How do I calculate my groos annual income?

Question

In my last job I was making $8.40 per hour. I worked an average 35 hours per week. How do I calculate my gross annual income?



Thanks

Answer 1

Your gross income is the total amount that you earned. So in your case take the total hours x 8.40 per hour (unless there's overtime and extra pay for that). In this case, if you worked 35 hours/week for the entire year, that would come out to $15,288 (or $294/week). Your net income is your gross income less withholdings (if any) and taxes.

At the end of the year, you will get a W2 form from your employer(s) which will confirm the amount made during the calendar year. This is a factor you need for your income taxes...even if you are requesting a refund.

Answer 2

Yes, income is always considered pretax (or your gross income). Generally, your housing should only be up to 25% of your pay, 30% with all housing costs (utilities, etc). Plus, that $1,500/month payment is not including: pmi (if you put down less than 20%), taxes, and insurance. These will raise your payment several hundred dollars. In general terms, you can afford a home no more than 3x your gross annual income. So, for a $250,000 home, you should be earning at least $83,400 per year. When you start actively looking for a home, be sure to see if the full monthly payment (meaning: principle and interest, taxes, insurance, and possibly pmi) will fit into your monthly budget. My home budget was a lot less than yours is, but it always shocked me how much the additional items raised the monthly price. For example, the home I ended up buying was only $350/month with principle and interest, but when you add insurance, taxes, and pmi to that, I pay $566/month.

Answer 3

Multiply your hourly wage x number of hours worked per week. Multiply that number by the number of weeks worked. That will be your gross annual income.

It's gross because it's before taxes. You'll want to throw up when you see the taxes being taken out.

Answer 4

35 (average hours/ 1 week) * 52 (weeks/1 year) =1820
1820 * $8.40 (hurly rate) = $15,288


Your total G annual income is $ 15,288.

Answer 5

8.40x hours worked in a day x how many days x 4 (for every week in a month) x 12.

so at 8.40 thats would equal to about 14,112 a year or 1,176 a week

Answer 6

your income is (35 x 8.40)$ per week. if u hv any extra benefits u add them also in it then this is ur average gross weekly income.
multiply the result by the nomber of weeks u worked and u get ur gross annual income.

Answer 7

If you add up every dollar you earned, that is your gross income. After you deduct any and all taxes and withhoulding, that is your net income.

Answer 8

$15,288 assuming 35 hours/week and 52 weeks a year.

Answer 9

groos?