18 Dollars an Hour Is How Much a Year? Is 18 Dollars an Hour Good Money? Can You Live Off 18 Dollars an Hour?

18 Dollars An Hour Is How Much a Year?

Working Full-time

In America, someone is regarded a full-time employee if they work anywhere between 30 and 50 hours per week.

40 hours per week is regarded as the standard.

So, how much is $18 an hour a year in America?

First, we shall assume you will be working 40 hours every week.

Second, we shall also assume that a year has approximately 52 weeks.

Finally, we will multiply the two figures above with the base salary;

That is 18 * 40 * 52 = $37,440.

Therefore, if you are working full-time in America, 18 dollars an hour is equal to $37,440 per year before the deduction of taxes.

 

Working Part-time

In America, a part time employee is someone who works under 30 hours per week with 20 hours per week being the standard.

In such a case, we would arrive at the figure by multiplying 20 hours a week by 52 weeks in a year by the base salary which is $18 to get $10,400.

Therefore, if you are working part-time in America, 18 dollars an hour is equal to $10,400 per year before the deduction of taxes.

 

How Much Is 18 Dollars An Hour a Year After Taxes?

On average an American pays 14.6% of their total income in taxes to Medicare, social security and income taxes.

If you are working full-time, 14.6% of $37,440 would be $5,466 going to taxes. That means your net income would be $31,974.

Therefore, if you are working full-time in America, 18 dollars an hour is equal to $31,974 per year after taxes.

If you are working part-time, 14.6% of $10,400 would be $1,518 deducted on taxes. You would end up with a net salary of $8,882.

Therefore, if you are working part-time in America, 18 dollars an hour is equal to $8,882 per year after taxes.

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How Much Is 18 Dollars an Hour Per Day?

If you work 8 hours a day (full-time), then 18 dollars an hour would be 8 hours multiplied by $18 which is equal to a salary of $144 daily before tax deductions.

After taxes, your net income would be $122 per day, which we got by multiplying $144 by 14.6% tax rate getting $21. Then you subtract $21 from the $144 gross income to get a net income of $122 per day.

If you are working part-time around 4 hours per day, your gross income would be $72 before tax deduction, and $61 net income after taxes.

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How Much Is 18 Dollars an Hour Per Week

When working 40 hours a week (full-time) 18 dollars an hour would be 40 hours multiplied by $18 which is equal to a gross income of $720 per week before tax deductions, and $615 net income after taxes.

If you work 20 hours a week (part-time) your will make 20 hours multiplied by $18 equal to $360 gross income before tax deductions, and $307 net income after taxes.

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How Much Is 18 Dollars an Hour Bi-Weekly

Bi-weekly means salary paid after every two weeks.

Thus, we will just take the figures obtained above in “How Much Is 18 Dollars An Hour Per Week” then multiply them by two as explained below.

Before tax deductions, 18 dollars an hour per week is $720, so we multiply this figure by 2 to get the bi-weekly value which is $1440.

After taxes, 18 dollars an hour per week is $615, this figure multiplied by 2 is $1230 net income bi-weekly.

If you work part-time 18 dollars an hour bi-weekly would be $360 multiplied by 2 which is equal to $720 gross income before taxes.

After taxes, that figure would be $307 multiplied by 2 which is equal to $614 net income.

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How Much Is 18 Dollars an Hour Per Month?

If you are working full-time, you will work 40 hours per week, a month has 4 weeks so 18 dollars an hour per month would be 40 hours per week multiplied by 4 weeks then multiplied by 18 dollars which is equal to $2,880 gross income before tax deductions.

After taxes, that figure would be $2,430 per month net income.

When working part-time at 20 hours per week 18 dollars an hour per month would be 18 * 20 * 4 equal to $1440 before taxes.

After taxes it would be $1230 net income per month.

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Is 18 Dollars an Hour Good Money?

Yes, 18 dollars an hour is good money because;

It is above the annual median personal income which stands at $35,977 per year. If you are earning 18 dollars an hour, your annual income is $37,440, which is above the estimated median income of many households in the United States.

It is an income within the poverty guidelines and thresholds for a 4-person household or family. If you are alone, then 18 dollars an hour is very good money. If your salary has two support more than three people, then you will need help from those other family members for $18 to be good money, which offers a comfortable living.

 

No, 18 dollars an hour is not good money if;

You live in a city with a high cost of living. For example, rent alone for an apartment at San Francisco is more than $3000. 18 dollars a month is $2880, which means its barely enough to cater for rent in such a city.

You want luxuries like living in a mansion, buying a car, shopping expensive clothes in Walmart etc. 18 dollars an hour is not enough to pay for luxuries unless you are a student living with roommates and getting additional support from your parents.

Your monthly expenses are more than $2880, then 18 dollars an hour is not enough.

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Sample Budget For 18 Dollars An Hour

$18 an hour would be equal to $2,880 per month arrived at by multiplying $18 by 40 hours a week by 4 weeks in a month.

Below is a sample budget breakdown for $2,880 total income monthly.

CATEGORY ONE	70% Spent on Monthly Expenses
Rent	$750
Transport	$200
Entertainment	$250
Utilities	$200
Taxes	$450
Health	$150
CATEGORY TWO	20% Spent on Retirement and Savings
Retirement	$288
Saving	$288
CATEGORY THREE	10% directed to debt repayment
Debt Repayment	$288

 

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Can You Live Off 18 Dollars an hour?

I would say that you cannot live off $18 an hour if:

You live is one of those expensive cities. For example, according to this study by Go Banking Rates, the minimum salary of living in expensive cities like Mississippi is $58,321 a year, while that of Hawaii is $136,437 per year. $18 an hour will only give you $37,440 which is way down than these predicted figures.

You have more than 4 persons in your household: According to these poverty guidelines statistics, a  $31,974 (full-time 18 dollars annual income after taxes) can only sustain a home with less than 4 members. Thus, if your home has more than four members there must be more than two people working, probably mom and dad for everyone to live comfortably.

You so poor at budgeting: If you are someone who does not operate with a budget, or someone who spends on the wrong things like luxuries, $18 an hour salary will not sustain such a reckless life. This goes to people whose debt-to-income ratio is more than 33%.

You work part-time: All the estimates we have made are using the full-time income rates. If you work anything less than full time hours, that is less than 40 hours a week, then $18 an hour will not sustain you.

You have big projects: If you have big projects like buying a house, getting a car, paying a loan, you will need more than $18 an hour. You will need exceptional saving skills and an ability to live on less than you earn to make such projects come true.

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Tips to live on 18 Dollars an hour

Cost-sharing: If you are single, get a roommate then split the living expenses bills with them.

Get a side hustle: Consider starting one of these side jobs or get a better paying job to boost your income rates.

Be Frugal: This means saving more, spending on a budget, living on less than you earn and making sure that your debt to income ratio is too low or not existent. Its about living a simple and economical life where you save more than you spend to better your life tomorrow. Check out these 6 Frugal Ways To Save $500 every month.

Go for cheaper options like cooking at home instead of buying food from food stores and restaurants. Consider buying clothes in consignment stores instead of getting them from Walmart and other high-end places.

Increase your value by learning a new skill, or taking a new course which can help you land a better paying job opportunity in the future.

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Ways To Make Money If 18 Dollars An Hour Isn’t Enough

Sell your design, marketing, writing, translation, programming, data analysis, coding and any other skill set you have on Fiverr.

Get a Flexjobs Membership to get access to legit remote and work from home jobs hiring now posted on a daily basis.

Take a loan on one of these bad credit loan sites giving away unsecured personal and payday loans then start a business. Make sure you pay back the loan once your business begins to make some profit.

Try one of these jobs for lazy people where you do simple tasks like watching TV, reading emails, playing games, walking dogs and more.

Take this FREE Workshop where you shall learn how to get paid to read books, documents and manuscripts.

 

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