Most people dream of earning more but, if you’re among them, you may also not be sure of exactly what that entails. Earning $80,000 a year is a great goal for anyone to accomplish, but just how many hours do you need to work to get that much cash?
Earning $80,000 a year is a lot easier said than done, so you probably want to know how many hours it will take you to accomplish that.
$80,000 a Year is How Much an Hour?
It will mostly depend on how much you earn per hour to reach $80,000, so here are a few examples. Let’s say that you earn $42 per hour for 8 hours a day, five days a week. That would be enough to earn you $80,640 a year.
If you earn less than that, you would need to work more days or hours. For instance, if you earn $28 an hour and you work for 10 hours a day and 6 days a week, you would get just over $80,000 a year. However, that may leave you burnt out, so it would be best to find another source of income, a different job or ask for a promotion to earn more money.
So, what if you earn more than the average American per hour? Well, you could work for fewer hours while being able to reach $80,000 a year. For example, if you earn $50 an hour, you could work for 7 hours a day five times a week, and you would still get more than $80,000.
How Much is $80,000 a Year per Week or Month?
Similar to how much you would earn per hour, how much you earn per week and month will depend on many factors. If you earn $42 per hour working 5 days a week for 8 hours a day, then you would get $1,680 a week or $6,720 a month. If you earn $28 an hour, working 6 days a week for 10 hours each day, then you would also get $1,680 a week or $6,720 a month.
Of course, this has to exclude more “unconventional” jobs. For instance, business owners get their “salary” from their business’s profits, so they do not have a set range. Freelancers who work on projects and artists could also earn $80,000 a year, but there may be no exact range as to how much they earn per week and month.
What Taxes Do You Have to Pay if You Earn $80,000
Taxes are something that you cannot escape, unless you live in a state without income state tax. Otherwise, most areas will require you to give a part of your income back to the government. However, the number will not be the same for everyone. For instance, some factors that can impact your taxes are how much you earn, the tax rate of your state, etc.
If you earn $80,000 a year, you may have to pay around $13,390 for taxes. The amount can be more or less, but it will depend on your specific circumstances. As mentioned earlier, you could bring home a lot less money depending on what state you are in. For example, New York citizens who earn $80,000 may need to pay as much as $21,000 in tax.
However, you could get tax deductions to pay less tax, but you need to qualify for them. If you are a single person with no dependents, you may need to stick to the standard tax rate. You may also pay less in taxes, especially if you pay for insurance (medical, dental, etc.) through your employer.
The tax deduction may not be a big deal for a single person, but it could be if you have a family. Luckily, there are many ways to legally reduce your taxes. For instance, let us say that you are a family of four, two adults and two children. There is a possibility that your children will qualify for child tax credit, which can be a great help for many families.
Jobs to Make $80,000 a Year
It is extremely rare to find an entry-level job that offers $80,000 a year. It is likely that they will require some experience, a college degree or both. For instance, medical services managers and financial advisors can earn well over $80,000 per year. However, this salary range is common when they have enough experience for them to get paid that much.
Luckily, there are still jobs out there that can get you this much cash a year without a college degree. For example, air traffic controllers, elevator installers, detectives, etc., can earn more than $80,000 a year. However, these jobs require years of experience before you get a salary range close to $80,000 because they require skill.
So, what about freelancers or people with unusual work schedules? They could still earn $80,000 a year, but there are a lot of variables involved. For instance, let’s say that an artist sells a painting for $1,000. They will need to sell at least 2 paintings a week for at least 10 months to earn $80,000. However, it is not always guaranteed that they can sell a painting that fast.
A person with an odd work schedule may be paid per project instead of per hour. Otherwise, they may have a set salary. For example, if you work for two weeks straight then have two weeks off, you could still earn $80,000 a year, especially if that is a part of your contract. People who get paid per project will have to base their estimated yearly earnings on said projects instead of looking at the hours.
How Much Can You Afford with $80,000?
You can live a pretty comfortable life with a salary range of $80,000, particularly if you are a single person with no dependents relying on you. Moreover, this is definitely enough if you have no major debt, like student loans or medical bills. Therefore, you would pretty much have a lot of extra cash to go around.
For instance, let’s say that you pay $2,000 a month for rent, totalling at $24,000 a year, and that would leave you at $56,000 a year. If your general monthly expenses are $1,500 a month, you would spend $18,000 a month, so you would have $38,000 leftover cash. That is more than enough cash to put some into savings, make a few investments, get a payment plan for a car, etc. Keep in mind that this is the estimated before tax.
However, the same may not be said for a family. The average American household earns around $70,000 a year, which would mean a fairly average life for a family of four. This salary range allows a family of four to live, but it will not be a luxurious life.
Earning $80,000 a year is an ideal salary for many people, but how many hours would you have to work before you hit that number? You can get a good idea by using the examples above, plus you can use the information above to learn about jobs that you can get to earn $80,000 a year.