If you make $50,000 a year, your hourly wage is $24.04. This is based on a full-time job working 2080 hours a year.
When thinking about the expenses and advantages of a potential career or side hustle, it’s necessary to convert annual salary into an hourly rate. This will help you determine whether the position is worth it and whether you can actually live on $50,000 a year.
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50000 a year is how much an hour
If you work full-time (40 hours per week) and earn $50,000 a year, you will make $24.04 per hour.
Here’s the math:
40 hours per week multiplied by 52 weeks in a year equals 2080 total work hours per year.
$50,000/ 2080 (work hours per year) = $24.04 paid hourly
If you make $50,000 a year on salary pay (not paid by the hour), you may end up working more than 40 hours a week for the same pay. As a result, your hourly pay of $28.85 would actually decrease for each additional hour of work.
How much is 50K a year per paycheck
Now that you know the answer to 50000 a year is how much an hour, you can calculate exactly how much you’ll make per paycheck.
50000 a year is how much a day
To find out how much you’ll earn per day if you clear 50000 a year, simply take your hourly rate ($24.04) and multiply it by how many hours you work (or plan to work) each day.
$24.04 X 8 (hours a day) = $192 (rounded to the nearest dollar)
You’ll make $192 per day (gross pay) if you work full-time making $50,000 a year. Pretty good, huh?
$50,000 a year is how much a week
To calculate how much money you’ll earn per month with a 50,000 salary, just multiply your daily pay ($192) by the number of days you work per week (usually 5 if you work full-time).
Note: You can also determine your weekly pay by dividing $50,000 by 52 (# of weeks in a year).
$192 (daily wage) X 5 (# of days worked) = $962 (rounded to the nearest dollar)
You’ll earn $962 a week before taxes if you work full-time @50K a year.
$50000 a year is how much biweekly
Now, let’s see how much you’ll make biweekly with a yearly salary of $50,000.
Since there are 26 biweekly pay periods in a year, you’ll need to divide your annual pay by 26 to find out how much you’ll earn per paycheck if you’re paid biweekly.
$50,000 / 26 = $1,923 (rounded to nearest dollar)
See, math is fun when it involves money!
50 000 a year is how much a month
Finally, to figure out how much you’ll make per monthly paycheck if your income is $50,000 a year, simply divide your annual salary by 12.
$50,000 / 12 = $4,167 (rounded to the nearest dollar)
If you are paid monthly and make $50,000 a year, your paycheck will be $4,167 (before taxes).
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How much is $50,000 a year after taxes?
So, here’s where things become a little more difficult to calculate.
You see, while federal income taxes are the same everywhere in the United States, state income taxes vary from one state to the next.
So…if you live in New York, your paycheck will be less than if you live in Wyoming.
That said, you can expect to pay about 20% of your pay in income taxes if you make 50K a year.
Here’s a quick breakdown of how much tax you can expect to pay (on average) if you earn $50,000 a year in the US:
*Note: this table includes totals for State Income tax, Federal Income tax, Social Security, and Medicare contributions. It does not include property taxes, sales taxes, and other deductions/expenses.
|State||Income Tax ($)||Total Tax |
(% of income)
As you can see from the chart above, you’ll add a bit more to your wallet each year if you live in one of the 9 states which do not charge state income taxes.
50K salary before and after taxes
The calculations on the chart below are based on working 40 hours per week @ $50,000 per year.
|Time period||# of hours worked||Income before taxes||Income after taxes (average)|
|Yearly (with unpaid vacation)||2,000||$48,080||$38,352|
|Yearly (with paid vacation)||2,080||$50,000||$39,810|
Jobs that pay $50,000 a year
The chart below details jobs that earn an average annual income of 50K.
|Job||Education required||Average annual pay||What they do|
|Athletic Trainer||Bachelor’s Degree||$50,000||Specialize in preventing, diagnosing, and treating muscle and bone injuries and illnesses.|
|Electrician||Certification/State Test||$51,775||Inspect, repair and install electrical wiring, lighting, panel circuits and other electrical components|
|Graphic Designer||Bachelor’s Degree||$53,380|| Create visual concepts, using computer software or by hand, to communicate ideas|
|Industrial Machinery Mechanic||High School Diploma||$54,920||Install, maintain, and repair factory equipment and other industrial machinery|
|Firefighter||Certification/State Test||$52,500||Control and put out fires and respond to emergencies involving life, property, or the environment|
|Plumber||Certification/State Test||$56,330||Install and repair piping fixtures and systems|
|Real Estate Broker||Bachelor’s Degree||$51,220||Help clients buy, sell, and rent properties|
|Surgical Technologist||Certification||$50,000||Assist with surgical procedures|
|Web Developer||Associate’s Degree||$50,000+||Work with online apps and code to design and create websites|
|X-Ray Tech||Certification||$58,738||Use imaging equipment to scan parts of the body|
Is $50,000 a year a good salary
There is no one-size-fits-all answer to this question, as the value of a salary depends on individual circumstances.
However, generally speaking, a salary of $50,000 a year is considered good. It allows for a comfortable standard of living while also providing some room for saving and investments.
In fact, if you earn $50,000 a year in America, you are considered middle class. Compared to other Americans, you are doing well.
How much house can you afford on 50K a year?
It varies. There are many factors that come into play when choosing how much house you can afford, including your down payment, income to debt ratio, credit score, etc. So…that said, it’s difficult (if not impossible) to provide an exact number.
For example, if you have:
- A credit score between 700-719
- Down payment of $20,000
- Monthly debt below $250
You could likely afford a home with a purchase price of $220,000, financed at 2.85%. Your monthly payment including PMI, home insurance, and property taxes would be around $1,250 per month.
How much should your rent be if you make 50000 dollars a year?
According to rentlingo.com, you should aim to spend no more than 1/3 of your take-home pay on rent.
This means, if your net pay is $3,317, you can afford about $1,200 per month in rent. You can increase this number by cutting back on entertainment and other non-essential expenses.
Can you live on $50,000 a year
While there are many ways to make more money, (see below) the answer to this question largely depends on your lifestyle and spending habits.
In general, a salary of $50,000 a year is enough to live comfortably in America.
Of course, this varies depending on location. For example, someone earning $50,000 a year in New York City would likely have a much different standard of living than someone making the same salary in rural Arkansas.
If you are a family of 4 living in the U.S., you could reasonably live on a combined salary of $50,000 a year.
This could be done with 1 working parent earning about $24,000 a year and the other earning $26,000.
Depending on where you live in America, this might require living frugally or having one spouse work from home part-time to reduce childcare costs.
Again, it is important to note that this varies depending on location.
In more expensive areas of the country, $50,000 may not be enough to cover all of a family’s living expenses. However, in many parts of the country, it is possible to live comfortably on this salary.
Ways to earn more than $50K a year
You’re not alone if you find yourself unable to make ends meet on $50,000.
Despite the fact that an annual salary of $50,000 puts you smack in the middle of the Middle Class; increasing housing costs, gasoline, and food prices can quickly take a bite out of your income.
Don’t worry! There are several (rather) easy methods to earn money without selling your soul (or getting another ‘job’).
Here are some of my favorite ideas to increase your income:
- Negotiate a raise: If you feel you are underpaid, don’t be afraid to ask for a raise. It never hurts to ask and, if you have a good record of accomplishments, your employer may very well be willing to give you a bump in pay.
- Get a side hustle: A side hustle is a great way to make some extra cash without sacrificing too much of your free time. There are many ways to make extra money on the side, so there’s likely something that fits your skillset and interests.
- Invest in yourself: Continuing education can help you command a higher salary and also make you more marketable in today’s competitive job market.
- Earn cash-back whenever you shop with Dosh, Rakuten, and Ibotta
- Complete paid surveys in your spare time
- Heck…you can even sell pictures of your feet (I kid you not)
$50,000 a year budget examples
Below is a budget example for someone whose take-home pay is $3,317 per month using a 50/30/20 budget.
With a 50/30/20 budget:
- 50% of your (take home) income should go towards necessities, like rent, groceries, and utilities
- 30% should be set aside for non-essentials and can be used for things like dining out, entertainment, and clothes
- 20% should be set aside for savings and debt repayment
|Debt Repayment/Charitable Contributions||$331.50|
Here’s another budget example for someone who earns a monthly income of $3,317 after taxes based on a 70/20/10 budget.
- 70% of income spent on monthly expenses including entertainment
- 20% set aside for retirement & savings, and
- 10% allocated for debt repayment or charitable contributions
|Debt Repayment/Charitable Contributions||$331.70|
$50,000 a year: Final thoughts
The bottom line is that, with careful budgeting, it is absolutely possible to live comfortably on a salary of $50,000 a year. However, if you are looking to save large sums of money or purchase a home in the near future, you may need to add in a side hustle.