24 an Hour as an Annual Salary
Ok, so you’re making 24 dollars an hour, what does that make your annual salary? Well, it may come as no surprise that it depends on the amount of hours you work a year. If you work 24 hours a day, 365 days a year, you would make $87,600 in a year. That’s a lot of money, but an impossible amount of hours… but if you work a standard 40 hours a week, 52 weeks a year, you will make $50,400 in a year. So, as you can see, the amount of money you make depends wildly on how much time you put in!
Here’s the formula:
Annual Income = Hourly Rate * Number of Hours Worked per Year
How Much Should you Work?
Given that our annual salary depends so much on how much time you put in, you may feel the pressure to work all the time. This is not a good idea! You need to take time for yourself, or you will quickly become burnt out and perhaps even earn less money because of it. We recommend finding a balance that works for you and sticking to it. Let’s have a look at some examples of how much you can realistically make throughout a year:
- If you work 40 hours a week, 50 weeks a year, and make 24 USD / hour:
Annual Income = 24 USD / hour * (40 hours per week * 50 weeks)
= 24 USD / hour * 2000 hours
= 48,000 USD
- If you work 30 hours a week, 52 weeks a year, and make 24 USD / hour:
Annual Income = 24 USD / hour * (30 hours per week * 52 weeks)
= 24 USD / hour * 1560 hours
= 37,400 USD
- If you work 60 hours a week, 50 weeks a year, and make 24 USD / hour:
Annual Income = 24 USD / hour * ( 60 hours per week * 50 weeks)
= 24 USD / hour * 3000 hours
= 72,000 USD
As you can see, with an hourly wage of 24 USD / hour you would have to work quite a lot to get decent yearly salary.
The Minimum Wage
The minimum wage is the lowest hourly pay that an employer can legally pay their workers. The federal minimum in the United States is $11 / hour, although some states have set their own higher minimum wages. In California, for example, the current minimum is $13 / hour. Many people argue that this minimum should be raised to a living wage, which would be an hourly pay that would enable a person to live comfortably. The living wage in California is currently $16.87 / hour, for example. As you can see, $24 / hour is no where near the minimum, and is even significantly above the living wage in places like California.
What Americans are Making
If you’re feeling competitive, it may help for you to look at what other Americans are making. The average hourly wage in the United States is currently $22.73. This means that if you are making $24 / hour, you are making slightly above average! The median hourly wage is even lower, at $18.58. This means that half of all Americans make less than $18.58 / hour, and half make more.
So What Does 24 an Hour get you Every Year?
As you can see it really depends on how much you are willing to work. Working 40 hours a week, you could make $50,400 in a year. However, if you worked 60 hours a week, you could make $72,000 in a year. So really it depends on how much money you need, how many hours you are willing to work each week, and if you can go without vacations. It’s important to not go overboard though, or you’ll quickly become burnt out which could massively impact your quality of life. Thanks for reading! We hope this article cleared things up for you.
