This calculator will help you to quickly convert a wage stated in one periodic term (hourly, weekly, etc.) into its equivalent stated in all other common periodic terms. This can be helpful when comparing your present wage to a wage being offered by a prospective employer where each wage is stated in a different periodic term (e.g., one is listed as an hourly wage and the other is listed as annually).
Simply enter a wage, select it's periodic term from the pull-down menu, enter the number of hours per week the wage is based on, and click on the "Convert Wage" button.
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How Much Money do You Earn Each Year?
Each year has 52 weeks in it, which is equivalent to 52 weekly pay periods. Many employers give employees 2 weeks off between the year end holidays and a week of vacation during the summer. If you work 8 hours a day, 5 days a week & 50 weeks per year, that comes out to 2,000 hours per year. Quick conversion tips:
- Hourly to annual: Multiply your monthly salary by how many hours you work in a year. If you work 2,000 hours a year and make $25 per hour then you would add 4 zeros from the annual salary & multiply the result by 2 to get $50,000 per year.
- Weekly to annual: To convert weekly income to annual income multiply your weekly salary by how many weeks you work per year.
- Weekly to hourly: Divide your weekly income by how many hours you typically work in a week. For example, if you work 8 hours a day & 5 days a week that is 40 hours per week. So if you make $1,000 a week that would be $25 per hour.
The following table lists the pre-tax & post tax annual income associated with a 2,000 hour work year at various wage levels. For sake of simplicity this table presumes a flat 25% income tax rate across all income levels, though actual marginal tax rates depend on a variety of factors including income level, charitable contributions, marital status & other family-related factors.
|Hourly Wage||Pretax Annual Income||Income Tax||After Tax Annual Income|