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 $26.44 per hour? It puts things into perspective and helps you decide what you want to do with your life.
So $55000 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
$55,000 a Year Is How Much a Month After Taxes?
If you find yourself wondering $55,000 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. This is the most accurate picture of what you earn, but it’s nice knowing the gross amount an employer pays.
Here’s what $55,000 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 $4,583 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 $588 in federal income tax, $284 in Social Security tax, and $66 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.
$55,000 a Year Is How Much Biweekly?
If your employer pays you biweekly, 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 $2,115 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.
$55,000 a Year Is How Much a Week?
If your employer pays you weekly, you’d receive 52 paychecks per year. Before taxes and any other deductions/contributions, your paycheck would be $1,058 per week. You’d receive four or five paychecks a month, depending on the month as some months have five weeks in them.
$55,000 a Year Is How Much a Day?
Sometimes it’s nice to know how much you get paid per day. $55,000 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, there are 260 working days in 2023. That means you make around $212 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 $212 per day.
How Much Is $55,000 a Year per Hour?
If you find yourself wondering how much is $55,000 a year per hour, check this out.
Knowing how much you make per hour even if you get paid a salary 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 $26.44 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 $26 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.
$55,000 per Year Breakdown Table
Here’s a quick breakdown of what 55k a year looks like for the average person.
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How to Make 55k a Year
Today, it’s easier than ever to make $55,000 a year or more if you start a side gig or two. Depending on how busy you want to be, you can add jobs like Uber or Lyft driver, freelance writer, Instacart shopper, or website designer to your repertoire.
Of course, the list is endless, and now that you know the average hourly salary to make $55,000 a year, you can determine which jobs will get you where you want to be. 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!
If you find yourself looking for jobs that pay 55k a year with or without a college degree, look at jobs like:
Teachers earn every dollar they receive and then some! New teachers may not make $55,000 a year, but working up to this annual salary or even higher is easy. Teachers with experience and those who return to school for their Master’s degree and other certifications can quickly reach this salary level.
Retail Store Manager
Retail store managers have a big responsibility on their shoulders, but they get paid well to do it. If you worked as an assistant store manager, it’s easy to work your way up to store manager and earn an annual income of at least $55,000. In addition, some stores pay their managers commission in addition to their yearly salary, which can increase your earnings.
Electricians will always be in high demand and can easily earn $55,000 annually. Many electricians start at $55,000 out of trade school or while in their apprenticeship and quickly make more money as they gain experience. If you start your own electrician company, you can make even more money, as the sky’s the limit when you don’t have a boss limiting how much you can make.
Makeup artists have become more popular today thanks to social media. You can work for the ‘everyday person’ or celebrities and make a comfortable living as a makeup artist. The best part about this job is the creative outlet you get while working for a living. Many makeup artists also earn tips, so you can earn even more money in this fun and lucrative career.
Like electricians, plumbers can easily earn a $ 55,000 yearly income. Most plumbers earn this salary right out of trade school or shortly afterward. However, plumbers will never be phased out, so going to school to be a plumber and making a comfortable living immediately can be a great way to start life as an adult.
Priests and clergymen work hard for their income. While they pledge their lives to God or a higher power, they get paid for their work for the church and community. The pay isn’t always very high, but many clergymen make at least $55,000 after a few years of service.
X-ray techs are an important part of the medical system. X-ray techs get paid well and don’t have to go to four years of schooling. In this lucrative career, you may work in a hospital or medical facility setting and work closely with doctors, radiologists, and other medical professionals.
Truck drivers earn a good living driving over the road. You may be away from home for a few days, but you can easily earn a $55,000 yearly salary in the first few years of your career. As you gain experience, you may work your way up the ladder and make even more money in one of the country’s most important positions.
Dental technicians are the dentist’s right-hand man. Technicians handle the cleanings, x-rays, and prep work before the dentist does any major dental work. They also often work alongside dentists, assisting in the procedures and keeping patients comfortable.
Factors That Affect Your Take-Home Pay
Your take-home pay is your net income or income after taxes and other deductions. Sometimes there are additions to your income, but it’s rare. Here’s what to expect from your take-home pay.
Cost of Living
If your company offers a cost of living bonus, you may see a sudden increase in your paycheck in times of high inflation. However, each company handles its cost of living benefits differently. Some pay a one-time lump sum to make your salary go further during high inflationary periods; others give a permanent raise to account for the higher cost of living.
Income taxes are the number one reason you don’t take home your gross pay. We live in a pay-as-you-go country, which means you pay the taxes you owe as you make money. Everyone pays federal taxes, but you may also pay state income tax and, in some locations, local income tax too.
PTO or paid time off is time you get paid for that you don’t work. Most companies offer a standard 2-week vacation, but you may have more or less depending on where you work. If you get PTO, you can take time off, and your paycheck will look the same.
However, if you don’t have PTO and take time off, your paycheck will be lower for those times but will go back to normal when you work your 40-hour work week again.
If your company offers group insurance, consider taking it. This medical insurance will likely be less expensive than other insurance options, and your company may cover a portion of your premiums.
If you have a family, your premiums will likely be higher, decreasing your take-home pay. Still, companies take the funds before tax, so your taxable income is lower when you pay for group medical insurance.
Additional Ways to Boost Your Annual Salary
A $55,000 yearly salary is a decent income, but it’s not often enough to support a family or live a lavish lifestyle. Here are ways to boost your salary if you want to make additional income.
Negotiate a Raise
Asking your boss for a raise can feel scary, but it’s worth it if it works. Time your request when you know the company is doing well and your boss is happy with your performance.
Request a closed-door meeting with your boss and HR if necessary, and state the reasons for your request. Show your boss that you are worth the raise and the accomplishments you’ve achieved for the company.
If you know other companies pay for more than what you make for the same job, you can provide that data, too, to help your case.
If you can’t get a raise at your current job, consider a new job. You may still do the same thing but get paid more at another company. Before changing jobs, make sure to assess the benefits and work environment. While the pay is the top concern of any full-time job, the atmosphere and other financial benefits are important too.
If you can’t make more doing what you do now, consider a new career. This may require you to return to school or undergo specific training, but it can be worth it if you make more money. Think about what you’ve always wanted to do or what the next step is from your current job. Climbing the corporate ladder sometimes requires work, whether you need a Master’s degree or any other type of training.
Side hustles are a great way to bring more income to your household. You can do side hustles like babysitting, house sitting, driving for Uber, delivering for
Passive income is a great source of income because you don’t have to trade your time to make money. Investments are the easiest ways to earn passive income, but other ideas include:
- Creating an online course
- Taking and selling stock photos
- Creating and selling digital products, such as planners, audiobooks, and printables
Sample Budget for $55,000 a Year
Living on $55,000 a year requires intentional spending and budgeting. If you live alone, it can be a doable salary, but if you support a family, you’ll need additional income. No matter your situation, here’s a simple budget to use to keep yourself on track:
- Keep your fixed expenses at 50% or less of your income
- Save at least 20% of your income monthly
- Spend 20% or less of your income on ‘non-necessary’ spending
- Aim to give 10% of your salary to charity
$55000 a Year Is How Much an Hour FAQs
Can I Live Off $55,000 a Year?
Living off $55,000 a year in low-cost areas and without a family is possible. However, it could be difficult if you have dependents or live in a high-cost area.
Can You Make $55,000 a Year Without a Degree?
You can make $55,000 a year without a degree, but you may have to attend a trade school or some small schooling. Examples include electricians, plumbers, business owners, hairdressers, and makeup artists.
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?
To determine how much you make hourly based on an annual salary, divide your salary by 52 weeks and divide that number by the number of hours worked. For example, if you work a full-time job, you’d divide it by 40 hours to get your hourly wage.
Is $55,000 a Year a Good Salary?
If you wonder is $55,000 a year is a good salary, consider this. The minimum wage in the United States is $7.25 an hour. If you make $55,000 a year, you make $26.44 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 $55,000 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.