So you’ve got that new job or raise you’ve been waiting for and are going to be making $15 an hour. But $15 an hour is how much a year? Below you will find how much $15 an hour is annually, monthly, weekly, daily, and even after taxes. There’s also an example budget you can use when making $15 an hour.
To find out how much $15 an hour is as a yearly salary, multiply $15 by 40 hours and 52 weeks. So if you were to work full-time, 40 hours a week, making $15 an hour, you would earn $31,200 a year.
You might have just started making $15 an hour and are wondering if it’s enough to pay your bills. It’s a complicated question because a lot of it depends on your living situation.
For example, if you live in Washington as a single adult with no kids, the living wage is $18.54 an hour. So if you’re making $15 an hour, you’re earning just over the living wage.
But that’s only if you’re single and don’t have kids. If you have a partner and only one of you works, the living wage is $27.20 (with no kids).
That’s $12.20 an hour more than your $15 wage. The living wage increases further with kids.
This is why we created a list of the best tools you need to start using when making $15 per hour. You’ll find this list included later on in this article.
To save your time and increase transparency around taxes, we also included precise estimates of what you could expect to pay in taxes for all 50 states at $31,200 per year ($15/hour).
This post may contain affiliate links. For more information, see our disclosure policy.
Comparison Table of $15 an Hour (Before & After Taxes)
| $15 An Hour | Pretax Income | After-Tax Income |
|---|---|---|
| Yearly (52 Weeks) | $31,200 | $23,400 |
| Monthly (160 Hours) | $2,400 | $1,800 |
| Biweekly (80 Hours) | $1,200 | $900 |
| Weekly (40 Hours) | $600 | $450 |
| Daily (8 Hours) | $120 | $90 |
| Hourly (1 Hour) | $15 | $11.25 |
$15 an Hour is How Much a Year?
If you make $15 an hour, your yearly salary would be $31,200. This is calculated by multiplying your $15 hourly wage by 2,080 total annual hours worked.
There’s a total of 52 weeks in the year, and if you work a full-time job, you will work on average 40 hours a week. So multiplying 40 hours by 52 weeks results in 2,080 total hours worked each year.
However, if you work fewer weeks or take some time off, you would earn less than this amount every year.
Find Out: $14 an Hour is How Much a Year?
$15 an Hour is How Much a Year After Taxes?
If you make $15 an hour, you would take home $23,400 a year after taxes. Your pre-tax salary was $31,200. But after paying 25% in taxes, your after-tax salary would be $23,400 a year.
The amount you pay in taxes depends on many different factors. But assuming a 25% to 30% tax rate is reasonable.
That means about a third to a fourth of your income will go to taxes at $15 an hour. There are ways to minimize how much you pay in taxes. However, for the average person, assuming this amount as a tax rate can be expected.
$15 an Hour is How Much a Month?
If you make $15 an hour, you would make $2,400 a month, assuming you are working full-time.
A full-time worker or employee works at least 40 hours a week. If you work either more or fewer hours, this amount will vary slightly.
Sometimes, if you work more than 40 hours a week, you might be eligible for overtime pay. Overtime pay is 1.5 times what you usually make. So you could end up making a considerable amount more than what is listed above.
Learn More: $13 an Hour is How Much a Year?
$15 an Hour is How Much Biweekly?
$15 an hour is $1,200 biweekly before taxes and approximately $900 after taxes. Paying a tax rate of 25% and working full-time at 40 hours a week, you would earn $900 after taxes.
To calculate how much you make biweekly before taxes, you would multiply $15 by 40 hours and 2 weeks.
$15 an Hour is How Much a Week?
If you make $15 an hour, you will get paid $600 a week. This amount is calculated by assuming you work full-time for all four weeks of the month. If you multiply 40 hours by $15 an hour, you get $600, your weekly income.
See: $12 an Hour is How Much a Year?
How Much is 15 dollars an Hour Daily?
$15 an hour is $120 per day. The standard workday is 8 hours. So by multiplying 8 hours by $15 an hour, you would earn $120 every day.
You can make $100 a day by working 6.67 hours at $15 an hour.
Hourly Wage Calculator
Input an hourly wage (like $15/hr) and see what that wage is hourly, daily, biweekly, monthly, and annually.
How Much is $15 an Hour Annually?
Annual and yearly income are two terms used a lot when talking about hourly wages and salaries. They essentially mean the same thing, just phrased slightly differently.
$15 an hour is $31,200 annually. This result is found by multiplying 15 x 40 x 52 to get the final annual amount. In the equation, the 15 stands for 15 dollars an hour, 40 means 40 hours a week, and 52 stands for 52 weeks in a year.
The formula used for finding your yearly income is the same one for calculating your annual income.
What is a $15 an Hour Salary?
Someone earning a $15 hourly wage earns a $31,200 yearly salary.
A typical full-time work week consists of 40 hours. Since there are 52 weeks in the year, you can multiply 15 dollars by 52 weeks and 40 hours to calculate your approximate annual salary.
At this income, you can expect to pay roughly 25% in taxes every year. So your after-tax salary will be just about $23,400.
Find Out: $11 an Hour is How Much a Year?
How Much is 15 dollars an Hour Annually Part-Time?
15 dollars annually part-time is between $15,600 and $27,300. If you work 20 hours per week for 52 weeks, you would earn $300 per week for a total of $15,600 per year.
On the other end of that spectrum, if you work 35 hours a week, which is still technically part-time, you would make $525 per week or $27,300 a year.
$15 an Hour Salary After Taxes in 2023 (By State)
Here is your estimated $15 an hour annual salary after taxes in 2023 for each state.
Just as a reminder, before taxes, your salary is $31,200. The after-tax amount will change based on your state taxes.
Alabama ($25,531)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 3.98% ) – $1,242
FICA ( 7.65% ) – $2,387
Total Alabama Income Taxes ( 18.17% ) – $5,669
Annual Take-Home Pay in Alabama ( 81.83% ) – $25,531
Alaska ($26,773)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 0.00% ) – $0
FICA ( 7.65% ) – $2,387
Total Alaska Income Taxes ( 14.19% ) – $4,427
Annual Take-Home Pay in Alaska ( 85.81% ) – $26,773
Arizona ($26,289)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 1.55% ) – $484
FICA ( 7.65% ) – $2,387
Total Arizona Income Taxes ( 15.74% ) – $4,911
Annual Take-Home Pay in Arizona ( 84.26% ) – $26,289
Arkansas ($25,933)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 2.69% ) – $839
FICA ( 7.65% ) – $2,387
Total Arkansas Income Taxes ( 16.88% ) – $5,267
Annual Take-Home Pay in Arkansas ( 83.12% ) – $25,933
California ($26,258)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 1.65% ) – $515
FICA ( 7.65% ) – $2,387
Total California Income Taxes ( 15.84% ) – $4,942
Annual Take-Home Pay in California ( 84.16% ) – $26,258
Colorado ($25,933)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 2.69% ) – $839
FICA ( 7.65% ) – $2,387
Total Colorado Income Taxes ( 16.88% ) – $5,267
(Video) Living on a $100,000 Salary After Taxes in Illinois #illinois #democrat #republican #salary
Annual Take-Home Pay in Colorado ( 83.12% ) – $25,933
Connecticut ($26,061)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 2.28% ) – $711
FICA ( 7.65% ) – $2,387
Total Connecticut Income Taxes ( 16.47% ) – $5,139
Annual Take-Home Pay in Connecticut ( 83.53% ) – $26,061
Delaware ($25,615)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 3.71% ) – $1,158
FICA ( 7.65% ) – $2,387
Total Delaware Income Taxes ( 17.90% ) – $5,585
Annual Take-Home Pay in Delaware ( 82.10% ) – $25,615
Florida ($26,773)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 0.00% ) – $0
FICA ( 7.65% ) – $2,387
Total Florida Income Taxes ( 14.19% ) – $4,427
Annual Take-Home Pay in Florida ( 85.81% ) – $26,773
Georgia ($25,572)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 3.85% ) – $1,201
FICA ( 7.65% ) – $2,387
Total Georgia Income Taxes ( 18.04% ) – $5,628
Annual Take-Home Pay in Georgia ( 81.96% ) – $25,572
Hawaii ($25,125)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 5.28% ) – $1,647
FICA ( 7.65% ) – $2,387
Total Hawaii Income Taxes ( 19.47% ) – $6,075
Annual Take-Home Pay in Hawaii ( 80.53% ) – $25,125
Idaho ($25,802)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 3.11% ) – $970
FICA ( 7.65% ) – $2,387
Total Idaho Income Taxes ( 17.30% ) – $5,398
Annual Take-Home Pay in Idaho ( 82.70% ) – $25,802
Illinois ($25,347)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 4.57% ) – $1,426
FICA ( 7.65% ) – $2,387
Total Illinois Income Taxes ( 18.76% ) – $5,853
Annual Take-Home Pay in Illinois ( 81.24% ) – $25,347
Indiana ($25,306)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 3.13% ) – $977
FICA ( 7.65% ) – $2,387
Local Income Tax ( 1.57% ) – $490
Total Indiana Income Taxes ( 17.32% ) – $5,894
Annual Take-Home Pay in Indiana ( 82.68% ) – $25,306
Iowa ($25,640)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 3.54% ) – $1,104
FICA ( 7.65% ) – $2,387
Local Income Tax ( 0.09% ) – $28
Total Iowa Income Taxes ( 17.73% ) – $5,560
Annual Take-Home Pay in Iowa ( 82.27% ) – $25,640
Kansas ($25,759)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 3.25% ) – $1,014
FICA ( 7.65% ) – $2,387
Total Kansas Income Taxes ( 17.44% ) – $5,441
Annual Take-Home Pay in Kansas ( 82.56% ) – $25,759
More About Salaries: $25,000 a Year
Kentucky ($24,426)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 4.57% ) – $1,426
FICA ( 7.65% ) – $2,387
Local Income Tax ( 2.95% ) – $920
Total Kentucky Income Taxes ( 18.76% ) – $6,774
Annual Take-Home Pay in Kentucky ( 81.24% ) – $24,426
Louisiana ($26,077)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 2.23% ) – $696
FICA ( 7.65% ) – $2,387
Total Louisiana Income Taxes ( 16.42% ) – $5,123
Annual Take-Home Pay in Louisiana ( 83.58% ) – $26,077
Maine ($25,940)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 2.67% ) – $833
(Video) Living on $100k After Taxes in Massachusetts When Married w/2 Kids #massachusetts #salary #viral
FICA ( 7.65% ) – $2,387
Total Maine Income Taxes ( 16.86% ) – $5,260
Annual Take-Home Pay in Maine ( 83.14% ) – $25,940
Maryland ($25,160)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 3.30% ) – $1,030
FICA ( 7.65% ) – $2,387
Local Income Tax ( 1.87% ) – $583
Total Maryland Income Taxes ( 17.49% ) – $6,040
Annual Take-Home Pay in Maryland ( 82.51% ) – $25,160
Massachusetts ($25,434)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 4.29% ) – $1,338
FICA ( 7.65% ) – $2,387
Total Massachusetts Income Taxes ( 18.48% ) – $5,766
Annual Take-Home Pay in Massachusetts ( 81.52% ) – $25,434
Michigan ($25,350)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 3.58% ) – $1,117
FICA ( 7.65% ) – $2,387
Local Income Tax ( 0.98% ) – $306
Total Michigan Income Taxes ( 17.77% ) – $5,850
Annual Take-Home Pay in Michigan ( 82.23% ) – $25,350
Minnesota ($25,774)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 3.20% ) – $998
FICA ( 7.65% ) – $2,387
Total Minnesota Income Taxes ( 17.39% ) – $5,426
Annual Take-Home Pay in Minnesota ( 82.61% ) – $25,774
Mississippi ($25,868)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 2.90% ) – $905
FICA ( 7.65% ) – $2,387
Total Mississippi Income Taxes ( 17.09% ) – $5,332
Annual Take-Home Pay in Mississippi ( 82.91% ) – $25,868
Missouri ($26,064)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 2.27% ) – $708
FICA ( 7.65% ) – $2,387
Total Missouri Income Taxes ( 16.46% ) – $5,136
Annual Take-Home Pay in Missouri ( 83.54% ) – $26,064
Montana ($25,818)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 3.06% ) – $955
FICA ( 7.65% ) – $2,387
Total Montana Income Taxes ( 17.25% ) – $5,382
Annual Take-Home Pay in Montana ( 82.75% ) – $25,818
Nebraska ($25,908)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 2.77% ) – $864
FICA ( 7.65% ) – $2,387
Total Nebraska Income Taxes ( 16.96% ) – $5,292
Annual Take-Home Pay in Nebraska ( 83.04% ) – $25,908
Nevada ($26,773)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 0.00% ) – $0
FICA ( 7.65% ) – $2,387
Total Nevada Income Taxes ( 14.19% ) – $4,427
Annual Take-Home Pay in Nevada ( 85.81% ) – $26,773
New Hampshire ($26,773)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 0.00% ) – $0
FICA ( 7.65% ) – $2,387
Total New Hampshire Income Taxes ( 14.19% ) – $4,427
Annual Take-Home Pay in New Hampshire ( 85.81% ) – $26,773
New Jersey ($26,314)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 1.47% ) – $459
FICA ( 7.65% ) – $2,387
Total New Jersey Income Taxes ( 15.66% ) – $4,886
Annual Take-Home Pay in New Jersey ( 84.34% ) – $26,314
New Mexico ($26,139)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 2.03% ) – $633
FICA ( 7.65% ) – $2,387
Total New Mexico Income Taxes ( 16.22% ) – $5,061
Annual Take-Home Pay in New Mexico ( 83.78% ) – $26,139
New York ($25,625)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 3.68% ) – $1,148
(Video) Living on a $50k Salary After Taxes in Washington #washington #democrat #republican #viral
FICA ( 7.65% ) – $2,387
Total New York Income Taxes ( 17.87% ) – $5,575
Annual Take-Home Pay in New York ( 82.13% ) – $25,625
Check Out This Annual Salary: $12,000 a Year
North Carolina ($25,699)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 3.44% ) – $1,073
FICA ( 7.65% ) – $2,387
Total North Carolina Income Taxes ( 17.63% ) – $5,501
Annual Take-Home Pay in North Carolina ( 82.37% ) – $25,699
North Dakota ($26,567)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 0.66% ) – $206
FICA ( 7.65% ) – $2,387
Total North Dakota Income Taxes ( 14.85% ) – $4,633
Annual Take-Home Pay in North Dakota ( 85.15% ) – $26,567
Ohio ($25,846)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 0.34% ) – $106
FICA ( 7.65% ) – $2,387
Local Income Tax ( 2.63% ) – $821
Total Ohio Income Taxes ( 14.53% ) – $5,354
Annual Take-Home Pay in Ohio ( 85.47% ) – $25,846
Oklahoma ($25,768)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 3.22% ) – $1,005
FICA ( 7.65% ) – $2,387
Total Oklahoma Income Taxes ( 17.41% ) – $5,432
Annual Take-Home Pay in Oklahoma ( 82.59% ) – $25,768
Oregon ($24,539)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 7.16% ) – $2,234
FICA ( 7.65% ) – $2,387
Total Oregon Income Taxes ( 21.35% ) – $6,661
Annual Take-Home Pay in Oregon ( 78.65% ) – $24,539
Pennsylvania ($25,191)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 3.07% ) – $958
FICA ( 7.65% ) – $2,387
Local Income Tax ( 2.00% ) – $624
Total Pennsylvania Income Taxes ( 17.26% ) – $6,009
Annual Take-Home Pay in Pennsylvania ( 82.74% ) – $25,191
Rhode Island ($26,102)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 2.15% ) – $671
FICA ( 7.65% ) – $2,387
Total Rhode Island Income Taxes ( 16.34% ) – $5,098
Annual Take-Home Pay in Rhode Island ( 83.66% ) – $26,102
South Carolina ($25,996)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 2.49% ) – $777
FICA ( 7.65% ) – $2,387
Total South Carolina Income Taxes ( 16.68% ) – $5,204
Annual Take-Home Pay in South Carolina ( 83.32% ) – $25,996
South Dakota ($26,773)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 0.00% ) – $0
FICA ( 7.65% ) – $2,387
Total South Dakota Income Taxes ( 14.19% ) – $4,427
Annual Take-Home Pay in South Dakota ( 85.81% ) – $26,773
Tennessee ($26,773)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 0.00% ) – $0
FICA ( 7.65% ) – $2,387
Total Tennessee Income Taxes ( 14.19% ) – $4,427
Annual Take-Home Pay in Tennessee ( 85.81% ) – $26,773
Texas ($26,773)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 0.00% ) – $0
FICA ( 7.65% ) – $2,387
Total Texas Income Taxes ( 14.19% ) – $4,427
Annual Take-Home Pay in Texas ( 85.81% ) – $26,773
Utah ($25,294)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 4.74% ) – $1,479
FICA ( 7.65% ) – $2,387
Total Utah Income Taxes ( 18.93% ) – $5,906
Annual Take-Home Pay in Utah ( 81.07% ) – $25,294
Vermont ($26,083)
Federal Income Tax ( 6.54% ) – $2,040
(Video) Living on $450,000 After Taxes in Texas #texas #taxes #finance #democrat #republican #salary
State Income Tax ( 2.21% ) – $690
FICA ( 7.65% ) – $2,387
Total Vermont Income Taxes ( 16.40% ) – $5,117
Annual Take-Home Pay in Vermont ( 83.60% ) – $26,083
Virginia ($25,550)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 3.92% ) – $1,223
FICA ( 7.65% ) – $2,387
Total Virginia Income Taxes ( 18.11% ) – $5,650
Annual Take-Home Pay in Virginia ( 81.89% ) – $25,550
Washington ($26,773)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 0.00% ) – $0
FICA ( 7.65% ) – $2,387
Total Washington Income Taxes ( 14.19% ) – $4,427
Annual Take-Home Pay in Washington ( 85.81% ) – $26,773
West Virginia ($25,684)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 3.49% ) – $1,089
FICA ( 7.65% ) – $2,387
Total West Virginia Income Taxes ( 17.68% ) – $5,516
Annual Take-Home Pay in West Virginia ( 82.32% ) – $25,684
Wisconsin ($25,880)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 2.86% ) – $892
FICA ( 7.65% ) – $2,387
Total Wisconsin Income Taxes ( 17.05% ) – $5,320
Annual Take-Home Pay in Wisconsin ( 82.95% ) – $25,880
Wyoming ($26,773)
Federal Income Tax ( 6.54% ) – $2,040
State Income Tax ( 0.00% ) – $0
FICA ( 7.65% ) – $2,387
Total Wyoming Income Taxes ( 14.19% ) – $4,427
Annual Take-Home Pay in Wyoming ( 85.81% ) – $26,773
Tools You Need to Live on $15 an Hour
Earning $15 an hour is quite an accomplishment. Learning how to save, invest and make more is even better.
There’s no such thing as being too financially prepared. But the truth is many hear “personal finance” and think it is much more complicated than it actually is.
The reality of the situation is that there are plenty of tools that simplify personal finance. These tools simplify personal finance to the point where anyone can start today and become better off financially than the previous day.
Whether you are a complete beginner or you are a personal finance pro, this remains true. Below you will find the tools you need to live on $15 an hour.
CIT Bank
Everything is online nowadays, and this includes banking. A reliable and trustworthy bank is something you need, no matter your financial situation. When it comes to reliable banking, you cannot go wrong with CIT Bank.
They are an FDIC-insured Bank that operates entirely online. The days of needing to go to your local bank’s branch are over. When you bank with CIT Bank, you will save both time and money.
Start building up your savings the right way with a CIT Bank account. Enjoy no monthly fees for checking and savings accounts, as well as great rates with their money market and high-yield savings accounts.
Survey Junkie
Everyone likes earning a bit of extra cash. Well, with Survey Junkie, you get paid to share your opinions on products and services. It can’t get much easier than that. Anytime you have a few minutes to spare, fill out one of their surveys and make some money. Sign up today and start taking surveys to receive gift cards or PayPal money.
FreshBooks
There can be quite a bit of a learning curve for anyone trying to learn how to manage money. However, with FreshBooks, you won’t have to worry about learning some complicated software. Whether you own a business or are looking to do personal accounting, FreshBooks accounting software will save you a ton of time and money.
No longer do you need to hire an expensive accountant to do your accounting. Instead, FreshBooks offers a solution with its easy-to-use, affordable accounting software. Not only that, you can access it across all your devices, including your phone, tablet, or computer.
They are perfect for beginners and even offer a free trial. Start using FreshBooks today to simplify your accounting with their affordable accounting software.
Is $15 an Hour Good Money?
If you make $15 an hour, you are making a good amount of money. Anyone earning an hourly wage is paid based on the number of hours worked. So the more hours worked, the larger the paycheck.
For example, say you only decided to work a couple of shifts and ended up working a total of 10 hours in a week. Working 10 hours a week, you would earn $150.
Compare that to if you worked twice that many hours, for a total of 20 hours. If you work 20 hours a week, you would end up making $300.
Perhaps you are currently only working part-time for a total of 25 weekly hours. Working 25 hours a week, you would earn $375.
But if you work 30 hours a week, you would make $450.
And lastly, if you work full-time at 40 hours a week, you would earn $600.
The amount of hours you work at 15 dollars an hour dictates whether or not it’s good money. If you only work a few hours a week at this hourly pay, it might not be a whole lot of money. Someone earning less but working more hours could end up making more than you.
But if you work part-time or full-time at 15 dollars an hour, you will get paid a good amount of money.
Learn More: $10 an Hour is How Much a Year?
How To Budget $15 an Hour
Creating a monthly budget for how much you need to spend, save, and invest is not as difficult as it seems. First, you will need to find your after-tax income, otherwise known as your take-home pay. Your take-home pay for $15 an hour or $31,200 a year is approximately $1,800 a month.
You then will need to split that $1,800 after-tax income into different categories. These categories represent your expenses, savings, and investments. If you make $31,200 a year, this is an example of what your monthly budget can look like:
| Category | Budget Amount | Percentage |
|---|---|---|
| Housing | $540 | 30% |
| Saving and Investing | $270 | 15% |
| Insurance | $270 | 15% |
| Food | $180 | 10% |
| Transportation | $180 | 10% |
| Entertainment and Recreation | $180 | 10% |
| Personal Expenses | $90 | 5% |
| Utilities | $90 | 5% |
| Total | $1,800 | 100% |
Is $15 an Hour Good Pay?
Making 15 dollars an hour is good pay. The more hours you work, the more money you will end up making at this hourly rate.
For example, say you get paid every two weeks. If you work part-time, 15 dollars an hour, 20 hours a week, you would earn $600 before taxes.
If you work full-time, every two weeks you would make $1,200 before taxes. After taxes, you would make approximately $900.
Look: $14 an Hour is How Much a Year?
How Much is $15 an Hour After Taxes?
$15 an hour before taxes is equal to $11.25 an hour after taxes. By deducting a 25% tax rate from the $15 hourly rate, you will find your after-tax hourly rate is $3.75 less than your pre-tax rate.
You will make 15 dollars an hour before taxes. But after taxes, you will only get to take home $11.25 for every $15 made.
Now that you know this is the case, you can take that after-tax hourly pay number and multiply it by the number of hours you worked to calculate your after-tax pay.
Say, for example, you worked 30 hours at your job one week. You would take your after-tax hourly wage of $11.25 and multiply it by 30 hours to get your pay for that week. After multiplying those two numbers together, you would get an after-tax weekly income of $337.5.
Taxes will fluctuate depending on the individual, where you live, etc. So this figure might change.
Conclusion
For a quick recap on how much $15 an hour is. Here is how you can figure out how much $15 an hour is annually, monthly, biweekly, weekly, and daily.
When finding out how much $15 an hour is per year, you take $15 and multiply it by 40 hours and 52 weeks.
When calculating 15 dollars an hour monthly, you take $15 multiplied by 40 hours and 4 weeks.
To find out how much $15 per hour biweekly is, take $15 multiplied by 40 hours and 2 weeks.
For weekly, you take $15 multiplied by 40 hours. We multiply it by 40 hours because 40 hours a week is considered full-time.
And lastly, to calculate how much $15 an hour is daily, you take $15 and multiply it by 8 hours. Eight hours is used in this calculation because that amount of time represents the standard workday.
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