15 an hour is how much a year 2022 (Is it feasible to live on it?)

15 an hour is how much a year there are 52 weeks in a year, as we already know. Working 40 hours per week, you would work 2080 hours per year. A 40-hour-per-week employee earning $15 an hour will earn about $31,200 per year. and some hours included in 14 hours how much a year, 24 hours how much a year.

The cost of $15 an hour is:

  • $120.00 per day ($15 x 8-hour workday)
  • $600.00 per week ($15 x 40-hour workweek)
  • $1200 biweekly (Weekly x 2)
  • $2,600 a month (Annual ÷ 12 months)
  • or $31,200 a year ($15 x 2080 hours)

$15 per hour after taxes comes to around $11.88 to $12.84 (depending on your state). Therefore, your annual salary would be between $24,700 and $26,700 after taxes. This would amount to:

  • Hourly pay
  •   $11.88 to $12.84
  • Daily paycheck
  • $95.04 to $102.72
  • Weekly paycheck
  • $475.20 to $513.60
  • Biweekly paycheck
  •   $950.40 to $1027.20
  • Monthly paycheck
  •  $2,058 to $2,225

    Ouch! There is an approximately $4,500 to $6,500 difference between the highest and lowest taxed states. It might make sense for you to move to a state that does not tax your income if you want to maximize your salary.

    The following states do not tax wages: 

    Alaska Florida
    Nevada South Dakota
    Texas Washington
    Tennessee. New Hampshire

    A cost of living comparison is also beneficial for comparing different states. Your money can go further in some.

    $15 an hour jobs

    These are jobs that pay at least $15 an hour.

  • Targeting employees (by the end of 2022)
  • Teachers
  • Customer Service Representative
  • Warehouse Workers
  • Recreation Programs Specialist
  • Leasing Agent
  • Library Specialist
  • Is $15 an hour a good wage?

    • The current federal minimum wage is much higher than $15 per hour, but it is still not great. 
    • With a $7.25 an hour salary, you’d earn $15,080 per year, so $31,200 is quite an increase, but you’d still need to budget and spend your money wisely to get by.
    • Living on $2500 a month has been possible for my two families. After taxes, that’s about $17 an hour, but 
    • There is plenty of wiggle room. If we didn’t have a car payment, our budget would drop by a little over $250/month.
    • Unless there is another source of income for larger families, $15 an hour seems like a livable wage for a small family. Your budget and where you live will determine whether $15 an hour is an acceptable wage.

    READ ALSO: 18 hours how much a year.  

    The Best Way to Live on $15 an Hour

    No matter how much money you make. Having debt is mainly the result of people spending more than they earn, even wealthy people. 

    To be financially secure, you need to do the following:

    1. Create a budget: Here’s how to create a simple budget.
    2. Save money: Prioritize saving before spending.
    3. Lower your expenses: I live by these 40 cheap living tips.
    $15 an hour budget how much a year

    Saving money on housing can be achieved by:

    • Getting a room to rent
    • and living in a smaller house
    • outside the city (cheaper homes, but longer commutes).

    In addition, I wrote a post about how I only spend $200 per month on groceries (including meal plans)! If you can’t make $15 an hour work for your lifestyle, then you might want to think about finding a better-paying job or picking up a side hustle.

    $15 an hour budget example

    Have trouble making ends meet on $15 an hour? The budget breakdown is based on the lower salaries after taxes: $2,058. The expenses in your life may be very different. Get creative with the numbers and find a solution that lets you live a good life and save money at the same time.

  • 10% savings
  • $205.80
  • Rental/Mortgage + Utilities
  • $679 (1/3% of income)
  • You can buy a cheap Honda or Toyota for about
  • 2k
  • Car Insurance
  • $100
  • Health Insurance
  • $100
  • Cellphone
  • $50
  • Internet
  • $50
  • Gas
  • $60
  • Groceries
  • $100
  • Entertainment
  • $50
  • Personal & Misc
  • $100
  • Total = $1494.80 with $563.20 leftover
  • $15 an hour is how much a year

    • The annual salary of a full-time job earning 15 dollars an hour is $31,200.
    • A full-time work week consists of 40 hours of paid work (on average), multiplied by 52 weeks in a year.
    • A person works 2,080 hours in a year if they work 40 hours per week and 52 weeks per year.
    • Two thousand eight hundred dollars (hours worked) multiplied by fifteen dollars equals thirty thousand dollars.
    • You take an unpaid 2-week vacation every year if your job does not offer paid time off (usually up to 2 weeks). Your actual salary would be $30,000.
    • 2,000 (total hours worked each year) equals 40 (hours worked per week) times 50 (weeks worked). And 2,000 hours (total) multiplied by $15 gives $30,000.

    “How much is $15 after taxes?”

    • You will pay 18.4% of your annual tax salary if you make $31,200 a year (federal, state, social security, and medicare).
    • With an hourly wage of $15, you would earn approximately $25,450 annually.
    • You must become an expert at budgeting if you want to live on $31,200 a year.

    $15 per hour equals how much per month?

    • For example, if you worked 40 hours per week at $15 an hour, you would earn $2,600 before taxes each month.
    • After taxes, this comes to about $2,121 a month.
    • Here’s the math on this one:
    • Divide your annual salary ($31,200) by 12 (number of months in a year), and you will get your monthly payment of $2,600.
    • Alternatively, you can calculate your monthly salary by taking your daily wage (see below) and multiplying it by 21.7 (which is the average number of working days in a month).

    Do you know how much $15 an hour is biweekly?

    • Working 40 hours a week (full-time) at $15 an hour will earn you $1,200 biweekly.
    • Every other week, your take-home pay would be about $1060.

    How much is $15 an hour if you work 40 hours a week?

    • You would earn $600 per week if you worked 40 hours a week and earned $15 an hour.
    • After taxes, your take-home pay would be $530 a week.

    $15 is how much an hour is per day?

    • If you work eight hours for $15 an hour, you will earn $120.
    • After taxes, you’d earn about $106 a day.
    • Calculate your daily pay as follows:
    • Take your hourly salary ($15) and multiply it by 8 (hours worked per day). The result is $120 per day (before taxes).

    Is it possible to live on $15 an hour?

    Once you know what 15 dollars an hour is, as well as what you’d net after taxes, it’s time to determine whether you can live on that amount. Nevertheless, you will likely not have much money left at the end of the month to spend on many ‘extras,’ depending on how frugal you are.

    A tip: If you live in a state that doesn’t tax income, you’ll be able to make your pay go much further:

  • Alaska
  • Florida
  • Wyoming
  • Nevada
  • Texas
  • South Dakota
  • Washington
  • New Hampshire
  • Tennessee
    • For 2019, the average personal income was $35,977, according to the U.S. Census Bureau. As a result, making $31,200 ($15 an hour) puts you just below the average wage in the United States.

    Can you afford a house for $15 an hour?

    • Not likely.Then why?Generally, lenders prefer a low debt-to-income ratio (monthly debt payments divided by gross monthly income). 
    • With a debt-to-income ratio of less than 43% and a $15-an-hour salary, you’d have a hard time affording a mortgage, insurance, and upkeep of a home with no debt.
    • But I don’t like to say ‘never.’ Depending on your budget; you may even be able to afford a mobile home, a tiny house, a duplex, a condo, or a townhouse; you should be debt-free, credit-worthy, and have a bit of saving built up.
    • Additionally, if you come into a large sum of money through a settlement or inheritance and can afford a decent down payment on a house at that point, even making $15 an hour, it makes financial sense to buy instead of rent.

    Tips for living on $15 an hour

     Follow these tips to maximize your income.

    1. Getting out of debt-Even a little debt eats away at $2121 a month.
    2. Creating a budget-Keeping track of your money is easy when you make a budget.
    3. Spend less when you get a raise, a tax refund, or other unexpected windfalls-
    4. Create a financial cushion for yourself by resisting the urge to spend all your money.

    If $15 an hour isn’t enough for you, here are some tips to increase your income

    You can more than double your income relatively painlessly if you find that $15 is not enough to live on.

    • If you ask for a raise, the worst your boss can say is “no.”
    • Create a blog – last year, I made over $30k part-time blogging!
    • Create a way to monetize your hobbies – if you enjoy crafting, find a way to make it a business.
    • Upwork or Fiverr are great places to sell your skills.
    • Make a side income by driving for Uber, walking dogs, or delivering pizza.
    • You get cashback when you shop (Get $20 free when you spend $20)

    Jobs that earn 15 dollars an hour

    • Based on the U.S. Labor Department, most jobs that pay $15 an hour do not require previous experience. However, most employers need you to have a high school diploma.
    Job Average Pay (per hour) What they do
    Butcher $15.62 Cut, trim, and package meat for sale
    Call Center Rep $15.00 Provide customer service and troubleshooting
    Mail Clerk $15.68 Prepare incoming and outgoing mail for distribution
    Grounds Maintenance Worker $14.85 Maintain landscaping for houses, businesses, and parks
    Psychiatric Tech $15.40 Care for people with mental illness and/or developmental delays
    Receptionists $14.45 Answer phones, schedule appointments, file paperwork
    Retail Workers $15.30 Cashier, stock shelves, customer service
    Switchboard Operator $14.72 Operate telephone systems/switchboards to relay incoming, outgoing, and interoffice calls.
    Tailor/Dressmaker $15.15 Design, make, alter, repair, or fit garments.

    Budget of $15 per hour

    • Here’s an example of a 70/20/10 budget based on someone earning $2,121 per month after taxes entertainment, 20% set aside for retirement & savings, and 10% allocated for debt repayment):
    Expense Amount
    Rent/Mortgage $800
    Utilities $100
    Transportation $200
    Groceries $200
    Charitable Contributions $85
    Entertainment $100
    Debt Repayment $212
    Long/Short-Term Savings $424

    Conclusion:

    $15 dollars an hour will lift you out of poverty, but you may still struggle to make ends meet if you earn that much. In addition to rising housing prices, you would likely have a hard time finding affordable (safe) housing. In the long run, $15 an hour won’t cover vacations and retirement, so you’ll need to make supplemental income as your expenses rise. You can live on $15 an hour if you’re single, live in a low-cost area, don’t owe any debt, and keep a tight budget.

    FAQs

    Is $15 an hour a living wage?

    It’s good to see wage increases, but $15 an hour isn’t a living wage for most Americans. We can now calculate a dollar amount on what it takes to earn a “decent living” in every country with tools like MIT’s Living Wage Calculator

    How much is $15 an hour, 40 hours a week?

    40 hours x 52 weeks = 2,080 hours a year for a full-time employee working 40 hours a week. For example, if an employee makes $15 an hour working 40 hours a week, they make $31,200 (15 multiplied by 2,080). 

    How much is $17 an hour annually?

    Your annual salary will be $33,150 if you make $17 per hour. Based on the assumption that you work 37.5 hours a week, The result is calculated based on the number of hours, weeks, and months you work in a year.