$60,000 per year is how much an hour? Is it even livable? Would this yearly salary help you make ends meet and maybe even more? Let’s find out.
When looking for a job, you will always consider if you will be properly compensated.
Would your total salary, and the benefits and allowances that come along with it, be enough? In calculating this, you need a paycheck calculator or a wage calculator so you can manage your finances better. Is it worth the time and effort?
$60,000 a year is a lot of money for many employees. But, it still depends on your financial situation and where you live.
Budgeting has a big role in how you manage your finances. All employees should monitor their cost-of-living expenses vs. their take-home pay in order to check if they get paid enough.
In this article, we will find out if $60,000 per year is a good salary, here’s the breakdown.
$60,000 Per Year Is How Much An Hour?
Are you trying to figure out how much your new job pays you? So, if you are earning $60,000 per year, how much will you make per hour?
We used simple calculations to figure out the amount of money you would earn per hour if you earn $60,000 in a year. Let’s assume that you work an average of 40 hours a week.
Based on this assumption, you can calculate that there are around 52 weeks in a year. If you multiply 40 hours a week with 52 weeks, you work for 2,080 hours per year. Divide your salary of $60,000 by the total number of hours you work that is 2,080.
Thus, you will earn about $28.85 every hour if you have a yearly wage of $60,000. You can use this to analyze whether the job is worth the pay or not.
That is your number before you pay for taxes, insurance, or other types of payments. Your net income will be what is deposited in your account with the bank.
How Much Is $60,000 Per Year Monthly?
If we consider that you work 40 hours a week on average, then your monthly salary will be $60,000 divided by 12 months which means you’ll make $5,000 a month.
Thus, you can check if your monthly expenses are more or less to this amount and check if this salary is acceptable for you.
How Much Is $60,000 A Year Weekly?
Again, we assumed you work for 52 weeks in a year. So, the easiest way to calculate your weekly wage would be to divide $60,000 by 52 weeks, which gives you $1,154 every week.
So for your efforts every week, you would earn $1,154. Calculate your weekly rent or expenses to figure out whether the salary is enough to help you get by.
How Much Is $60,000 Per Year Daily?
This amount will depend on the number of hours you work per day. For instance, if you work 8 hours a day on average, you will earn $231 every day.
We calculated this amount by multiplying 5 working days with 52 weeks which gives us 260 days of work. Then dividing $60,000 by 260 gives us $231 per day.
That, of course, is a rough average, and it can vary if you work for 10 hours a day on some days or five hours on some others.
How Much Is $60,000 A Year Per Paycheck?
How much you get per paycheck depends on how frequently you get your wages. For instance, if you get daily salaries like a Barista, you will be paid an average of $231 a day for 8 hours of work. Of course, this number can vary depending upon the number of hours.
You will be paid $5,000 a month if you get monthly checks, which can change for months that have more days or fewer holidays. And similarly, you can get weekly paychecks of an average amount of $1,154 every week.
How Much Is $60,000 A Year After Taxes?
One of the main reasons your amount is taken home reduces is income taxes. Other taxes you might have to pay are Social Security and FICA.
That applies to any and every working person who earns a salary up to $142,800. If you are entering the higher income slab, you will also end up paying more taxes. In other words, the more you earn, the more tax you end up paying.
Different types of taxes will cost you different amounts. For instance, your base level federal tax ranges from 10 to 37 percent, with you won’t pay taxes on the first $12,550. Also, you end up paying around 7.65 percent to Medicare (FICA) and Social Security.
Now, let’s calculate what you take home after paying taxes, for example, if you live in Texas.
Your annual salary (gross) is $60,000
Social Security and FICA: 7.65% of $60,000 = $4,590
Federal Taxes: 12% of $60,000 = $6,188
Thus, you end up taking home $49,222 after paying taxes. To determine what you earn hourly post taxes, divide this number by 2,080 work hours. Assuming you work for 40 hours a week.
That will give you $23.70 an hour. Plus, your annual net salary can fluctuate depending on which state you reside in, as some states charge a state tax as well.
The range can be between $45,000 to $49,300, depending on what your state levies as tax.
$30 An Hour Is How Much A Year?
So we did a quick calculation to see how much $30 an hour would earn you over a year. Let’s say you work an average of 40 hours each week, depending on what your working day entails.
If you’ll work for 52 weeks a year, you’ll need to multiply 40 hours by 52 weeks to get a total of 2,080 hours. Multiply this by your hourly wage of $30, and you’ll get $62,400.
With $30 an hour, you can earn a gross annual salary of $62,400. This figure does not include taxes, insurance, or other expenses.
If you work part-time, multiply 20 hours each week by 52 weeks for a total of 1,040 working hours. Your yearly wage is then multiplied by 1,040 hours, giving you a total of $31,200 each year.
What Types of Jobs Pay $60,000 Per Year?
You can acquire a job that pays $60,000 per year in a variety of ways. All you have to do is to look for one that fits your needs and your skillset. Brush up your interview skills, update your resume and appear for the interview.
Before you decide to go for any job, see if it suits your profile and if the pay is enough to sustain you in the state where you live. You can always negotiate with the employer to raise the salary. Here are a few jobs you can consider applying for
- Public relations specialist
- Freelance writing
- Freelance graphic designer
- High school teacher
- Human resource specialist
- Video editor
- Finance analyst
- Architecture or industrial designing
- Technician or engineer
Is $60,000 A Year A Good Salary?
With the median household income set at $68,703, you’re almost making as much as an entire household. If you’re the sole earner in your household, you’re a little below the median income. When you have two people working in the household, you’re earning much more than the median household.
We can assure you that making $60,000 a year is very decent. You make more than an average American does, and you come very close to the median income.
Frequently, we all try to compare our incomes and lifestyles with others and feel what we earn is not enough. However, I can assure you that you’re doing well.
You can live a very easy and comfortable life with a lovely apartment, good food, and occasional shopping splurges.
Is $28.85 A Good Hourly Rate?
While you can’t drop $10,000 on a holiday every month, $28.85 per hour is a good hourly rate and more than what an average American would earn. You can have a good life with good amenities at this rate.
It might be more of a challenge if you have a family to provide for and the sole earning member. But, if you are single, then this wage is more than enough to sustain you and your desires.
Want To Make More Than $60,000 A Year?
You can easily make more than $60,000 a year if you want that extra fun money. Or if you think you have the potential to earn more or reach a higher point in your career.
There are several ways you can earn more money. A few things you can try are listed below.
Try A Side Hustle
You can go for alternative options like taking up a side job, freelancing, or part-time shifts in another place or firm to earn more per day.
Here are some side hustle ideas that you can do at your own pace:
- Sign-up for Swagbucks and earn extra money through answering surveys. Check out our full Swagbucks review and learn more about the platform.
- Get paid to walk dogs – Sign up for Rover and get extra bucks for pet sitting.
- Be a DoorDash driver – Check our full DoorDash review and DoorDash vs. Postmates for you to choose which one best suits you.
- Online jobs like a virtual assistant, data entry, transcriptionist, and online tutor.
- Start your own money-making blog in 15 minutes
If you feel your earning potential is more than what you are earning, try to find higher-paying jobs or switch your career paths to achieve what you deserve. In addition, you can consider learning high-income skills to boost your skillset further and earn more.
You can easily earn passive income by investing in stock markets, bonds, debentures. You can also try investment plans which help you make more with your current salary. Here are some passive investments that you can try now:
- M1 Finance – a stock and ETF brokerage that lets you invest for as low as $100. Here is our full M1 Finance review and learn more about the services of the platform.
- Peer-to-peer lending – try Mintos and Fundrise for your P2P lending investments. Check out our full Mintos review and Fundrise review for more details about 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 but based in Europe. Check out our full article on DEGIRO review and start investing.
Ask for a Raise
Finally, if you like your job but feel you deserve to earn more, you can ask your employer for a raise and prove to them why you deserve the raise. Show that you are a valuable employee, and your effort earns more income.
Increasing your pay rate is a sure way for you to improve your weekly salary. Receiving a new rate or new wage rate will greatly enhance your overall monthly budget.
In Summary of $60,000 Per Year Is How Much An Hour?
Salaried employees who receive $60,000 annually get a good remuneration whichever way you look at it.
Having a salary calculator or comparing the salary with other jobs also helps check if you are entitled to a wage increase based on all the hours worked and your output as an employee.
In the end, you have to always consider that you need to manage and monitor your finances in order to maximize the money coming in. If you do not know how to live within your means, you will surely find it hard to make ends meet. Even when you make a good amount of money.
You already have a salary that is way above the minimum wage. You just need to manage your finances and keep an eye on your work-life balance.
Always remember to not get too busy making a living that you forget to make a life: a life that is actually worth living.
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Founder of Spark Nomad, Radical FIRE, Journalist
- Expertise: Personal finance and travel content
- Education: Bachelor of Economics at Radboud University, Master in Finance at Radboud University, Minor in Economics at Chapman University.
- Over 200 articles, essays, and short stories published across the web.
Experience: Marjolein Dilven is a journalist and founder of Spark Nomad, a travel platform, and Radical FIRE, a personal finance platform. Marjolein has a finance and economics background with a master’s in Finance. She has quit her job to travel the world, documenting her travels on Spark Nomad to help people plan their travels. Marjolein Dilven has written for publications like MSN, Associated Press, CNBC, Town News syndicate, and more.