If you’re like most people, you probably think of your annual salary before your hourly wage. But 47,000 a year is how much an hour, and how much is left after taxes? Let’s break it down.
For starters, let’s compare your salary to the minimum wage and median salary across the United States. $47,000 is about 3 times the annual earnings for a full-time minimum-wage worker at the rate of $7.25 per hour. The median salary was $45,760, so you’re in the upper half of earners – just barely. $47,000 a year is how much an hour, though?
$47,000 a Year Is How Much an Hour Before and After Taxes?
Assuming you work full-time, your hourly wage is $22.60 if you make $47,000 a year. That’s because there are 2080 working hours in a year, including paid vacation and breaks. Is that much? It depends on where you live. The cost of living in different areas of the country can vary greatly.
$47,000 a year is how much an hour after taxes? Your take-home salary is likely to be around $34,578, which works out to an hourly wage of $16.62. We assumed that you’re filing as a single person with no dependents and that you’re taking the standard deduction. Use an online calculator to get the exact numbers if your situation is different.
$47,000 a Year Is How Much Weekly, Biweekly, and Monthly?
Now that you know how much you’re making per hour, let’s calculate how this translates to other common periods of time – weekly, biweekly, and monthly. There are 52 weeks per year, so:
- The weekly earnings are $903.85.
- The biweekly earnings are $1807.69.
- Your monthly paycheck is $3916.67.
That’s when you look at the gross pay, of course. After taxes, you’ll be taking home $2881.5 monthly, $1329.92 biweekly, or $664.96 weekly.
$47,000 a Year Is How Much an Hour of Actual Work?
The answer to this question is a little more complicated. It depends on how much paid time off you’re getting per year.
If you work 40 hours a week, and get 2 weeks of paid vacation, then your number of actual working hours in a year is 2,000. Divide $47,000 by that, and you get $23.5 per hour worked. With 4 paid weeks off, you’re working 1,920 hours per year, which means an hour of your work is actually worth $24.48.
£47,000 a Year Is How Much an Hour in the UK?
If you live in the UK or are planning to move there, this section is for you. £47,000 a year is how much an hour if you take into account the UK’s labor laws and tax system?
The numbers may be different. Many UK citizens aren’t paid for 40 hours a week, since lunch breaks are often unpaid. In their case, the £47,000 yearly needs to be divided by 37.5 hours a week, which is 1,950 hours in a year. This means their hourly rate is £24.10.
After taxes, their annual salary is £35,195.60, which amounts to an hourly rate of £18.05. That’s a monthly paycheck of £2,932.97, which is a bit more than it would be in dollars.
What Jobs Pay $47,000 a Year?
Let’s see what professions the Bureau of Labor Statistics has listed with a mean salary similar to this pay. Some jobs that pay $47,000 a year on average include:
- community health worker,
- financial clerk,
- agricultural inspector,
- tire builder.
Of course, this is just a small sampling of the many jobs that pay $47,000 a year. Some are entry-level positions while others require experience or training. Whether that’s a satisfying salary will depend on the risks and challenges associated with a given profession.
Is $47,000 a Year a Livable Salary?
We’ve answered the question “$47,000 a year is how much an hour?”, but you might also be wondering if it’s enough to live on.
The answer to this question depends on many factors, such as your location, the size of your family, and your lifestyle. For example, the cost of living for a single person in Alabama is about $35,859 per year. In California, on the other hand, you’d need $69,072 to get by.
In general, $47,000 a year is enough to live on if you’re careful with your money and don’t have expensive taste. You can also make it work if you’re willing to live in a less expensive area or get creative with your living arrangements.
How Much Should You Save If You Make $47,000 a Year?
If you want to have a comfortable retirement, you’ll need to start saving now. How much you should save depends on how much you want to have when you retire and how many years you have until retirement.
A good rule of thumb is to save at least 15% of your income. So, if you make $47,000 a year, you should be saving at least $7,050 per year, or $587.50 per month. This will give you a nest egg of $685,000 after 30 years, assuming a return on investment of around 4%.
$47,000 a Year Isn’t a Lot, but More than the Median Income
So, $47,000 a year is how much an hour? About $22.60. This isn’t a lot of money, but it’s more than the median income in the United States. It’s enough to live on if you’re careful with your money.