How much would be the equivalent annual salary if you are making 14 bucks an hour? Let’s learn how much is $14 an hour a year and see whether this hourly rate is a good living wage!
This pandemic has become quite an eye-opener for most of us. First, it made us realize how important it is to keep an emergency savings fund to keep us afloat during uncertain times.
But more importantly, we need to learn to save for the long-term, not just for emergencies, with financial freedom being the ultimate destination.
Your income can dictate what kind of lifestyle you can live, how much you can save, and how long it will take you to be financially free.
What if your hourly wage is $14 an hour? Would that be enough to reach your financial goals?
The thing is, you need to look at the bigger picture to see if $14 an hour is enough. So, let’s try to compute how much your hourly wage makes a year, a month, a week, and a day.
$14 an Hour is How Much a Year?
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To calculate how much is $14 an hour a year, we first need to determine how many hours per week you work and the number of weeks you work in a year.
Assuming that you work full time (40 hours) and work all 52 weeks, then:
52 weeks x 40 hours = 2,080 hours per year.
Now, to get your gross income yearly, we do this equation: 2,080 hours x $14 = $29,120 yearly.
Let’s say, you take two weeks vacation, so that brings down your number of weeks worked to 50 a year.
Therefore, 50 weeks x 40 hours = 2,000 hours per year.
To calculate your annual salary, we multiply 2000 hours by $14 an hour. This gives us a yearly salary of $28,000.
How Much is $14 Dollars per Hour If You Work Part-Time?
We know that $14 dollars an hour translate to $28,000 for 50 workweeks and $29,120 for 52 workweeks. But this is the full-time income.
What if you work part-time? How much would your yearly income look like?
Assuming that you work part-time at 25 hours a week, we calculate your annual salary by multiplying it by the number of weeks you work in a year.
So if you work all 52 weeks of the year, you would render 1300 work hours annually.
Therefore, 1300 hours x $14 = $18,200 per year.
On the other hand, if you take the two weeks paid vacation and work 50 weeks a year, then you would have a total of 1,250 hours of work annually.
We multiply that with $14 an hour, and so, what you make $14 an hour per year if you work part-time is $17,500.
Your salary could still vary depending on your overtime pay, the number of paid vacation days, and other things.
$14 Dollars an Hour is How Much a Year After Taxes?
Let’s keep in mind that the yearly salary we’ve reached above is the gross income.
Your take-home money would factor in taxes and other deductibles. So the question is, what is $14 an hour a year after taxes?
First, we need to know the tax rate bracket for your annual income. According to the IRS, if your annual gross income is between $28,000 to $29,120, your federal tax rate is 12%, whether you are single, head of household, married filing jointly, or separately.
|TAX RATE||SINGLE||HEAD OF HOUSEHOLD||MARRIED FILING JOINTLY OR QUALIFYING WIDOW||MARRIED FILING SEPARATELY|
|37%||$523,600 or more||$523,600 or more||$628,300 or more||$314,151 or more|
|35%||$209,426 to $523,600||$209,401 to $523,600||$418,851 to $628,300||$209,426 to $314,150|
|32%||$164,926 to $209,425||$164,901 to $209,400||$329,851 to $418,850||$164,926 to $209,425|
|24%||$86,376 to $164,925||$86,351 to $164,900||$172,751 to $329,850||$86,376 to $164,925|
|22%||$40,526 to $86,375||$54,201 to $86,350||$81,051 to $172,750||$40,526 to $86,375|
|12%||$9,951 to $40,525||$14,201 to $54,200||$19,901 to $81,050||$9,951 to $40,525|
|10%||$0 to $9,950||$0 to $14,200||$0 to $19,900||$0 to $9,950|
So to find your take-home pay, you need to deduct 12% for taxes from your annual income.
$29,120 – 12% = $25,625.6 per year
$28,000 – 12% = $24,640 per year
Monthly Income: $14 an Hour is How Much a Month?
What is your monthly income if you earn $14 an hour? To find how much you make monthly with this hourly wage, simply divide your annual income by 12.
So if you work 40 hours a week (52 weeks a year) and your take-home pay $25,625.6 is, then your monthly income is approximately $2,135.
Meanwhile, if you work 40 hours a week (50 weeks a year) and your take-home pay is $24,640, then you would make a monthly income of around $2053.
Weekly Income: $14 Dollars an Hour is How Much Weekly?
You can estimate your weekly income by dividing your annual salary by the number of weeks you work in a year.
For instance, if you work 52 weeks (at 40 hours each week), which means you make $29,120, it means your weekly pay based on your hourly wage of 14 dollars is $560 before taxes.
Meanwhile, if you work 52 weeks (part-time at 25 hours), with a yearly salary of $18,200, then your average weekly income is $350.
Daily Income: How Much is $14 an Hour per Day?
If you have an hourly rate of $14 an hour, how much is your salary per day?
To find your daily rate, you just need to multiply 14 by the number of hours you work per day.
If you work full-time at 8 hours per day, then your daily rate is $112.
Meanwhile, if you only work 4 hours a day, your average pay is $32 per day.
$14 Dollars an Hour Comparison Table
Jobs that Pay $14 an Hour
- Passenger attendants
- Hand laborers and material movers
- Janitor and building cleaners
- Recreation workers
- Stockers and order fillers
- Veterinary assistants and laboratory animal caretakers
Online Jobs that Pay $14 per Hour or More
- Website tester
- Customer service agent
- Search engine evaluator
- Online tutor
- Community moderator
- Test scorer
How to Live With $14 an Hour: Example Monthly Budget
How do you manage your paycheck if your hourly pay is $14 dollars per hour? Here’s a monthly budget template to help you manage this income.
This is assuming that you work full-time and earn a monthly income of $2053 (after-tax pay).
|Food and groceries||15%||$307.9|
If you don’t have any debts, then you could put the debt budget toward other expenses.
Is $14 an Hour Enough to Reach Financial Freedom?
As you can see with the budget above, earning 14 an hour allows you to cover your necessities. However, this budget is ideal for a single person living in an area with a low cost of living. You can afford rent or mortgage, pay for gas and groceries, and still have a little money left for savings and fun spending.
But we can’t say the same if you have a family or live in an expensive city. For example, rent in New York City is outrageous, and this hourly income would even barely cover rent.
If you’re only earning this much, expect to encounter some financial struggles.
If you want to achieve financial freedom, you have to make sure that your hourly rate more than covers your necessities.
You must have some money left to save and invest from each paycheck.
If you think $14 per hour is not enough, then you should try cutting back on expenses and live as frugally as you can, and find extra sources of income.
Check out these resources if you are looking for ways to save money:
$14 Dollars an Hour FAQs
Is $14 an hour good pay?
$14 an hour is good pay and a lot of people make it work by living frugally. It is a good enough income for someone who is great at managing his or her finances.
However, it might not be enough if you are supporting a large family and live in an area with a high cost of living.
What is 15 dollars an hour annually?
If your hourly salary is $15, then that would translate to $30,000 to $3,120 annually, depending on whether you work all weeks of the year.
How much an hour is $60 000 a year?
If you make $60,000 a year, your hourly pay is between $28 to $30 if you work full-time.
Can you live off 14 dollars per hour?
Yes, it’s possible to live with this hourly wage especially if you are super frugal. If you are living alone, you could try getting a roommate to share rent and utilities with. This would leave you with a little more wiggle room for other expenses.
But our circumstances are different. If you have a family and you have some debts to pay and a couple of extra expenses like child care and kid’s school tuition, then you might need to be more creative to manage your income and still have enough savings for the future.
You could try getting an online job or a side hustle to supplement this income and make more money to contribute to your savings and financial goals.
Fortunately, there are numerous options for this, so you don’t have to settle with this hourly wage if you want to reach financial freedom.
How would you manage if your hourly salary is $14 an hour? Care to contribute more budgeting tips? Let’s connect in the comments section below!