People that work as carpenters, medical codershttps://www.indeed.com/career/carpenter/salaries, or full charge bookkeepers make a median hourly wage of around $20/hour. You came to this page because you ask yourself “Getting paid $20 an hour is how much a year or a month?”
The answer is: $20 an hour is $37,300 a year.
Earning an hourly wage makes it hard to budget because many expenses, such as rent and utilities come as a monthly bill. Knowing how much is your take-home pay is important. Knowing your monthly income will help you plan how much you can pay monthly in expenses like housing, utilities, or insurance.
Making $20 dollars an hour is $37,300 a year
If your hourly rate is $20 you will have a gross income of $37,300 a year.
This assumes you are working 37.5 hours/week with no overtime. It further assumes you work 52 weeks/year minus the federal holidays (which are between ten and eleven per year). That means you work ~ 50 weeks/yr.
Typically workers that are paid hourly, do not get paid holidays. If you’ll take two weeks’ vacation in addition to the holidays, your annual income will reduce to $37,300.
At 40 hours a week, $20 dollars an hour will be $41,400 a year, with only federal holidays off and $39,900 if you take two weeks’ vacation.
For more detailed instructions, visit “How to calculate your annual income from hourly wages.”
Making $20 an hour is $3,220 a month (on average)
For preparing a budget, you often want to know what monthly income you can expect. For that purpose, you can calculate the monthly income as 1/12th of the annual income. Then 20 dollars a week will be month_one_twelfth_37_5 dollars a month income.
A more conservative assumption is that each month has 4 weeks. The 4 weeks/mo assumption is recommended for budgeting purposes because it will underestimate the monthly pay slightly. With that, you will be less likely to overspend your income.
With 4 weeks per month, your $20/hr will amount to $3,000 a month.
Making $20 dollars an hour is $750 dollars every week
Assuming you get paid weekly, then $20/hr will get you a paycheck of $750 dollars each week. That is $1,500 if you are paid bi-weekly.
If you are paid bi-weekly, you might also want to budget bi-weekly. In that case, you want to put aside some money for the monthly bills, so you have the cash when they come due.
Making $20 bucks an hour will be a income of $150 dollars a day
Making $20 bucks an hour will put $150 into your pocket at the end of a day. This assumes no taxes are deducted from your pay.
Summary table for $20/hour is how much a year/month/bi-week/week/day?
|$20/hour||with 37.5 hours/week||with 40 hours/week|
|annually (with 2 weeks’ vacation)||$37,300||$39,800|
Fun facts about $20/hour pay rate
- To Be Continued
Disclaimer for budgeting purposes
For budgeting, you do need to calculate your after-tax pay, either bi-weekly or monthly. Even better is to calculate your take-home pay, which might deduct things like 401(k) contributions or union dues. You must be careful with this because you can only spend the cash you actually take home each month.