In the examples we use on this website, we assume that you’ll be working 40 hours per week and for 52 weeks.
That means you’re working for 2,080 hours a year.
So if you want to learn how much $60k a year translates to year earnings per hour, the only thing you have to do is divide that annual salary by the total number of hours that you’ll be working.
So you’ll have to divide 60,000 by 2,080, and you’ll see that the answer to the question is $28.85 per hour. In the United States, there is a federal minimum hourly wage of $7.25, so you’ll be making more than four times that federally required minimum.
Many states, however, have introduced legislation that requires employers to pay considerably more than the federal minimum. When you are taking some time off, for example, to go on vacation, your total number of worked hours would be reduced, which will cause your hourly earnings to be slightly different.
Earning per hour, day, week, two weeks, and per month
Now, let’s see how an annual income of $60k breaks down into earnings per month, bi-weekly, per week, or per day:
- Annual: $60k
- Monthly: $5k (60k divided by 12)
- Biweekly: $2,307 (52 weeks in a year, so 60k divided by 26)
- Weekly: $1,153.84 ($60k divided by 52)
- Daily: $230.80 (at 8 hours a day)
- per hour: $28.85
- Check also our paycheck calculator to see how your annual salary translates to hourly pay and vice versa
How is 60k after taxes?
You will be federal charged taxes, but what you’ll pay overall in taxes depends on your state. If New York State, for example, when are make $60k annually, your tax rate will be $14,020, meaning your net income will be $45,980 a year, and that is $3,832 net a month.
At the same time, when you live in Florida and make $60k, you’ll only have to pay $10,778 in federal taxes because Florida is one of nine states without any state income tax. So then, you’ll have a net income of $49,223. State income varies quite a bit by state. You can easily check your state’s income tax rates online and calculate your net earnings,
The nine states where there is no state income tax are Wyoming, Washington State, Texas, Tennessee, South Dakota, New Hampshire, Nevada, Florida, and Alaska.
Federal income tax rates
For individuals, the U.S. federal income tax has seven levels (rates), and each rate applies to a different income bracket, ranging from 10 to 37 percent. The U.S. has a progressive tax code meaning the tax amount will be on the income brackets where your earnings fall.
For example, if you make 60k annually as a single tax filer, you’ll pay 10 percent over your first $9,875; you’ll pay 12 percent over the next $30,250; and you’ll pay 22 percent over the remaining portion of $19,874. So in this case, you’ll pay $987.50 plus $3,630 plus $4,372.28 in federal taxes, totaling $8,989.78, which results in a federal income tax rate of around 15 percent.
Is $60k a good salary?
In most states, an annual income of 60k will allow you to live quite comfortably. However, there are states where the cost of living is pretty high, and if there are more individuals in your family that depend on your salary, it might not be sufficient.
So overall, you can say that $60k a year is quite a good income, but much is depending on your personal situation and your financial objectives. So when applying for a job, calculate all your personal circumstances to determine if this sort of income will cover all your expenses and that you’ll have no trouble paying your bills.