If you are looking into salaries, you may be wondering if $50,000 is enough for you. Money can be a fickle thing, so it can be hard to figure out how much money is enough. More importantly, you might be wondering how many hours that you have to work to reach $50,000 a year.
It can be confusing, but with the right guide you can get a good idea about how much you can earn a year.
Here’s our guide to earning $50,000 a year: how much per hour, what lifestyle can you afford, and much more.
$50,000 a Year is How Much an Hour?
To earn $50,000 a year, how many hours you will have to work will depend on how much you earn per hour.
For instance, you can get $50,000 a year if you earn $27 an hour, but you need to work 8 hours a day, 5 days a week. This number is also assumed if you work every week, and that you get paid by the hour.
If you earn less than $27 dollars an hour, it is still possible to earn $50,000 a year.
However, that would involve working longer hours and taking extra shifts at work.
Therefore, you would be more tired, so opting for a higher paying job or asking for a promotion would be preferable.
If you get $50 an hour, you may need to only work fewer hours or days every week.
Of course, that will still depend on your job’s requirements, but if you get $50 an hour, you may earn well over $50,000 a year. For instance, to earn $50,000 a year while getting paid $50 an hour means you can work 4-5 hours a day for five days a week, earning you as much as $60,000.
How Much is $50,000 a Year per Week or Month?
Let’s say that you earn $26 an hour, and that you work 9 hours a day for five days a week, earning you $1,170 a week. That would mean you would earn $4,680 a month, getting you more than $50,000 a year.
Of course, a person who earns more than that would earn more per week and month.
For example, if you were to earn $35 an hour, you can earn $50,000 a year if you work 6 hours a day for five days a week. That is because you would get $1,050 a week or $4,200 a month.
Again, not all jobs would allow you to only work for six hours a day, so you may earn more than that amount.
What Taxes Do You Have to Pay if You Earn $50,000
Keep in mind that even if you earn $50,000 a year, that does not mean you get to bring all that cash back home with you.
You need to pay your income taxes to the government.
Even if you are a freelancer who does not work a typical job, income taxes are a requirement, unless you live in a state with no state income tax.
Luckily, a $50,000 salary in America is not considered rich, so the tax deductions for this salary is not much compared to higher salaries.
How much you would pay for taxes will depend on many things. Firstly, it depends on the state, since each state charges a different amount.
The tax bracket that you fall under also determines how much you will pay.
Moreover, it will also depend on if you are married and if you have children.
For instance, a single person may get a $6,000 tax reduction, and the single person exemption is around $4,000, meaning that after tax you would have about $40,000-39,000 a year.
This estimation is assuming that you get all this money from one employer, as it can vary if you have multiple employers.
Since you would likely not have any dependents as a single person, you may have to opt for the standard deduction.
As for married people, there are more possible deductions.
The standard deduction can reach as much as $12,000.
However, there are some cases where you could pay less. For instance, if you have two children who qualify for child tax credit, it can reduce your tax deduction by $2,000. Some families may only get $200-400 taken from their salary for taxes.
Jobs to Make $50,000 a Year
Most jobs that will pay $50,000 a year require a college degree, but they often put you at a good salary rate when you start looking for jobs.
Of course, that will still depend on the career.
However, some common jobs that can get you $50,000 per year are pharmacists, surgeons, air traffic controllers, etc.
You do not always need a degree to earn $50,000 a year.
There are many jobs that will pay that salary without a college degree.
For instance, hotel managers, electricians, land surveyors, etc., can earn $50,000 a year. However, these jobs often require promotions and experience to reach this salary range, so it will require some effort on your part to earn this salary.
Other “non-traditional” jobs can also get you a decent salary.
For instance, freelance artists can earn this much money, but it will depend on their experience, the type of work they do, etc.
Moreover, these less traditional jobs often require you to build a name for yourself, or at least a decent portofolio.
How Much Can You Afford with $50,000?
For single people, $50,000 can be a healthy salary given that they know how to control their spending habits.
More importantly, it is a decent salary if you do not have any major debt to pay for.
With the right spending skills and no debt, $50,000 can be a decent wage as a single person.
Does this mean $50,000 a year makes you rich? Typically, it would not, even if you live in a state with a lower tax rate for your tax bracket.
It would be enough for you to live a decent life.
You can afford reasonable rent prices, get all your necessities, etc., while having a bit of extra cash for other expenses, like entertainment and hobbies.
Let’s say that your rent is $1,500 a month, meaning you will pay $18,000 a year in rent. Let’s say that your income after tax is $43,000, leaving you with $25,000 per year.. If your monthly expenses for bills, food, etc., is $1,000 a month, it would cost $12,000 a year, leaving you with $13,000 a month.
$13,000 a year is enough to make some savings, buy a few gadgets, etc.
However, that is only if you are a single person with no debt.
Otherwise, this may not be enough money for you.
You may also not be able to make large purchases right away, or you may need to pay for bigger purchases through smaller installments.
To Sum Up
$50,000 is a sizable income for most single people, but not many people know how many hours they have to work to reach that annual salary range. You can remember all the information listed above to help you learn more about how much you can earn, and what you can afford.