Let’s say that you’ve been hired to work a job that pays you $30 an hour – is this enough to cover all of your necessities?
Some people are lucky enough to get a job that pays this well. However, you still need to know if this is enough to cover all the daily, weekly, and monthly expenses.
Assuming you are working full-time, you will have an annual salary of $62,400 if you earn 30 an hour. Meanwhile, if you are working part-time, your annual salary will equal $39,000. Of course, this is all before considering taxes, off time, overtime, and so on.
But is $30 an hour enough to live comfortably? Check out this article and find the answer.
30 an Hour Is How Much a Year?
How much you earn annually with a salary that pays a 30/hr salary depends on how many hours you work every week.
The year has 52 weeks, with each full-time worker having 40 hours of weekly work. As such, a full-time employee will work an average of 2,080 hours annually.
Conversely, someone who works part-time will put in 25 hours of work over the week. Multiplying this by the number of weeks in one year will result in 1,300 hours of annual work.
To calculate the annual salary of someone who works full-time and makes $30 an hour, all you have to do is multiply the annual hours of the employee by $30. You’ll get $62,400. For a part-time worker, you’ll multiply the 1,300 hours by $30, and it will give you $39,000.
Nevertheless, the $62,400 annual salary for full-time and $39,000 annual salary for part-time is how much you earn before taxes, maternity leaves, overtime, unpaid leaves, and other factors that could influence your pay.
$30 an Hour Is How Much a Year After Taxes
Earning a $30 an hour yearly salary can be extremely convenient for many people, especially considering the annual income is pretty generous.
Still, you have to understand the fact that this is just the gross income. You will have to pay taxes, which considerably decrease your net pay depending on where you live.
Employees have to deal with different taxes. That being said, the U.S. tax system has federal income taxes, state income taxes, as well as Medicare and Social Security taxes. All of them add to the total tax amount that will be deducted from your gross income.
The federal government is the one that collects federal income taxes. In 2022, the standard deduction for single filers is $12,950.
When you earn $30 per hour or $62,400 yearly, you have to subtract $12,950 from your annual income, which gives you your taxable income, respectively $49,450. You’ll be in the 22% tax rate bracket since you earn $62,400 every year.
$10,275 of the taxable income is taxed at 10%, meaning you pay $1,027.5 on it.
The next amount, which is between $10,275 and $41,775, will be taxed at 12%. This means you’ll have $31,500 with a 12% tax on it, resulting in a tax of $3,780.
Lastly, you’ll have the remaining amount of taxable income that goes past $41,775, respectively $7,675. This will be taxed at 22%, resulting in $1,688.5 in taxes.
So, based on my calculations, if you are single, you will pay an estimated amount of $6,496 in federal income taxes for 2022.
What you should also understand is that the tax system of the United States is a progressive one. Therefore, people with higher incomes will pay more in taxes. Whether you are married, single or head of household will also influence how much you owe in taxes.
But on top of the federal income tax, you’ll also have to deal with a state tax.
The state income taxes are influenced by the state you currently live in. Medicare and Social Security will also come with taxes that will be deducted from your gross income.
So, my calculations from earlier are an estimate based on the single filing status standard deduction stated by the IRS.
If you want to see just how different tax percentages are in every state, here are 10 states and how they tax your $62,400 annual income.
Bear in mind that the tax percentage includes the federal tax, state tax, Social Security, and Medicare deductions.
| State | Total Tax Percentage | Salary After Taxes |
| California | 23.4% | $47,798 |
| Florida | 18.1% | $51,130 |
| Arizona | 20.8% | $49,446 |
| Washington | 18.5% | $50,856 |
| Georgia | 23.0% | $48,025 |
| Texas | 18.1% | $51,130 |
| Oregon | 25.3% | $46,629 |
| Nevada | 18.1% | $51,130 |
| Mississippi | 22.4% | $48,425 |
| Illinois | 23.0% | $48,042 |
These are just a few examples of states and their annual tax percentage. If you live in a different state, you should check its tax percentage to see how much you’ll get after taxes.
$30 per Hour Annual Salary Breakdown
A $30 per hour annual salary will result in different incomes per year, month, and every two weeks.
Whether you’re just about to apply for a job that pays $30 every hour, or you were already hired for a $30/hour job, you may want to know how much money you’ll actually get.
This way, you’ll be able to calculate if the amount you receive is enough to afford certain expenses.
$30 an Hour a Year After Taxes
So, $30 an hour is how much a year after taxes? We’ve established that the gross income when you’re paid $30 per hour is $62,400, but your net income will be lower.
How much you get depends on your state income tax, federal taxes, Medicare, and Social Security. You can expect around 20-25% of your annual income to go to taxes.
With that in mind, if you are a full-time worker, then you’ll be paid between $45,000 – $55,000 per year after taxes. On average, though, your net income would be around $49,000.
The annual pay after taxes will be different for individuals who work part-time. If you’re in this situation, the net salary will be around $33,022 every year.
$30 an Hour a Month After Taxes
If you work full-time and earn $30 an hour, then your monthly gross income will sit at $5,200. But after taxes, you will get $4,160 every month.
Meanwhile, part-time workers have a monthly gross income of $3,250, but will “only” end up getting $2,752 monthly after taxes.
$30 an Hour Biweekly After Taxes
Before taxes, your income for two weeks as a full-time worker is $2,440. But after taxes, your biweekly salary will be $1,920.
Simultaneously, part-time workers will get about $1,500 biweekly, whereas after taxes they will get around $1,270.
How to Budget 30/hr Yearly Salary
With a $30 per hour yearly salary, you will earn around $4,160 monthly. How do you budget this amount to make ends meet? The 70/20/10 budget can be ideal when you are earning this amount every month.
With this budget, you’ll have 10% saved for debt, 20% for savings and retirement, while the remaining 70% will go to necessary expenses like food, utilities, and more.
Here’s a little breakdown of how much of your income should go to each expense.
Debt and Savings
Around $416 of your income should go towards your debts every month.
Also, if you are contributing to any savings account, you should redirect at least $832.00/month from your salary towards this account.
Accommodations
If you have to pay your mortgage or rent, then a pretty large amount of your income should be saved for this. You will need around $1,373 for this expense.
Utility Bills
Utility bills will be different for everyone, depending on the size of the house, the number of people per household, how much gas/electricity/water you consume, etc. Overall, you should keep around $300 for utilities.
Transport
If you need regular transportation for work or school, you should allocate a generous amount of money to it. At least $568 should go to transportation.
Food
Food is an important expense, so it should be one of the first things you think about when budgeting. About $400-$500 of your total income should be going to groceries.
5 Jobs that Pays $30 an Hour
You can find several jobs that will pay you $30 an hour. If you’re interested in any of them, make sure you have or gather the necessary knowledge and skills for said position.
I’ve prepared a short list of jobs that pays 30 an hour, so let’s get started:
Loan Officers – $33 per Hour Average Salary
Loan officers are professionals who work in financial institutions such as credit unions or banks. They help people who want to apply for a loan.
Overall, the salary for a loan officer is between $29 and $37. It also depends on the experience of the loan officer. For entry-level, the hourly salary is $21.57, but on average, you can expect to earn $30 per hour or more.
Video Editors – $30 per Hour Average Salary
With the increase in video content demand, there has been a boost in the number of people who are looking for video editor jobs.
Video editors can earn between $25 and $35 per hour on average, but the nature of their job and their experience will also influence the hourly rate. In the U.S., professional video editors can earn even more than $30 per hour.
Business Consultant – $37.5 per hour Average Salary
Business consultants advise business owners on various matters so that they can achieve their goals and solve various problems within the company. The salary of a business consultant will usually range from $30 to $45 per hour. It all depends on the worker’s experience, education, skills, certification, and other aspects.
Online Tutor – $31 per hour Average Salary
Online tutoring is a wonderful business idea you can launch from anywhere. You need to have passion in teaching others, but it is very sustainable business model.
Online tutors all have different incomes depending on their education, experience, and different other factors. On average, you can earn between $23 and $39 per hour as an online tutor.
Accountant – $30 per Hour Average Salary
An accountant takes care of the financial aspects of a business. They prepare and manage the financial reports of the company. They also calculate the taxes and take care of paying them by their due dates. The hourly salary of an accountant is somewhere between $26 and $34.
Cargo Van Delivery – $24 per hour Average Salary
The typical pay for cargo van delivery drivers varies. For the most part, one can expect to earn between $16.00 and $32.45 per hour in the U.S.
Is 30 Dollars an Hour Good?
A $30/hour annual salary is not the highest – especially after taxes. However, it is a pretty good income. It is above the poverty level by a lot, and it can also exceed the national average, depending on the state you live in.
If you are single, the yearly income resulting from a $30/hour job can be enough to support yourself and deal with all the necessary expenses.
In other case, there are many ways how you could increase your income.
You can start side hustle with something that you believe has potential. Launching side hustle is not easy, but it definitely pays off.
But the risk as when you go full time into some business is much lower, as you still have your job as a main income source.
Once it evolves and start earning really money, you know, you can switch to full time 🙂.
Conclusion
Are you planning to apply for a job that pays $30/hour, but are wondering how much is $30 an hour annually?
Make sure to calculate your taxes, including federal and state ones, as well as Medicare and Social Security, and you’ll know how much you’re left with at the end of the year. Hopefully, this article was helpful.
