your income flow at any period will give you a better grasp of your finances. With the computation used above, you will also have a clearer idea of the total amount of money you have every year post-taxes.
Tips for Living on $58,000 a Year
Saving helps keep your money safe for unforeseen circumstances in an emergency fund. We recommend you save at least 10% to 15% of your salary at the end of every month.
10% of your income is around $483.3. You can save a whopping $5,800 from your yearly salary before taxes.
You can also save and earn money while you shop through these cash-back apps:
- Rakuten. Want to get a cashback while you shop at over 3,500 stores? Check out this rewards site to save some shopping money. Read our full Rakuten review here.
- MyPoints. With MyPoints, you can earn points from shopping online and doing microtasks, such as taking surveys, watching videos, playing games, and more. For more details, here is our complete MyPoints review.
- Fetch Rewards. An easy-to-use, mobile-only application, Fetch Rewards offer you the chance to earn points for redemption as gift cards or extra money. Our full Fetch Rewards review gives you an idea of this app’s benefits.
Numerous investment opportunities can help you increase your overall income. Spend around 10% to 15% of your income on investing.
You can invest in stocks, cryptos, and NFTs, but make sure that you study them well before making a move.
Some of the investment options that you may try are:
- M1 Finance. A stock and ETF brokerage, M1 Finance lets you invest for as low as $100. Read our full M1 Finance review and learn the services that it provides.
- Peer-to-peer lending. Try Crowdestor for your P2P lending investments. This platform focuses mostly on business and real estate projects, offering great returns, from 12% to 36%! Check out our full Crowdestor review for more details on the platform.
- Crowdfunding real estate. Open an account for EstateGuru if you want to invest in real estate. Here is our full EstateGuru review for more information.
- DEGIRO. The same as M1 Finance, DEGIRO is, however, based in Europe. Check out our full DEGIRO review article and start investing.
- Mintos. This app is a peer-to-peer lending platform. Use this link for a 1% cash back in the first 90 days. Check out the full Mintos review here.
3. Avoiding Debt
Avoiding debt is the most important of all. Debt can eat your income almost instantly, so make sure you save money and keep yourself safe from loans and borrowing. Some banks charge very high interest on loans that can drown you in debt forever.
Budgeting makes spending easy, so creating a budget that works for you is necessary. Breaking your salary into portions with each basic expense allotted a certain percentage makes your monthly spending more efficient.
5. Cutting Expenses
$58,000 can cover most of your expenses while leaving some money for your personal expenses on entertainment subscriptions such as Netflix and Amazon Prime Video. Make sure you spend on these subscriptions only if your other monthly expenses are covered within the yearly salary after taxes.
Check out Trim, a useful app that negotiates your subscriptions, saves money on bills, and cancels subscriptions you don’t use. Check out our full Trim review for more details on the platform.
6. Engaging in Online Money-Making and Side Hustles
We have listed some of the best online money-making techniques and side hustles to increase your overall income.
- Participate in online surveys and earn cash or gift cards with the following platforms:
- Swagbucks. This rewards program lets you earn points by browsing the web, shopping online, and taking surveys. Signing up with Swagbucks is completely free. Your points are then converted into gift cards or cash-backs. Read our full Swagbucks review here.
- InboxDollars. Sign up, start doing the online tasks, and earn extra cash with InboxDollars. Take the surveys, redeem coupons, play games online, watch videos, search the web, and more. Making money cannot get any easier than that! Read our full InboxDollars review here.
- Survey Junkie. You can earn extra cash through Survey Junkie by completing online surveys or sharing your data. You will be paid with gift cards or cash through Paypal. Read our full Survey Junkie review for more information.
- Be a pet sitter or walker. Get paid to walk dogs or pet sit with Rover and earn over $1,000 monthly. The working hours are flexible, which will allow you to incorporate walking jobs into your part-time schedule.
- Become an Instagram influencer. You can make money on Instagram by creating posts for brands, endorsing different products, or selling your merchandise.
- Sell your skills as a freelancer. Online job platforms like Fiverr, FlexJobs, and Upwork bring employers and freelance workers together. So, if you have marketable skills like software development, marketing, proofreading, graphic design, etc., you should try creating an impressive resume and listing your profile at these job sites.
- Flip items for profit. Turn those pre-loved or unused household or personal items into quick cash by selling them online and decluttering your home in the bargain. You may post them on Craigslist or in an online flea market.
Or, if you are good at finding saleable new or secondhand goods and reselling them at a profit, there are many online sites like Craigslist, Letgo, Decluttr, eBay, and Amazon where you can earn cash by buying and selling.
- Get a data entry job. You can earn cash from your home. Basic requirements include typing skills, attention to detail, and computer and Internet connection. Here are some tips on making it successful in the data entry field.
- Play online games. If you are a gamer, this activity is the perfect side hustle. With platforms like Mistplay, InboxDollars, or Gamehag, you can play to your heart’s content as you earn exchangeable points for cash or gift cards. Start a YouTube gaming channel or a video gaming blog where you can also earn extra cash.
- Drive, deliver, and earn. Make money delivering food using your car or bike. You can make as much as $500 a week with DoorDash or Postmates. Read our DoorDash review or check out our comparison of DoorDash vs. Postmates and see what best fits you.
- Get paid to shop. With Instacart, you act as a personal shopper for customers; you also have the option for more work as a contractor by driving and delivering their groceries to their doorstep.
What Jobs Pay $58,000 a Year?
Many jobs in the market offer a salary package of $58,000 before taxes. Please keep in mind that some jobs require experience in the field before reaching a $58,000 package.
The list of jobs is as follows.
Real Estate Investment Trust Acquisition Analyst
Responsible for looking for promising investment opportunities for the REIT company. The salary ranges from $52,000 to $69,000 annually
Responsible for copyediting various public-facing materials, including social media captions, email newsletters, press releases, essays, promotional copy, and more. Salary ranges from $46,000 to $62,000.
Responsible for overseeing the daily operations of a restaurant. The base salary ranges from $46,391 to $67,997.
Dining Room Manager
Responsible for facilitating communication between the kitchen and the dining area and ensuring that customers are well greeted and their orders are well taken and delivered. The estimated total pay for a Dining Room Manager is $58,980 per year.
Commercial Sales Consultant.
Represent companies to sell various goods and services to businesses and other organizations and provide product-specific information as required. Annual salary ranges from $54,425 to $77,423.
Social Media Digital Manager.
Monitors, execute, filters, and measures the social media presence of a product, brand, corporation, or even individual. Pay ranges from $55,117 to $71,177.
Internet and Floor Sales Associate.
Responds to customer inquiries relating to vehicles, products, and services via the internet. The salary starts at $60,000.
Is $58,000 a Year a Good Salary?
Yes, $58,000 a year is a good salary if you live in a state with a low tax rate of 15% to 20%. If the tax rate is higher, you will still be able to manage, requiring you to live alone without a family.
Raising children on a tight budget can be extremely difficult. You will have to cut your expenses to survive if you have a family with children.
Can You Live on $58,000 a Year?
Yes, you can live on a $58,000 yearly salary, but your lifestyle depends on your state.
Survival in New York and Washington can be extremely difficult in a $58,000 budget, as most of your salary will be taken as tax. Ensure you follow the tips provided in this article to improve your yearly income.
Frequently Asked Questions – $58,000 a Year Is How Much an Hour?
How Much Will I Take Home if I Earn $58,000?
If you earn $58,000 a year, you will take home $43,500 after taxes. We assume that the total tax charged on your yearly income is 25%, which is the average tax rate in most states.
The tax rate may vary, so make sure that you check the total tax rate before calculating your after-tax yearly income.
What Is the Tax on $58,000 a Year?
Tax rate changes from one State to another.
Here is a list of taxes charged on your $58,000 yearly income in the different states of America:
- New York: $13,040
- New Mexico: $12,218
- New Hampshire: $9,965
- Nevada: $9,965
- Nebraska: $12,856
- Montana: $13,023
- Massachusetts: $12,965
Is $58,000 a Year Considered Middle Class?
Yes, $58,000 a year falls into the middle-class category. According to Pew Research Center, America’s middle-class income ranges from $46,000 to $126,000.
Conclusion – $58,000 a Year Is How Much an Hour?
If you earn an annual income of $58,000 or $28 an hour, you can live comfortably provided you live alone, have no excessive monthly debt payments, or do not spend your paycheck recklessly. It will be a bonus if you live in a US state with low-tax rates or totally no tax, as well as a low cost of living.
Otherwise, you should follow the tips we enumerated above about living within your means, making the most of your current income, and exploring your earning potential. Achieving your financial goals starts with the first step, take it.
Here are some related articles about varying income in different pay periods:
- $37,000 Per Year Is How Much An Hour?
- $46,000 a Year is How Much an Hour?
- $60,000 Per Year Is How Much an Hour?
Marjolein is a financial consultant who has built over €4,000 monthly passive income and saves over 70% of her income. Read Radicals’ inspiring story, from stuck in the 9-to-5 to loving life. Feel free to send Radical a message at the bottom of this page