Salary Equivalent for an Hourly Wage?

Question

What is the salary equivalent for $20 an hour, $25, an hour, $30 an hour, and $35 an hour?

I'm pretty sure it isn't as obvious as (x amount per hour)*(x hours per week)*(52 weeks) because we obviously don't work 52 weeks a year. There are forced vacations (christmas, thanksgiving, july 4th, etc), as long as personal vacations and sick days.

Answer 1

Your question sounds like you are comparing an hourly wage with no benefits to one with few benefits, which can be a difficult calculation...what are those benefits worth(cost).

The usual rule of thumb is those benefits are worth an extra 30%. So comparing a job paying $20 and hour multiple for a yearly rate at 2080(don't deduct for vacation, that is a benefit) and divide by 1.3 ie 20*2080/1.3=$32,000 which per hour is $32,000/2080=15.38. Same calculation for any job without benefits to one with.

Answer 2

Quick way to figure it out for a 40-hour a week job: double the amount and add the word 'thousand.' So, $20 an hour is roughly $40,000 a year, $25 an hour is roughly $50,000 a year. Also, most salaried positions accept that there are holidays, sick days, etc., and include that.

Answer 3

2080 hours in a year X $20 = $41,600 a year or $3,466.67 per month.

Same calculation for the others 52 weeks in a year X 40 hours a week = 2080 hours in a year.

Answer 4

It's as simple as $ times hours of work per week, Times 52 weeks per year.

Holidays are paid for, Statutary holidays are paid for, and usually, a certain number of sick days will be paid for. But too many sick days may cause lay-offs

Answer 5

Multiply the hourly rate by 2080 (the number of working hours in a year).

Answer 6

You take 20 times 2080.