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Earning a good salary is vital for living a comfortable lifestyle and offering your family basic and luxury needs.
But what can you consider a good salary? How can you determine that you’re earning a good salary? How does your income compare to the average salary where you live? These are some of the questions you might be asking yourself all year round.
It’s normal to wonder if your income is up to par. This post will highlight a specific income amount and simplify it for you. After reading through, you’ll have an answer to the question, “60,000 a year is how much an hour?”
60000 a Year Is How Much an Hour?
This depends on the number of hours you work. When calculating $60,000 a year to an hourly rate, divide your cumulative income by the number of working hours.
Let’s say you work 40 hours a week and earn $60,000. You’ll be putting in 2,080 hours annually, working 52 weeks and 40 hours weekly. Therefore, a 60k salary working 2080 hours per year is equivalent to $28.85 an hour (60,000/2080).
It’s important to note that the hourly rate for a 60k per year salary may change if your work more or less than 40 hours a week.
Learn More: $42,000 a Year is How Much an Hour?
What is the Monthly Salary of $60,000?
If you get your salary in a monthly sequence of paychecks instead of biweekly, the checks will be less frequent but high per paycheck. Ignoring the impacts of deductions and taxes, a monthly salary of $60K will be $5,000 for every paycheck.
You may be paid time off and federal holidays based on how many holidays you get per year. In that case, your monthly income will increase on an hourly view.
How Much Biweekly Is 60K?
Receiving payment biweekly means you get paid after every two weeks. A biweekly pay for a salary of $60,000 a year, 40 hours a week, will be $60,000 / 26 biweekly periods = $2,307.69 per paycheck.
This amount, though, is pre-tax earnings, meaning things like income tax, Social Security, Medicare, health insurance premiums, and more haven’t been deducted.
Budgeting for the salary you get biweekly can be hard. You’ll want to be careful not to run short of cash in your account before essential bills are due in the second week of payment. Note that most companies pay their employees biweekly.
How Much Do You Earn After Taxes?
You not only need to know your gross income to determine whether you can comfortably live on it. You need to know the remaining amount for your rent, food, and bills. Computing your net pay will also assist you in determining if you can afford to work more or fewer hours with your outings. Therefore, how much tax will be deducted from your $60,000 salary?
According to the 2022 tax bracket, a $60,000 salary should be around $46,800 annually after-tax, implying the 22% marginal tax rate. However, this will depend on where you live since some states have high tax interest rates.
For example, if you live in Florida, you’ll pay a tax of 16.5%, equivalent to total taxes of $9,900. But if you live in Alaska, your tax burden is 17% or $10,200, slightly higher than in Florida. You can use different tax calculators online to know the income tax for where you live and determine your net salary.
If you are fortunate to work in these nine states, you’ll not need to pay any state income tax:
- New Hampshire
- South Dakota
Some of the similar wages you can receive, which are close to $60,000 a year, include:
$29 an Hour Is How Much a Year?
You just realized you’d earn $29 an hour after getting a raise or a promotion. This means you will be working 40 hours a week for 52 weeks. If you multiply 29 by 40 hours and 52 weeks, you will get $60,320 per year before taxes.
$30 an Hour Is How Much a Year
To know $30 an hour is how much a year, multiply 30 by 40 hours and 52 weeks. Therefore, if you are a full-time worker with 40 hours of work, earning 30 dollars an hour, you would make $62,400 a year before taxes.
Learn More: Is 90k a Good Salary?
What Jobs Pay $60,000 a Year?
It’s hard to pinpoint particular jobs that pay around $60,000 annually. This is due to the many factors that affect your income.
Some of the variables that can affect your income as per the U.S. Bureau of Labor Statistics include:
- Skill or experience level
- Type of industry
- Having more complex job roles or more responsibility
- Demonstrating success on the job and a higher level of performance
- Where you reside
- Supply and demand for the job
- Having special licenses or credentials
So, there are jobs with salaries ranging from $60,000 to $79,000 a year that you can do even without a degree. They include:
- Postmasters & superintendents
- First-line supervisors for non-retail sales personnel
- Gambling managers
- Railroad and transit police
- Claim adjusters
- Sheriff and police patrol officers
- Chemical plant operators
- Lighting professionals
- Media & communication equipment employees
- Locomotive engineers
There are types of jobs with a similar income range that require a bachelor’s degree. They include:
- Budget analyst
- Project management professionals
- Web developers
- Fashion designers
- Insurance underwriters
- Credit analysts
- Registers/certified nurses
- Occupational health and safety professionals
How to Live on $60,000 a Year
If you earn an income of $60,000 a year and it’s not enough to meet all your financial obligations, there are a few things you can do to live comfortably on $60,000. Here’re ways to cut down expenses and save money.
Create or Review your Budget
A working household budget will help you live comfortably, irrespective of your income. This will help you avoid spending on things that you can live without.
Since you want to stick to a budget, you need to spend wisely. Budgets aren’t hard to create, but many people find it hard to stick to them.
Making an intentional decision on ways to spend your cash will help you stick to your budget. Planned spending entails cutting your spending on things that are not meaningful to you and spending your money on things that matter most.
Intentional spending is the main principle of living a cheap lifestyle. Living cheaply will help you accomplish your financial goals.
Pay Off Your Debt
Paying all your debt is also essential if you want to live comfortably. However, paying off the debts isn’t easy, especially if you live paycheck to paycheck. Creating an action plan to repay your debts can assist you in getting the ball rolling and help you move in the right direction.
Start by listing all your debts. Write down the loan amount and interest rate. Then, start saving money on your daily expenses to pay your debt.
Build an Emergency Fund
Creating an emergency fund will help you live comfortably on $60,000 a year. You won’t feel anxious or stressed about your financial condition when you’ve saved money to handle unexpected expenses and costs.
You’ll always be happy and calm since you have peace of mind. Financial-related stress can affect your general well-being and health. Therefore, it’s vital to minimize this kind of stress.
Furthermore, if you have debt you’re paying off, you can use the emergency fund to cover unexpected costs. This will help you avoid sinking further into debt.
Relocate to a Low-Cost Living City
If an income of $60,000 isn’t enough for you and you reside in a city with a high cost of living, relocating to a cheaper region will help. However, that doesn’t mean moving to another state or country. In some cases, moving to another neighborhood in the same town or city can make a significant difference.
Shopping at Thrift Stores
Avoid buying items at premium stores. Instead, shop at thrift shops. Furthermore, take advantage of deals and discounts when purchasing stuff.
Shop for Insurance Companies That Offer Discounts
Avoid having insurance policies that cost an arm and a leg. Instead, look out for discounts when purchasing. Remember you can update your insurance if you might need extra coverage in the future. Therefore, don’t pay for everything upfront.
How to Make More Than $60,000 a Year
Do you want to earn over $60k a year? Here’re some side hustles that help you boost your income. Choose one or two that you think might work for you and dedicate your time and effort.
Become a Virtual Assistant
Executives, corporations, and business owners are looking for VAs to handle their daily responsibilities. If you’re reliable, organized, and detail-oriented, this can be a lucrative side hustle that can help you make more than $60k a year.
VAs are typically required to perform various roles like diary management and social media post curation. The best platforms to find these jobs include blogging groups and Facebook groups for entrepreneurs.
Freelance writing is one of the most lucrative side hustles that don’t require much background knowledge. If you can put ideas into captivating words and have a passion for writing, this is for you.
While getting into it can be challenging, with a bit of experience and practice, you can charge high rates for your posts and articles. Besides, you don’t have to use Fiver or Upwork to build your portfolio.
Giant online media platforms like Thrive Global have a community section where you submit your post for review before publication. Even though you may not see a lot of traffic from the post or article or earn cash, you’ll build your portfolio, which assists you in getting higher-paying gigs.
The best places to find these gigs include ProBlogger’s job board and Linkedin.
Sell Handmade Products
If you want to put your creativity into perfect use, sell handmade stuff like printables and digital products. With digital skills and marketing platforms like Instagram and Pinterest, venturing into the creative business will offer you unrestricted earning potential.
Do you love teaching? You can provide numerous forms of online tutoring, ranging from foreign language help to exam tutoring and teaching English.
If you have skills in various disciplines like biology, try TutorMe. Another good option is TutorVisat, but you need skills in fields like math, physics, and chemistry.
Furthermore, platforms like QKids and VIPKID allow you to teach the English language online.
Do you have a keen eye for spelling, grammatical errors, sentence structure, or punctuation? Then try proofreading. You can launch a proofreading business with basic tools like Grammarly and Google Docs.
Become a Scopist
Maybe you haven’t heard of this, but it’s a lucrative side hustle for individuals with attention to detail in documents and paperwork. A Scopist is an individual who edits and transcribes reports for court correspondents.
Court correspondents record notes on steno equipment. Then, the notes are translated into English. The Scopist will check that the report is translated accurately and grammatically correct.
Final Thoughts: Is 60000 a Good Salary?
Whether or not $60,000 is a good salary will depend on your specific situation. But in many cases, getting a salary of $60,000 annually is enough to live comfortably. You might need to be careful with your spending, which will help you save for huge expenses such as a home or a car. Overall, you can survive on this salary.
Some individuals might realize that they need more cash, while others might find that they can live comfortably with the amount. It depends on your specific circumstance. If you’re applying for a job that offers $60k annually, it’s vital to do your due diligence and ensure that the income is enough for your lifestyle and the cost of living in your state.
Finally, make sure you consult a tax expert to estimate how much you’ll need to pay in taxes.
Is 60K a Year Middle-class?
Making $60,000 a year places you firmly into middle-class status. That’s because you earn between $42,000 and $126,000 a year, which is considered a middle-class range. This can also be supported by the idea that $60k is close to the median U.S. family income of $63,179.
Is 60K Low Income?
$60,000 isn’t a low income since this figure puts you in the middle-class range. With this salary, you can afford a comfortable lifestyle, a decent home, vacations, a car, and luxuries like eating out at restaurants.
Is 60K Good for a Single Person?
$60,000 might be a good income for a single person, as long as you don’t live in expensive states with a high cost of living.
Is 60K a Year Good for a Couple?
Getting $60,000 a year is good for a couple, given that the median family income in the U.S. is $63,179. However, it can be hard to survive if you have dependents.