There has been much discussion recently about increasing the federal minimum wage to 15 dollars per hour. You may wonder, ‘How much do 15 dollars an hour translate to annually?’ and, ‘Can I live on it?’ This post will discuss the amount 15 dollars an hour pays and whether one can live on it.
Living within your means and preserving for a rainy day will help you to keep an eye on your money. Knowing how much you earn annually will help you keep track of your money.
If you are among millions of Americans receiving a salary hike or seeking a new job, you may need to compare salaried wages with hourly wages.
This article will teach you everything you must know about making 15 dollars an hour in 2022. We will tell you how much you’ll earn monthly, weekly, bi-weekly, and daily (before and after taxes).
Finally, we’ll discuss the highest-paying occupations that offer $15 an hour. Let’s begin!
15 dollars an hour is how much a year?
A person working full-time at $15 per hour produces $31,200 annually. To break this down a little bit more, let’s look at the numbers:
The average number of weeks every year (52 weeks) multiplied by the average number of hours worked every week (40 hours a week) equals 2,080 hours worked per year. Working 2,080 hours a year multiplied by $15 results in an annual salary of $31,200.
If your employer does not offer paid vacation time, you will take a two-week unpaid vacation every year, which would lower your annual salary to $30,000.
Here are the calculations:
40 (hours worked per week) multiplied by 50 (weeks worked) equals 2,000 hours worked per year, and 2,000 (hours worked) multiplied by $15 equals $30,000.
How much is 15 dollars an hour after taxes?
On average, you’ll pay 18.4% of your yearly salary in taxes (federal, state, and medicare). Likely, your local government will also deduct income taxes if you live in a place that has them.
Your actual annual take-home pay (if you earn $15 per hour) after deductions is roughly $25,450.
Some states do not levy revenue tax, while others do. Besides the federal income tax, state income taxes are imposed based on income and filing status.
The national tax system is based on a progressive tax code, which taxes wages according to income. The range of overall tax rates is 10% to 35%.
|States that don’t tax your income in the United States are:|
How much is 15 dollars an hour every day?
An 8-hour day at 15 dollars an hour nets you $120. After taxes, you get about $106 a day. To determine your daily wages, multiply your hourly pay by 8 hours (the number of hours you work).
How much is 15 dollars an hour every week?
You would earn $600 a week working 40 hours if paid 15 dollars an hour. After taxes, you would take home about $530 each week.
To get the amount, we divide your annual income by the number of weeks in a year. If your yearly pay is $31,200, for example, you will make $600: $31,200 ÷ 52 = $600.
How much is 15 dollars an hour bi-weekly?
A person may make $1,200 every two weeks if they work 40 hours a week at $15 an hour. Your after-tax pay would be about $1060 every other week.
Divide $31,200 by 26, the number of bi-weekly paychecks you would receive in a year, to find your annual income in bi-weekly payments. For example, if you earn $31,200 a year, then: $31,200 ÷ 26 = $1,200.
How much is 15 dollars an hour every month?
You would make $2,600 before taxes if you worked 40 hours per week and received 15 dollars an hour. After taxes, you would make about $2,121 each month.
The math is as follows:
Every year, divide your salary of $31,200 by 12 to find that you would get $2,600 monthly. You can also determine your monthly wages by multiplying your daily earnings by 21.7, the average number of work days per month.
Summary table of 15 dollars an hour
The table below shows you how much a year, month, week, and day you earn when earning 15 dollars an hour.
|Time frame||No. of working hours||Income before taxes||Income after taxes|
Jobs that pay 15 dollars an hour
According to the BLS (U.S. Bureau of Labor Statistics), most jobs that pay 15 dollars an hour do not require prior experience, but you must obtain a high school diploma to look for employment in most places.
Here are ten jobs that pay 15 dollars an hour:
1. Mail handler
National average salary: $15.30 per hour
A mail handler is a worker who sorts and distributes mail. Mail handlers work for a private company or the United States Postal Service.
They sell stamps, process money orders, rent post office boxes, and receive and sort mail, packages, and periodicals. It would help if you had a high school diploma and a reading speed and accuracy test during the interview process for this job.
2. Medical assistant
National average salary: $15.59 per hour
Medical assistants may assist doctors, nurses, and patients by completing administrative and clinical duties in various healthcare settings.
Salary potential may increase if there are advanced certifications available, although these are entry-level positions requiring a GED or high school degree.
3. Administrative assistant
National average salary: $15.69 per hour
Because they provide the support necessary to facilitate office productivity and organization, administrative assistants are also referred to as secretaries.
They organize meetings, take notes, create letters and reports, maintain office supplies, and answer and transfer calls, among other things.
4. Construction worker
National average salary: $16.19 per hour
A construction worker plans, builds and demolishes structures based on a blueprint and client demands. They frequently maintain and manage building materials as well as maintain and use their tools.
Construction employees can start as unskilled general workers and gain significant experience and expertise on the job, thereby increasing opportunities for career progression and increased income.
5. Delivery driver
National average salary: $16.27 per hour
A delivery driver is a transportation expert who transports products from one place to another using his vehicle or one provided by his employer.
They must follow traffic and parking regulations, load and unload items, check invoices, receive payments, and complete necessary documentation.
People employed as delivery drivers typically must obtain a high school diploma and a driver’s license. Large commercial vehicles may require a special license or training to operate them.
National average salary: $16.99 per hour
Painters work at various commercial and domestic locations, applying stripping, priming, and painting to walls and other surfaces.
They frequently work on scaffolding, maintain a record of all necessary materials, sand down, scrape away old paint, mix and apply fresh paint, and protect the surrounding areas.
To become a painter, you do not have to hold special qualifications; pay and opportunities increase with experience.
National average salary: $17.86 per hour
Families that need child care assistance can employ a nanny, an expert who works in private homes to take care of children’s needs.
Nannies typically handle light cleaning, meal preparation, educational assistance, and supervision, although their duties vary depending on the employer’s specifications and the child’s needs.
In-house accommodation is often available for families employing nannies. Nanny agencies may offer accredited training classes after hiring, although they are not required.
8. Dental assistant
National average salary: $17.92 per hour
Dental hygienists and dentists employ dental assistants to help deliver health care to patients and maintain dental equipment and offices.
They help keep dental practices by checking patients in and out, giving directions, making appointments, preparing exam rooms, and performing other tasks as needed.
To achieve these duties, dental assistants need only a GED or high school diploma, but in some cases, they may require additional study if they wish to assist with dental procedures.
National average salary: $18.22 per hour
A bookkeeper keeps records of a firm’s financial transactions. They record payments, expenditures, income, and invoices, among other things.
A bookkeeper may operate with a high school diploma or GED, but an associate’s or bachelor’s degree in accounting or business is often required to boost job opportunities.
National average salary: $24.99 per hour
Tutors assist students in achieving their academic goals through one-on-one online or in-person instruction on a specific skill or subject.
Tutors may provide standardized test preparation, music lessons, second language practice, college application assistance, and standard tutoring services.
Tutoring job requirements vary depending on the subject matter and client needs.
Budget sample for 15 dollars an hour
Employing a 70/20/10 budget (70% of monthly income is allocated to monthly expenses including entertainment, 20% saved for retirement and savings, and 10% used to repay the debt), someone earning $2,121 per month (15 dollars an hour) after taxes can maintain a budget as follows:
|Savings (Long/Short Term)||$424|
|Total income after taxes||$2,121|
Is 15 dollars an hour enough to live on?
After learning how much you would net after taxes if paid 15 dollars an hour for a year, it’s time to determine whether you can survive on this amount.
You might survive on an hourly salary of $15 a year if you live in a low-cost urban area and do not have dependents. However, if you are frugal, you will have little cash left over at the end of the month for ‘extras.’
You’ll be able to stretch your income much further if you live in a place that doesn’t charge an income tax.
According to information from the US Bureau of Labor Statistics, $31,200 a year puts you below the average for wages. However, you would exceed poverty guidelines for a single person ($12,750 annually) if you earned 15 dollars an hour for a full-time job.
Can you buy a house when making 15 dollars an hour?
Even if you don’t have any debt, you may be unable to afford a mortgage fee, insurance, and maintenance on a home at that rate (15 dollars an hour).
However, we don’t say ‘never,’ so if you are debt-free, have a good credit history, and have some savings, you might be able to purchase a mobile or manufactured home, a small house, or even a duplex, co-op, or townhouse.
If you inherited or received a large settlement and now have enough money for a substantial down payment on a house, it would be financially wise to buy rather than rent if you are making $15 per hour.
Tips for living with 15 dollars an hour
These tips will assist you in making the most of your salary no matter how much you earn.
- Create a budget. Please keep it straightforward and make sure it’s doable.
- Cut excessive expenses. Cut down on drive-thru meals and Starbucks. Cut the cable bill. If you don’t require it, either reduce it or stop it.
- Move to another area if you can. Look to live someplace with a lower cost of residency or cheaper rent. You might also consider moving to one of those states that don’t tax your income (as mentioned above).
- Consider a side hustle. Instead of working another full-time job, select a side job to save some extra cash in your pocket.
All these tips help to maximize your earnings while making 15 dollars an hour.
While 15 dollars an hour will get you out of poverty-level wages, you may still have difficulty paying your bills. With housing costs rising, you may also have trouble locating safe, affordable housing.
Long-term, 15 dollars an hour will not be sufficient to pay for vacations and retirement, so you should look for ways to increase your income as your expenses increase.
If you live in a low-cost-of-living area, are debt-free, and keep an eye on your budget, you can certainly survive on 15 dollars an hour.