It’s no secret that the average American’s wage isn’t exactly stellar. $42,000 per year is in the middle between the richer and the poorer half of workers. So, $42,000 a year is how much an hour, and can you live on it comfortably?
According to the U.S. Bureau of Labor Statistics, the median salary for workers of all occupations was $41,950 in 2020. This means that half of workers made more, and the other half made less than that. Since your salary is close to the median, $42,000 a year is how much an hour?
42,000 a Year Is How Much an Hour in Dollars?
If you work 40 hours per week, divide your $42,000 a year by 2,080 – that’s the number of working hours in a year. So, your hourly wage is $20.19 before taxes. That’s just 2 cents above the national median.
After taxes, your 42k annual salary is around $31,324 yearly and $15.06 per hour. That’s not a lot of money to live on, especially if you have a family or other financial obligations. However, for a single adult, it’s enough to live in a cheaper area such as Brownsville, Texas.
$42,000 a year is how much an hour take-home in your case? The above are just estimates, assuming you’re filing single with no dependents. Your actual take-home pay will vary depending on your state’s tax laws and how many deductions you have. Find an online calculator for your state to help you convert the numbers.
How Much Is It Per Week and Per Month?
If you’re paid $42,000 a year, your gross pay is $807.69 per week and your after-tax pay is $602.38 per week. Per month, you make $3500 and take home $2610.33 after taxes. That’s a livable paycheck in most parts of the USA if you’re only supporting yourself.
How Much Is It Per Hour Work?
$42,000 a year is how much an hour of actual work? Chances are, you’re not actually working 52 weeks per year. With 2 paid weeks off, you’re working 2000 hours annually, so an hour of your work is actually worth $21. If you get 4 weeks off, that number rises to $21.88.
How Does It Compare to the Poverty and Middle Class Lines?
The federal poverty level for a single person is currently $12,880 per year, so you make more than 3 times that amount. Median rent for a one-bedroom apartment in the United States is $1,234.43, so you can technically afford to live alone – but it will take almost half of your take-home pay.
$42,000 a year is how much an hour – more or less than the threshold for middle class? To be considered middle class, you’d need to make between ⅔ and double the median household income, which was $67,521 in 2020. This means that middle class starts at around $44,500 yearly, which is $21.39 hourly. Your salary is a little below that.
42,000 a Year Is How Much in Pounds?
Assuming there are 37.5 paid working hours in your week, £42,000 a year is the equivalent of £21.54 per hour. After taxes, that’s around £32,222 per year or £16.52 per hour. If your employer pays for the full 40 hours, including breaks, then you’re making £20.19 per hour before taxes and £15.49 take-home.
What Jobs Pay $42,000 a Year?
Some examples of professions that make $42,000 a year include:
- bank tellers,
- elementary school teachers,
- insurance sales agents,
- medical assistants,
- social workers.
As you can see, most of these jobs are in the service industry. If you want to make more money, you’ll likely need to move into management or a higher-paying profession.
$42,000 a year is how much an hour in these jobs? They typically work full-time, so their hourly wage is $20.19 before taxes and $15.06 after taxes.
However, elementary school teachers typically have more time off, so the salary goes further in their case. Medical assistants and social workers may also work overtime, which means they make less per hour with the same salary.
Is $42,000 a Year a Livable Salary?
The answer to this question is subjective. If you have a family or other financial obligations, $42,000 a year won’t be enough to live on comfortably. However, if you’re single and living in a cheaper area, it’s possible to make ends meet on $42000 a year.
If you’re looking for states with cheap costs of living, some of the most affordable include Arkansas, Kentucky, Mississippi, and West Virginia. In these states, you could potentially live on $42,000 a year together with a partner if you’re very careful with your spending.
You Can Live on $42,000 a Year, But Not as Middle Class
So, $42,000 a year is how much an hour? It may not be enough to live on comfortably, but it is possible to make more money. If you’re looking to increase your hourly wage, consider getting a promotion or finding a new job. With hard work and dedication, you can make a comfortable living wage.
What do you think? Is $42,000 a year a reasonable salary? Let us know in the comments below!