Do you want to know how much is $15 an hour a year? Maybe you've been offered a position with this wage, but you're not sure if it will be enough to support you.
It's no secret that the cost of living continues to rise year after year. To make ends meet, many people are forced to take on multiple jobs or work long hours. However, a recent study conducted by the Economic Policy Institute (EPI) reveals that $15 an hour is actually how much a year you would need to make to truly sustain yourself and your family.
The national hourly minimum wage rate of $7.25 has been in place since 2009. In the past couple of years, however, there has been a large push to increase the minimum wage rate to $15. The EPI study indicates that this would be beneficial for low-income families and individuals, but could also have some negative consequences on the economy.
In this article, we will break down what $15 an hour means for workers by looking at the basics of hourly pay, monthly take-home pay, and annual income. So if you are wondering how much is $15 a year, then keep on reading!
Hourly pay is fairly straightforward on its surface. For every hour you work, you get paid a certain amount of money. Since the standard in America has been $7.25 an hour for several years now, this is what we'll use to compare various levels of hourly income.
So for instance, if someone works 40 hours a week, then $7.25 an hour would equal $290 a week, or $1520 a month. This means that the worker would earn around $18,200 per year if they worked 40 hours a week.
If you are making $15 per hour, then the math is much easier. Let's say you work 8 hours a day and take Saturdays and Sundays off. By taking $15 an hour and multiplying it by 40 hours, you will get an amount that is similar to what you would make at a minimum wage job (slightly more because some people might work slightly more than 40 hours per week). So if someone were to make $15 an hour for 40 hours of work a week, then they would make around $600 a week. This means that the person would make around exactly $2400 per month.
Let's say you work 8 hours a day. That's around 40 hours a week (Saturdays and Sundays off). Your hourly rate would be $15 an hour, meaning you would make around $600 a week.
Biweekly means half a month (2 weeks), so if you work 8 hours a day and $15/hour, then it's the same as making $600/week. This means that you would make around $1200 biweekly. This is one more way of looking at how much is $15 an hour.
Again, if you make $15 per hour and work a normal 8-hour day, then you would make around $120 a day. This number might go up slightly depending on the exact hours you work per week, but at the very least it will stay around that amount.
Now it's fairly simple to calculate how much $15 an hour is. If someone works for 40 hours a week and makes $15 per hour, then they will make around $31,200 per year. That's the national average and it also includes two weeks off (vacation) without pay each year.
However, if you just do some quick calculations — 40 working hours a week x 52 weeks in a year = 2,080 hours in a year. Multiply that by $15 an hour and you get almost exactly $31,200 per year, which is the national average.
Overall, $15 an hour is a very good hourly rate and should provide enough money to live comfortably. However, it also depends on the rest of your pay, as well as how many hours you work per week (the more you work the better off you will be).
For instance, if someone makes $12 an hour at their job but they work 40 hours a week, then they will only make around $1,920 a month. That is much lower than the national average and it won't be enough to live on without taking other measures such as getting a roommate or living with family members.
For someone making $15 an hour to have what most would consider a comfortable life, they would need to work 40-50 hours a week. If someone works at least 10 hours per day for 5 days, then that leaves the person with one full day off to relax and recuperate.
It can be difficult to compare the two because they are both different ways of getting paid.
A full-time salary is usually more reliable and consistent, while hourly rates often depend on the company or job. Hourly pay might give flexibility, while a full-time salary may not offer these types of benefits. Both salaried and hourly work provides different types of opportunities.
Most people would rather make a full-time salary instead of an hourly rate, but that's not always possible or practical. Hourly pay is often better for students who are still developing their resumes and careers, while salaried work may be more beneficial after several years of experience.
In conclusion, $15 an hour is a fair wage for most people and provides enough to live comfortably. However, it can vary depending on the company where you work as well as the number of hours you work per week. To maintain a comfortable life, you must work at least 40 hours a week through full-time employment.