To find out how much you should be earning per hour, it’s important to take into account the number of hours that your work week consists of. The latest Labor Force Statistics data from the US Bureau Of Labor Statistics suggests men average 40.5 total working days while women clock 36-hour weeks but this varies by age & marital status as well as race or ethnicity.
It’s also worth noting here: “The adjusted hourly earnings rates show what people who do not have college degrees earn in a given year if they worked full time throughout their lives and switched from being employed.”
How to calculate your yearly salary
First, take your hourly wage and multiply it by the number of hours you work each week.
For example, if you earn $20 per hour and work 40 hours per week, your weekly salary would be $800.
Next, multiply your weekly salary by 52 weeks to calculate your yearly salary.
So in our example, someone earning $20 per hour and working 40 hours per week would earn a salary of $41,600 per year.
- If you’re paid every two weeks, multiply your bi-weekly salary by 26 to get your annual salary.
- If you’re paid weekly, multiply your weekly salary by 52 to get your annual salary.
- If you’re paid every four weeks, multiply your monthly salary by 13 to get your annual salary.
- If you’re salaried instead of hourly, you can still use this calculation to find out your hourly wage. Just divide your yearly salary by 2,080 (which is the number of hours in a work week).
For example, if you earn a salary of $50,000 per year, divide $50,000 by 2,080 to get an hourly wage of $24.04. To calculate your yearly salary from an hour-and-a-half-hourly rate, multiply your hourly rate by 1.5 to get your payment for the hour and a half.
For example, if you earn $20 per hour and work 1.5 hours, you would be paid $30 for that time. To calculate your salary for the year, multiply $30 by the number of hours you work in a week, and then multiply that number by 52 weeks.
What does the average US worker earn per hour?
In May 2019, the average hourly wage for all workers in the United States was $27.83.
This means that, over the course of a year, the average worker in America earns $27.83 per hour multiplied by 2,080 working hours or $57,764 before taxes.
The median hourly wage was $22.86 in May 2019. This means that half of workers earn less than $22.86 per hour and half earn more.
The top 10% of earners make more than $49.10 per hour while the bottom 10% make less than $10.22 per hour.