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Here's how to convert an hourly wage to an annual salary
CareerBuilder | January 27, 2022
If your hourly wage was an annual salary, you'd be making, uh, let's see. Looks like it's time to break out the old calculator.
Ever wonder what your hourly wage would look like as an annual salary?
Well, there are a lot of variables that could affect that conversion: your hourly rate and the number of hours you work per week, variations in overtime and holiday pay, differences in benefits between hourly wage positions and salaried positions, how many weeks of the year you work, taxes, and more. If you work a salaried job, for example, your pay might be slightly higher, but it will be static. Generally speaking, you won't get extra money for extra work. (Here's how to determine whether an hourly wage or an annual salary is better for you.)
Hourly wages and annual salaries aren't just different ways of looking at the same number. The actual amount you make will vary based on the unique characteristics of hourly vs. salaried work. But we can whip out the old calculator and get an answer that's in the ballpark.
Assuming that you have a full time job working 40 hours per week and setting aside variables like overtime pay and benefits for a moment, what would your hourly wage be as a yearly salary, and vice-versa?
$20 an hour is how much a year?
If you're a worker making $20 an hour, how much do you make in a year? In the table below, we have general estimates translating hourly wages to annual salaries. Remember that these numbers come with several caveats: they don't account for things like overtime or benefits, they're based on a 40-hour work week, and they don't account for variations in things like health insurance or income tax, among many other factors. These numbers refer to gross income, without deductions.
If you want to convert your own hourly wage to a salary, follow these steps:
- The standard work week is 40 hours, and there are about 51 weeks in a year. That means that a full work year consists of some 2,080 hours: 40 x 51 = 2,080.
- Multiply your hourly wage by the rough number of work hours in a year: 15 x 2,080 = 31,200.
We've gone ahead and worked out the math for these wage rates:
Gross hourly wage: $15
Gross monthly income: $2,600
Gross annual pay: $31,200
Gross hourly wage: $20
Gross monthly income: $3,466
Gross annual pay: $41,600
Gross hourly wage: $25
Gross monthly income: $4,333
Gross annual pay: $52,000
Gross hourly wage: $30
Gross monthly income: $5,200
Gross annual pay: $62,400
Gross hourly wage: $35
Gross monthly income: $6,067
Gross annual pay: $72,800
Finding a job with a good wage
Now that you have a rough sense of what your paycheck means for your entire year, let's turn to the question of how to find a better paying job with a good salary (or a livable hourly wage).
- Make the perfect resume. Make sure to lead with your skills.
- Use this cover letter template to stand out from other candidates.
- Determine whether the job is right for you.
- Use great tools like Salary Search, which lets you compare pay data by job title and location so you can build your monthly budget.
- Practice these interview questions.
Great jobs to consider
Now that you're ready to start applying, take a look at these 25 jobs that pay $25 an hour.
Not quite enough? Here are 30 jobs that pay $30 an hour.
If you're still building your work experience, try one of these 8 entry-level jobs organized by industry.
Not the office type? Get some fresh air with these 18 high-paying non-desk jobs.
And if you have a high school diploma or the equivalent, try applying to the highest paying jobs for high school grads.