Knowing your annual salary doesn’t tell you a lot. What you really want to know is how much you make per hour.
In other words, is the job worth your time for $24.04 per hour? It puts things into perspective and helps you decide what you want to do with your life.
So $50000 a year is how much an hour? We show you below.
Use our salary to hourly calculator to see your exact pay broken down!
Table of Contents
$50,000 a Year Is How Much a Month After Taxes?
If you find yourself wondering $50,000 a year is how much a month after taxes, consider this. Your after-tax income is what you bring home, aka the money you have to pay your bills and have fun, not your gross pay. This is the most accurate picture of what you earn, but it’s nice knowing the gross amount an employer pays.
Here’s what $50,000 a year looks like after taxes on a monthly basis.
While each state has a different tax rate, we can cover the federal taxes you’d owe. Assuming you’re paid once a month, you’d make $4,167 per month BEFORE taxes. From that amount, you’d pay federal income tax, Social Security tax, and Medicare tax.
In our example, we’ll assume you don’t have any dependents. You’d pay around $496 in federal income tax, $258 in Social Security tax, and $60 in Medicare tax. Those numbers would change if you had dependents or you had any pre-tax deductions such as health insurance or 401K contributions.
$50,000 a Year Is How Much Paid Biweekly?
If your employer pays you biweekly or semi monthly, you receive 26 paychecks per year. How much you receive depends on a few things. Obviously, your tax rate pays a role, but also the benefits your employer offers. Do you get paid vacation time or is it unpaid?
Your bi-weekly paychecks would be $1,923 before taxes and any other common deductions (pre-tax contributions). Bi-weekly paychecks occur every two weeks. Some months you may get two paychecks and some months you’d get three paychecks.
The same would be true if your employer paid you twice a month on the same days of the month, such as the 15th and the 30th of each month.
$50,000 a Year Is How Much a Week?
If your employer pays you weekly, you’d receive 52 paychecks per year in your bank account. Before taxes and any other deductions/contributions, your paycheck would be $962 per week. You’d receive four or five paychecks a month, depending on the month as some months have five weeks in them.
$50,000 a Year Is How Much a Day?
Sometimes it’s nice to know how much you get paid per day. $50,000 per year is such an ambiguous number. It doesn’t tell you exactly how much your day is worth. On those tough days when your days drag, it may help to know how much you make per day.
In order to calculate this, you must know how many days you work a year. If you work a standard weekday 9 to 5 job, excluding federal holidays and weekends, there are 260 working days in 2023. That means you make around $192 per day.
If you work fewer days, but more hours per day or you work more than five days per week, your amount would differ, but the average person makes $192 per day.
How Much Is $50,000 a Year per Hour?
If you find yourself wondering how much is $50,000 a year per hour, check this out.
Knowing how much you make from salary to hourly is important. When you’re looking for a job, it helps to weigh the pros and cons of the job, including the opportunity cost of taking it based on its hourly rate.
If you work a standard 9 to 5 job on the 260 working days in 2023, you’d make $24.04 per hour. This is the same whether you get paid vacation or not – if you don’t get paid vacation, and you work the two weeks, you’d get paid. If you do get paid vacation, you get paid not to work.
Check Out This Related Article About Earning $24 an Hour
Now if the company pays you benefits, you may want to consider the financial benefit of them. For example, health insurance is a costly benefit. If your employer covers your insurance 100%, that’s a benefit to add to your hourly rate. The same is true if they offer a 401K match or any other financial benefits.
Even if you don’t receive the pay in hand – you get benefits in lieu of the money, which could help you decide if the job is the right choice.
$50,000 per Year Breakdown Table
Here’s a quick breakdown of what 50k a year looks like for the average person.
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How to Make 50k a Year
Today, it’s easier than ever to make $50,000 a year or more if you start a side gig or two. Depending on how busy you want to be, you can add a side hustle like Uber or Lyft driver, freelance writer, Instacart shopper, or website designer to your repertoire.
If you want something more passive, you can answer surveys on Swagbucks, use cashback sites like Rakuten, or even invest your money. Dividend stocks, ETFs, and even online high-yield savings accounts pay you a little money and every dollar adds up!
Of course, the list is endless, and now that you know the average hourly salary to make $50,000 a year, you can determine which jobs will get you where you want to be. If you find yourself looking for jobs that pay 50k a year, and you don’t have a college degree, look at jobs like:
Retail Store Manager
Retail store managers make a good living and don’t have to go to college. They often work nights, weekends, and sometimes longer than eight-hour shifts, but it’s a good way to make a good living. Whether you work on salary plus commission or all salary, earning $50,000 as a new retail store manager is easy.
An electrician is another career you can earn $50,000+ without a college degree. Electricians go to trade school, though, and work as an apprentice for a few years, but the pay right out of trade school can be as high as $50,000, even as an apprentice. In addition, electricians are often paid hourly, so you can work overtime to increase your pay or start a side hustle and do electrician work outside your regular working hours to earn more.
X-ray techs are an integral part of the medical community. They take x-rays and process them for radiologists and doctors. X-ray techs often need at least two years of school, but they can make $50,000 a year or more right out of school. X-ray techs also usually have great benefits when working for a large hospital or medical network.
Over-the-road truck drivers earn at least $50,000 a year driving products from state to state. Truck drivers are an important part of our society and earn their pay. In addition, many trucking companies pay truckers incentives to drive overnight shifts or to be away from home, so it’s easy to make over $50,000 with a few years of experience.
Dental technicians work hard to help dentists with their patients. They do most of the work, including cleanings, taking x-rays, and assisting the dentist during procedures. Dental technicians don’t have to go to four years of school, but they often need a 2-year degree to qualify.
Factors That Affect Your Take-Home Pay
Your take-home pay isn’t your gross salary. For example, if you make $50,000 a year, you won’t have $50,000 in a bank account at the end of the year. There are deductions, such as income taxes and insurance, to consider.
Cost of Living
Some companies offer Cost of Living benefits or COLA. These benefits are an increase in your salary to account for current inflation rates. If your benefits handbook includes COLA benefits, you can expect a lump-sum payment to account for the higher cost of living or a raise, depending on how your company offers the benefit.
All employees pay taxes, including if you own your own business. You pay income and FICA (Medicare and Social Security) taxes as an employee. Your employer covers the employer taxes. So your earnings are reduced by the amount of taxes you owe.
Your employer determines how much to withhold based on your tax bracket and the number of dependents claimed on your W-4. If you overpay or underpay your taxes, you’ll receive or make up the difference at tax time.
If your employer offers PTO (paid time off), your check will remain the same even if you take days off within your allotted amount. However, if you don’t get PTO or exceed your paid time off, your check will be smaller during those weeks.
If your employer offers group insurance, your monthly premiums will come out of your check. The monthly premiums cover the cost of insuring you, but sometimes employers cover a portion of the premium for the employee, but typically not the dependents.
Additional Ways to Boost Your Annual Salary
$50,000 a year is a good salary, but sometimes it’s not enough, especially if you have a family. So here are a few simple ways to boost your salary.
Negotiate a Raise
If you’re at a job where you think you aren’t earning as much as possible, consider asking for a raise. Do this at a time when your boss can listen, and you know the company is in a position to hand out raises.
When you ask for a raise, discuss your accomplishments and back up any reasons for the raise with data points. Then, give your boss important data when deciding if you deserve the raise.
If your employer can’t give you a raise, you may consider working somewhere else. But before you do, check sites like Glassdoor or Indeed to see the average pay for your position. Also, use the opportunity to see what current or past employees say about the company. Finally, do your research to make sure the move makes sense and isn’t going to cause more mental stress.
You might consider a new career if you can’t make more than $50,000 at your current job. This may require you to return to school or undergo training. First, think about what you’ve always wanted to do and what it will take to get there. Then, research the skills and training needed and the average salary for the new career.
If leaving your job isn’t an option, consider starting side hustles or a part time job. You can freelance in your industry or start something completely different. For example, you can freelance write or do graphic design, do electrician work on the side, or do something fun like selling arts and crafts or stock photos. You could even apply for overtime pay for additional tasks completed outside of the regular work week.
It’s important for everyone to have several streams of income, including passive income. You can earn passive income by investing in stocks, real estate, and other commodities. You can also earn it by creating a product you can sell online, selling it as often as people will buy it. The key is to have passive income, so you don’t have to actively work for every dollar you earn.
Sample Budget for $50,000 a Year
$50,000 is a decent income, but it requires a careful budget to make ends meet. Here’s a sample budget that works well for many families:
- 50% on fixed bills, such as housing, transportation, insurance, medical needs, food, and clothing
- 20% on fun spending (non-essentials)
- 20% towards savings or debt payoff if you have a lot of high-interest debt
- 10% for charitable giving
$50000 a Year Is How Much an Hour: FAQs
Can I Live Off $50,000 a Year?
You can live off $50,000 a year if you’re single. However, if you’re married or have kids, you may need an additional source of income from a spouse or a side hustle to make ends meet.
Can You Make $50,000 a Year Without a Degree?
It’s possible to make $50,000 a year without a degree. Some common examples include electricians, x-ray technicians, and business owners.
What’s the Total Number of Working Days in 2023?
There are 260 working days in 2023.
How Do You Calculate Hourly Rate From Annual Salary?
Knowing how much you earn each hour you work can make it easier to get out of bed each morning to get to work. For example, if you make $50,000 a year, divide it by 52 weeks, then divide that by 40 hours (or the hours you work). This is your hourly salary.
Is $50,000 a Year a Good Salary?
If you wonder is $50,000 a year is a good salary, consider this. The minimum wage in the United States is $7.25 an hour. If you make $50,000 a year, you make $24.04 per hour – you make more than 3 times the minimum wage.
Now let’s look at the average weekly salary. The Bureau of Labor Statistics states that the average American makes $865 a week working full-time. That comes out to $44,980 per year. If you’re making $50,000 you are above the average American. Depending on your financial goals, you may or may not consider adding additional streams of income.
Samantha Hawrylack is a personal finance expert and full-time entrepreneur with a passion for writing and SEO. She holds a Bachelor’s in Finance and Master’s in Business Administration and previously worked for Vanguard, where she held Series 7 and 63 licenses. Her work has been featured in publications like Grow, MSN, CNBC, Ladders, Rocket Mortgage, Quicken Loans, Clever Girl Finance, Credit Donkey, Crediful, Investing Answers, Well Kept Wallet, AllCards, Mama and Money, and Concreit, among others. She writes in personal finance, real estate, credit, entrepreneurship, credit card, student loan, mortgage, personal loan, insurance, debt management, business, productivity, and career niches.