What is the monthly income?

Question

What is the monthly income for someone that works 40hrs a week, and earns $50,000 a year? Is there some way to figure this out?

Answer 1

Its a little more complicated that just dividing by 12. That only gives you an AVERAGE monthly income.

Most people figure their spendable income based on how they are paid: 4 checks for those who are paid weekly, and 2 checks for those paid bi-weekly. The extra paydays that occur during the year (4 weekly or 2 bi-weekly) are used for savings, catch-up or in some cases "mad money".

The easiest way to figure your income is to take your annual salary and divide by 2080 hours (the average for 40 hours per week, there is never exactly 52 weeks in a year). $50,000/2080 = $24.04 per hour.

Now, take your weekly or bi-weekly hours to get a monthly figure. 24.04 x 40 = 961.60 per week x 4 = 3846.40 per month. or 24.04 x 80 = 1923.20 bi-weekly x2 = 3846.40.

For loan applications and such, use the 50,000/12 rule. But for monthly budget, ignore the extra checks that are infrequent. And ofcourse, allow for taxes and other deductions. I better rule would be to use the net pay instead of the gross pay in the above calculations.

Answer 2

Your average monthly income is your total earnings divided by 12.

Your actual monthly income is the total of your paychecks received that month. People are paid weekly or 52 checks a year, bi-weekly or 26 checks a year, semi-monthly or 24 paychecks a year, or monthly or 12 checks a year.

It depends on which situation fits for you.

Answer 3

Gross Salary - Provident fund Income Tax Professional tax = Net Salary

Answer 4

Yes. Divide 50,000 by 12!

You're kidding, right?

Answer 5

I'm really curious as to what kind of job pays $50k per year to someone who can't do 6th grade math... Maybe I'm in the wrong line of work.

Answer 6

Yes there is a way. It's called simple arithmetic.

Answer 7

50000/ 12

Answer 8

How much u make..