That depends on how frequently you get paid, and what state taxes and federal taxes you are liable for. How Much is Your Paycheck if You Make $50k a Year? If you know the tax rates for your state and your circumstances you can modify the equation above to determine what your hourly pay is after taxes. That means that after taxes you will have an hourly wage of $18, which is above the minimum wage. We are also going to assume that you get two weeks of paid vacation per year. Let’s be conservative and estimate based on the higher taxes of $12k. Roughly, if you make a yearly salary of $50,000 you will need to pay between $8k to $12k in taxes. Depending on your unique circumstances, you could even have money to invest each month. After taxes that amount could be between $2916 - $3541. That means that every month before taxes you will be bringing $4166 in gross pay. That means that to calculate how much 50k a year is per month you will need to divide 50k by 12. If you are getting paid monthly then you will have 12 pay periods in a year. That makes for easy math if you want to calculate the number of hours of work until you can afford to buy another share of NFLX or more BTC. That comes out to exactly $25 an hour if you get 2 weeks of paid vacation each year. Now, what if you have a salaried position with two weeks of paid vacation time each year? That means that you are working 2000 hours a year, and increases your hourly rate. That means you’ll be making $24 an hour if you make $50,000 a year and have no paid time off.

If you work a 40-hour work week with no paid time off (PTO), you work 2080 hours a year. It’s called personal finance for a reason. If you live in a high-cost-of-living area and are living at your parent’s place your situation varies greatly from another person who has a large family and is living in rural Arkansas.

Is $50,000 a good salary? That is dependent on a few factors that derive your cost of living. That is just over $27 an hour, and just over $56,000 a year. The Bureau of Labor Statistics (BLS) states that the median weekly income in the United States is $1,085. If you are at the end of your career or just beginning you will have a different perspective. The question we are posing is if earning 50k a year is good. Everyone has a different outlook on life and has individual goals and ambitions.

Sample 59000 annual budget person of 1