There is a worldwide crisis in the cost of living as prices in grocery stores, gas stations, restaurants, clothes stores, and in every other aspect of our lives are skyrocketing. And what about our wages? How much money do we actually make annually?
The minimum wage in the US is $7.25 an hour. However, it does change depending on your state. Eighteen large eggs in Walmart will cost you $7.12, so for 18 eggs, you need to work almost an hour. It seems a little bit mad. But that’s the world we’re living in.
- A Breakdown
- $28 Is How Much a Month?
- Are There Always 40-Hour Work Weeks?
- So, How Do Wages Look After Tax Earning $28 An Hour?
- Common $28 Per Hour Jobs
- Is $28 An Hour a Good Wage?
- How to Live on $28 an Hour?
- Top Moves to Achieve Financial Security
- Want More In-Depth Money Management Support?
- Final Thoughts
So, $28 an hour is how much a year?
Ok, suppose you make $28 an hour. It’s more than 3x the minimum wage. So you’re already surpassing a considerable amount of people on the wage scale. But how much $28 per hour translates into annually is going to depend on a number of variables.
Let’s take you through what you need to know.
There are 52 weeks in a year. Most people work around 40 hours per week, so assuming this, you would be working 2080 hours per year. This means earning $58,240 per year, and working 40 hours a week, every week of the year. Remember, though, this doesn’t include tax, vacation time, or national holidays.
Let’s start with a gross income breakdown…
Yearly Salary: $58,240
Monthly Salary: $4853
Biweekly Salary: $2240
Weekly Salary: $1120
Daily Salary: $224
However, we have to include taxes. Depending on the state you live in. For example, the income tax in California is 13.3%. In comparison, Colorado has a 4.4% income tax. Many states have no income tax, such as Alaska, Nevada, Tennessee, and Washington.
$28 Is How Much a Month?
Yes, the numbers above are not 100% accurate. Earning $28 per hour would be approximately $4,853 per month. Remember, though, that depends on the number of days in each month. And if it’s a leap year, your annual number will be off too.
Are There Always 40-Hour Work Weeks?
Meal breaks are another commonly forgotten aspect when figuring out how many hours per week you will be compensated for. Federal law does not require employers to give their staff a meal break.
Plus, the meal periods that hourly workers are allowed in states where they do so are typically unpaid. So, if an hourly worker puts in 40 hours a week but receives a 30-minute meal break per eight hours of work, they have only put in 37.5 hours over four weeks.
So, How Do Wages Look After Tax Earning $28 An Hour?
So let’s say you live in the state of Colorado, for example. Your income tax will be 4.40%. So using this example, let’s break down what your hourly and monthly salary will look like approximately.
Yearly Salary: $45,732
Monthly Salary: $3,811
Biweekly Salary: $1759
Weekly Salary: $879.60
Daily Salary: $175.92
Hourly Pay: $21.99
The complete list of states with no income tax includes:
- New Hampshire
- South Dakota
However, it’s essential to keep in mind that your situation may not make moving to a state with no income tax more advantageous, depending on the cost of living there. You can use an online tax calculator together with your paycheck to figure out your personal exact annual wage after taxes.
Another variable that’s going to change these numbers is overtime overs. Suppose you are in a situation where you can work lots of overtime and make extra money for whatever you’re saving for. It might be a trip to your dream destination or finally putting a deposit down on that beautiful white house in your family’s neighborhood. But people often overlook overtime when calculating salaries.
So your standard hourly rate may be $28…
However, this figure does not include the usually 1.5 x overtime pay rate you might be entitled to. That’s right – unless you are an exempt employee, you can expect to earn overtime pay if you work regular overtime hours weekly.
This is because The Fair Labor Standards Act (FLSA) mandates that non-exempt workers must get compensation for overtime. This indicates that any hours worked, more than 40 per week, must be compensated at 1.5 times their regular rate. That’s $42 for every hour worked over and above 40 hours a week.
Common $28 Per Hour Jobs
There are many options for jobs paying above minimum wage. However, these often mean needing some sort of qualification.
For example, the following earn around this rate:
- Construction Worker
- Office Assistant
- Web Designer
- Social Media Specialist
- Sales Associate
You can find work websites by simply searching for “jobs paying more than $28 per hour”. The majority of these websites list an average income. So, you’ll see something like ‘pay between $15 and $28’. Yet, many jobs list a salary of at least $28. Those are the ones to look out for.
Is $28 An Hour a Good Wage?
Yes, it’s pretty decent pay for an average American. However, we all desire more in the end, and no one would object to working more to increase their income (as long as it was within their moral code). But there are plenty of other aspects to consider, too, such as your age, family circumstances, and residence.
For instance, a newly graduated teen living with their parents, who doesn’t have a car and doesn’t have kids, would probably be very content with $28 per hour. A family of four with two young children, one parent on maternity leave, and one income, on the other hand, might not view this as highly.
Especially when there are bills you must pay, as well as food, car, and insurance expenses.
However, it really does depend on your circumstance and, mostly, where you live. If you rent in the heart of Manhattan, NYC, you will be paying at least $2,000 on rent itself for a tiny place, so you are likely to be living alone.
For a family, you’ll be looking at much higher rent there. But, for instance, if you lived in Oklahoma or West Virginia, you have a much healthier-looking rent averaging around $800 for a 2-bedroom apartment.
Therefore, your salary and how well you can live on it depends on so much. So, you’ll need to carefully account for all of these things when analyzing the benefits of a pay rate offered.
How to Live on $28 an Hour?
Believe it or not, whether you earn $10 an hour or $100 an hour is irrelevant. Because we must live within our means and act responsibly by avoiding overspending. In fact, the leading cause of people getting into difficult situations and accruing a lot of debt is spending more money than they make.
Simply said, before spending money, ensure you can and will be able to afford it. If you have a temporary job contract, avoid financing a car because what happens if the money stops?
This is why creating a budget and managing your money responsibly can enable you to live a life of greater financial security and independence.
Top Moves to Achieve Financial Security
Create a budget
You can do this as strictly or as leniently as you like. But having some sort of paper trace and plan for where your money will go can help save. And stop you from spending too much on unnecessary things, especially on a whim.
Remember when you were young and had a piggy bank? Something on this level can even help your kid’s Christmas fund or a trip away! But ideally, you want to be setting a non-negotiable percentage of your wages, no matter how small, to be set aside for your savings account.
Check your outgoings
We sometimes use our cards at every opportunity and may miss things. So, make sure to check your direct debits. If you’ve not used that gym membership in four months, cancel it!
Pay off debts
Any high-interest debts should be a priority, don’t lose money where it isn’t essentially necessary. So, whatever debt you have, focus on paying that off as your priority, before anything else.
Want More In-Depth Money Management Support?
If so, we can help you with most of the basics. Including explaining the terms you’re going to come across, like Annual Net Income: Definition and How to Calculate. Or What Is A Gig Economy, What Are Freelance Jobs, and even the Meaning of Terminated vs Laid Off vs Fired.
And the best thing you can do to save more is to…
Consider taking on one of many available Legit Online Side Jobs. You can also explore How to Make Money on Instacart, or these Top Easy Jobs That Pay Well. Or how about finding out How To Become a Food Critic or How to Become a Writer in your spare time?
You’d be surprised how a simple side hustle can add up to a lot of extra money in the bank over time, especially if you start right now, in 2023!
Ok, back to today’s hourly rate to annual salary conversion guide…
So, now you know that $28 an hour works out to approximately $58,240 a year. This is a good salary and can also be very good, depending on your circumstances. However, we must once again highlight that after tax, this final salary will change. Plus, we can also consider overtime which may increase your salary too.
If you want clear and concise information regarding what they pay you for in the workplace, and how you’re taxed, it’s best to chat with your HR department, who should and must be able to explain your paycheck clearly.