$70,000 A Year Is How Much An Hour? and 6 Tips To Make & Save Money

How much will I be earning in an hour? You might have asked yourself after seeing an open job posting or being offered a new job. Let’s calculate an example; say, $70,000 a year is how much an hour.

If you wonder how much you’d earn daily, weekly, biweekly, or monthly, you’re reading the right article. 

We’ll calculate your income to give you a clear idea of how much money you will have. This will help you plan your finances toward achieving your financial goals

Let’s begin!

$70,000 a Year Is How Much an Hour? 

$70,000 yearly will allow you to earn $33.65 or $34 an hour.

First, find the number of hours you worked during the year. There are 5 working days each week, and with 8 hours of work daily, we have 40 regular hours making up for a complete working week (5 days * 8 hrs/day). Then, there are 52 work weeks in a year. 

Let’s make it simple with this formula: 

  • 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 $70,000 gross yearly income as a full-time worker, your total pay per hour is $34.

  • Yearly salary/total working hours in a year = Total hourly salary 
  • $70,000 / 2,080 = $33.65 or $34 an hour 

On the other hand, if you only work part-time, say 4 hours a day or half the regular daily work hours, your annual income will also be halved to $35,000. 

Divide this amount by the number of hours in a working year (1,040), and you’ll get your gross hourly salary of $33.65 or $34 as a part-time worker

$70,000 a Year Is How Much After Taxes? 

When you earn $70,000 a year, you’ll get an income between $52,335-$56,477 after taxes, depending on your personal situation.

Your specific circumstances determine the exact amount of deductible tax from your income. 

Aside from where you work or reside, your net annual income after taxes may be affected by exemptions based on your civil status, tax bracket, and other considerations. Federal taxes and other government deductions, such as Medicare and Social Security, are also taken into account. 

Some states in the USA do not impose any income tax, while others charge a flat rate or a graduated rate for taxation. You may also want to use this convenient online free tax calculator to compute your actual deduction and net income.

Suppose you are a full-time employee earning $70,000 annually, living or working in California, the state with the highest tax rates. Your tax deduction is calculated as $17,665, and your net annual pay is $52,335. On the other hand, if you are from Texas with no state taxes, your annual take-home pay after taxes of $13,523 will be $56,477. 

If you work part-time, clocking in 4 instead of 8 hours a day, your total yearly income will be halved ($35,000). You will be taxed $6,243 if you are in California, leaving you with a net annual pay of $28,757. But, if you are from Texas with no state taxes, your take-home pay for the year after taxes of $5,118 will be $29,882. 

It is important to note that computed amounts can be more if you are a fan of overtime work, or it could be less if you are often taking time off. 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. 

$70,000 a Year Is How Much per Month?

You will earn $5,833 monthly if you get a job that pays a $70,000 a year salary. 

To convert your yearly income into a monthly salary, we need to divide the total yearly income by the number of months worked in a year. 

Here is the conversion of your yearly income into a monthly salary:

  • $70,000/12 = $5,833.33 or $5,833

If you work in California, you will pay $1,472 in taxes every month, leaving you with a net monthly income of $4,361. A Texas resident’s taxes will amount to $1,127 with $4,706 as take-home pay for the month. These are for those engaged in full-time work.

A part-timer with a $2,916 gross monthly income will get a monthly net pay of $2,396 in California after $520 in taxes. In Texas, $426 in taxes will allow you to bring home $2,490 for the month. 

$70,000 a Year Is How Much per Week?

You can convert your yearly income into a weekly salary by dividing it by the total number of work weeks (52) in a year. So, if you earn $70,000 a year, your weekly income will be $1,346 ($70,000 * 52).

Full-time work gives you a net income of $1,006 a week in California after weekly taxes of $340. If you’re in Texas, your net weekly pay is $1,086, and your tax deduction is $260. 

If you work part-time, your gross weekly income will be $673. You will receive $553 for the week In California and $575 in Texas after tax deductions of $120 and $98, respectively.

$70,000 a Year Is How Much Biweekly?

To calculate your biweekly paycheck, multiply the above-stated gross weekly compensation by two weeks ($1,346 * 2 weeks). 

With an annual gross pay of $70,000, your total biweekly income is $2,692. 

As a full-time worker, your gross biweekly income would be $2,692. Then, your net biweekly take-home pay is $2,013 with $679 in taxes if you are in California; in Texas, you will get $2,172 after a deduction of $520.

Part-time work will bring you $1,346 in total pay every 2 weeks. Your net biweekly income after $340 in taxes is $1,006 in California. In Texas, expect a $260 tax deduction, leaving you with biweekly take-home pay of $1,086. 

$70,000 a Year Is How Much per Day? 

We have earlier computed the gross hourly pay as $33.65 or $34 with the following formula:

  • $70,000 yearly salary/2,080 total working hours in a year = $33.65 or $34 total hourly salary
  •  $34 * 8 hours of work per day = $272

You will earn $272 every day if you have a $70,000 yearly salary. 

Following a full-time, 8-hour work schedule, your after-tax net pay for the day would be $203 in California and $219 in Texas, after deductions of $69 and $53, respectively. 

If you are a part-timer with 4 hours daily (instead of 8) at a pay rate of $34 an hour, you will earn a total of $136 for the day. In California, you will get a net daily income of $112 after $24 taxes, while in Texas, that would be $116 in take-home pay daily after a tax deduction of $20.

Tips for Living on $70,000 a Year 

1. Saving

We advise you not to spend all your income at the end of the month. Save 10 to 15 percent of your monthly income as an emergency fund for unforeseen circumstances. You can also use your savings for investment purposes to boost your overall wealth.

You can also save and make 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 offers you the chance to earn points for redemption as gift cards or extra money. Our full Fetch Rewards review will give you an idea of this app’s benefits.

2. Investing

Investing makes it easier for you to afford luxuries with quick profits. Invest in stocks, cryptocurrency, and NFTs to improve your overall wealth. 

Make sure that you study them well before making a move. Some stocks and currencies are difficult to predict, so develop the predicting skill before investing your hard-earned money.

Some of the investment options that you may try are:

3. Avoiding Debt

$70,000 a year can buy you luxuries if you know the right way to spend, so make sure that you keep your debts as low as possible. We highly recommend you not to take loans or borrow money from friends as it can eat your income within no time. 

4. Budgeting

Create a budget after calculating your after-tax monthly income. Allot each monthly expense a certain percentage of your overall monthly income. For instance, spend around 10 to 15 percent on necessities such as food and other items, 10 to 15 percent on utilities, 5 to 10 percent on personal entertainment, and around 25 to 30 percent on housing.

5. Cutting Expenses

$70,000 can cover most of your expenses while leaving some money for your 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 you 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 

Online money-making is the best way to improve your financial situation at the expense of extra working time. We have listed some of the best online money-making techniques and side hustles.

  • Become an Instagram influencer. You can make money on Instagram by creating posts for brands, endorsing different products, or selling your merchandise.
  • Become a YouTuber. Find your niche, create your content, build your subscriber list, and you can earn a lucrative income from YouTube through sponsorships, vlogging, banner ads, vlogging your own web series, and more. 
  • Start blogging. Check this guide on how to start a blog and head on to this reliable web host, BlueHost, that provides various feature-packed web hosting options to help you build your website without breaking a sweat.
  • 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.
  • 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.
  • 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. 
  • Start testing websites. This job is a great side hustle. You can earn money from testing apps and websites in the comfort of your home, and the pay is not bad at all. You often get $10 per 15 minutes. The only thing is that you need to patiently wait for the opportunities, as many people want to do it. 
  • 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 in the data entry field.
  • 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 free 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. 

What Jobs Pay $70,000 a Year?

Here is the list of jobs that pay $70,000 a year. Some jobs can pay you a higher salary with more time and experience. You can also increase your income with overtime.

  • Insurance Agent. Helps clients choose insurance policies that suit their needs. An insurance agent can earn more than $100,000 in their first year. With a median annual wage of $52,180, they earn as much as $127,840 because of their commissions. 
  • Agricultural Manager. Oversee all aspects of running farms and other facilities that produce crops. Earns from $68,090 to $130,760 yearly. 
  • Electrical Power-line Installer and Repairer. Installs and maintains the power grid—the network of power lines that moves electricity from generating plants to customers. Median annual wage ranges from $67,160 to $78,310. 
  • Petroleum Pump System Operator. Operates equipment to pump oil and gas from wellheads and refine and process petroleum products. Annual salary ranges from $69,990 to $$104,470. 
  • Transportation Inspector. Ensures vehicles or other modes of transportation meet safety regulations and report any violations that need immediate attention. Yearly pay ranges from $51,294 to $78,400. 
  • Mail Superintendent. Responsible for directing and coordinating the operational activities within the postal service. Annual pay ranges from $68,970 and goes up to $9,8610. 

Is $70,000 a Year a Good Salary?

Yes, $70,000 a year is a good salary if you know how to spend it. If you are living in a state that charges a low tax rate on your yearly income, your salary will allow you to have a really good lifestyle. Although $70,000 a year is an average salary that 50 percent of Americans earn, it is a salary package that can cover all your expenses while leaving some cash for your personal entertainment.

Can You Live on $70,000 a Year?

You can have a good lifestyle with a salary package of $70,000 a year if you live alone. But, if you have a family with children, you might need to cut down on the luxury so your salary would still be enough to cover all your basic expenses. 

Frequently Asked Questions – $70,000 a Year Is How Much an Hour?

How Much Will I Take Home if I Earn $70,000?

The overall income after-tax can increase or decrease depending upon the state where you currently live or work. New York and Washington, for example, have a tax rate above 20 percent, and their extremely high cost of living makes a good salary of $70,000 look below average.

If you live or work in California, the state with the highest tax rate, your annual take-home pay is $52,335. If you are from Texas with no state taxes, your net annual income is $56,477. 

What Is the Tax on $70,000 a Year?

Here are the tax rates in different US states on your $70,000 yearly salary.

  • New York: $17,361
  • New Mexico: $16,364
  • New Hampshire: $13,523
  • Nevada: $13,523
  • Nebraska: $17,221
  • Montana: $17,301
  • Massachusetts: $17,164

Is $70,000 a Year Considered Middle Class?

Yes, $70,000 a year is considered middle class. According to Pew Research Center, the middle-class income in America ranges from $46,000 to $126,000. Around 52 percent of Americans fall under the middle-class category.

Conclusion – $70,000 a Year Is How Much an Hour?

An income of $70,000 annually exceeds the US average salary of $56,310. So, $34 an hour can be considered enough to live comfortably.

Still, the abovementioned tips about managing your finances and developing multiple income streams are worth considering. Regardless of your paycheck, you can improve your financial situation by getting a new full-time or part-time job or a side gig that could give you more income. Good energies on your journey to financial empowerment! 

Curious how much others with different paychecks every pay period are making? Head on to our other articles: