It is tough to have proper budgeting if you just calculate your hourly wage. You must know about your monthly and yearly income to have financial success. And if you live on a $45/hour wage, you might wonder, $45 an hour is how much a year.
Let’s say you work for 50 weeks a year with 2 weeks paid off. And if you work for 8 hours a day and 5 days a week, then your total work hour will be 2,080 a year. And with a $45/hour rate, you can earn $93,600 each year.
However, there are several factors that can influence that yearly income, such as taxes and incentives. So, let’s calculate each aspect of this hourly wage. Read on!
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$45 An Hour Is How Much A Year?
Are you living off an hourly wage of $45? If you are doing so, you must know that $50 an hour is how much a year.
Let’s assume that you work for 50 weeks a year with a fixed two-week paid off. In that way, you’ll work for a total of 2,080 hours each year. So, your final yearly income will be ($45 X 2080) = $93,600.
If you don’t get the paid time off from your company, you also need to deduct two weeks off your salary. So, it will bring down to a yearly income of $90,000 without paid time off. Kindly note that this calculation is only valid if you don’t get any overtime pay.
How Much Is $45 Per Hour Per Day?
According to the current labor law, you can only work for eight hours each day, although there are some exceptions for several industries.
Besides your daily work hour, you can also work overtime to boost your daily income. But here, we will only calculate the base pay without any incentive or overtime.
If you live on a $45/hour wage and work eight hours a day, your daily income will be ($45 X 8) $360. And with some overtime pay, it can go up to $450/day.
$45 An Hour Is How Much A Week?
There are many WFH companies that pay weekly nowadays. And if you are working with such a company, you must know that $45 an hour is how much a week to have a proper budget.
According to the current labor law, you are allowed to work 8 hours each day for 5 days a week, although there are several industries where you need to work 6 days a week.
But if you take the traditional route without any overpay or incentive, your weekly earnings will be around ($45 X 40) = $1800. And with some overtime pay, you can even earn up to $2,250 a week.
$45 An Hour Is How Much Bi-Weekly?
Not just weekly, many companies nowadays also pay their employees on a bi-weekly or fortnightly basis.
And you must know how much you can earn in total bi-weekly with a $45/hour wage. If you work 40 hours a week, you’ll work for a total of 80 hours bi-weekly.
And with the hourly wage of $50, your bi-weekly income will be ($45 X 80) = $3,600. But, if you work on a part-time basis while working for just 4 hours each day, your bi-weekly income will be $1800.
$45 An Hour Is How Much A Month?
Not all of us live on a daily or weekly wage, as most companies pay monthly salaries to their employees.
And you also need to know that $45 an hour is how much a month for proper monthly budgeting. Let’s say you work for 22 days a month with 8 weekends in total.
In that case, you will work a total of (22 X 8) 176 hours a month. And with a $45/hour wage, you can earn $7,920/month. But this calculation can slightly differ if there are more weekends in a month or if you take any day off in a month.
$45 An Hour Is How Much A Year Before And After Taxes?
As you must have already known that you can’t take the whole money from your salary, as the government will deduct income taxes on that. So, to have proper budgeting, you need to know that $50 an hour is how much a year after taxes.
If you live in the United States, there are three types of taxes you need to pay from your salary. The current federal tax rate is 12%, the state tax rate is 4%, and FICA (Social Security and Medicare) is 7.65%. So, in total, you need to pay up to 23.65% in taxes.
While having a $45/hour salary with a total yearly income of $93,600, you need to pay $11,232 (12%) for Federal taxes, $3,744 (4%) in state taxes, and $7,160.4 (7.65%) in FICA. So, from your yearly income, you need to pay $22,136 in taxes. And the remaining amount (net income) will be $71,464.
If you work a total of 2,080 hours each year with the above-mentioned tax slab, your hourly income will be ($71,464 / 2,080) $34.4.
|Period||Earnings Before Taxes||After Taxes|
$45 An Hour Part-Time is How Much a Year?
In case you want to try a part-time that pays $45 an hour, let’s calculate how much it is a year.
Let’s assume your work 4 hours a day and 5 days a week as a part-timer. If your company offers two-week paid time off, then you work 1040 hours in a year. So your part-time yearly income will be ($45 X 1040) = $46,800.
And you need to deduct two weeks off your salary in case your company doesn’t offer two-week paid time off. In that case, your annual part-time salary will be $45,000. Any further long leaves should be deducted accordingly to get accurate figures on your salary.
Here you can check your hourly salary is how much per day, week, month, and year. Just enter your hourly figure and know how much you are making daily, weekly, monthly, and yearly.
And scroll down for budget examples, flexible jobs, and tools to make the most of your salary.
Tools You Need To Live Off a $45 an Hour Salary
Whether you need a remote job or a weekend job, or a regular part-time job to do after your work hours, FlexJobs is the right place for you.
As a full-time employee, you should have hands-on experience in something, and those skills of something can be offered as a service on many freelance websites like Fiverr. This platform allows you to fix your rates, so you can rate your services according to the market.
Have you ever tried to know your net worth? If you haven’t, Personal Capital would do that for you for free. This app continuously tracks your accounts, assets, and liabilities and shows your true net worth.
Apart from that, this app also offers portfolio analysis, and Robo-advisor services as well. You don’t need to pay a single penny unless you opt for its premium services.
Survey Junkie is the best go-to place to earn decent bucks by filling up short surveys and sharing opinions. You can earn up to $45 per survey and they also pay $1.5 per referral.
You don’t need to allocate any particular hours for this app, instead, you can fill these surveys while watching TV or cooking dinner. And sharing this app with friends is also a great way to make money in your free time.
Join Survey Junkie now.
Earning 45 Dollars An Hour – Paid Time Off
It is not all to know that $45 an hour is how much a year because paid time off can largely influence your yearly income.
So, let’s calculate how much will be your annual income with or without paid time off.
Without Paid Time Off
Not every employee of every sector gets paid time off from their companies; you need to get that first! So, let’s say you take a fixed 2 weeks (14 days) off each year.
So, your total work week will be 50 in a year. And if you work 8 hours a day and 5 days a week, your total weekly work hour will be 40.
So, you can earn (40 hours x 50 weeks x $45/hour) $90,000 in total each year. And if you break it down to daily wage, you’ll get $360/day without any paid time off.
With Paid Time Off
As per the labor law, most employees get at least a two-week of paid off, especially if they work on an hourly wage basis.
And in that way, all the 52 weeks will be counted as your wage week. Let’s say you work for a fixed 8 hours a day and 5 days a week.
At that rate, your yearly earnings will be (40 hours x 52 weeks x $45/hour) = $93,600 per year. And your daily wage will be $374.
Best Budget Example To Live Off $45 An Hour Salary
You will only get $34.4/hour on average after taxes if you work on a $45 hourly wage.
And if you don’t take any leave a month, your monthly income will be close to $6,047 after taxes. So, you need to make a budget within that amount.
According to the Cents Plan formula, you can spend up to 50% of that monthly income on basic expenses, such as food, grocery, utility bills, rents, etc.
You can donate up to 10% of your monthly income and can spend up to 20% of your monthly income on entertainment. And you must save the rest 20% of your monthly income.
Let’s understand with a table.
|Items||Percentage Of Monthly Wage||Allotted Amount|
|Donations, Charity, or Gift||10%||$604.7|
|Entertainment & Recreation||20%||$1209.4|
If you have any debt, such as a student loan or a car loan, you need to recalibrate the expenditure to incorporate that amount.
In such cases, you can spend 10% on entertainment, 5% on donations, and 15% on debt.
How To Budget $45 an hour?
Once you know $45 an hour is how much a year, you also need to know how to make a proper budget within that money. And if you can make a proper budget, you can lead a financially hassle-free life.
You must have already understood that your monthly income will be close to $6,047 after taxes if you earn $45/hour. So, let’s make a budget plan!
|Type Of Expense||Percentage Of Monthly Income||Total Amount Allotted|
|Housing (Loan or Rent)||30%||$1814.1|
|Investment And Savings||15%||$907.05|
|Insurance (Car, House, & Medical)||15%||$907.05|
|Food & Groceries||10%||$604.7|
|Entertainment & Recreation||10%||$604.7|
You can slightly alter this budget plan if you have additional expenses, such as the school fees for your child. In such cases, you can cut your personal expenses and allot that amount to other headers.
Can I Live Off a $45 An Hour Salary?
As per the recent wage law in the USA, the minimum wage varies between $7.25 and $14.49/hour, depending on which state you are living in.
So, if you are now making $45/hour, it is almost six to seven times the current minimum wage. However, if you take note of the yearly median salary in the United States, it now lies close to $60,000/year.
And with a $45/hour wage, you can make only $93,600 a year, which is $33k higher than the median salary. So, if you live near the east coast, you can easily have a comfortable lifestyle with that hourly wage.
Is $45 An Hour Good Pay?
Although $45/hour is almost six times the current minimum wage of $7.25/hour in the USA and it is also higher than the yearly median salary.
While the current median annual wage lies close to $60,000 a year, you will make $93,600 or less with a $45/hour wage.
So, if you are looking for a decent lifestyle, you can definitely live on this hourly wage. But, if you are looking for a lavish one, it might not be possible. However, there are multiple ways if you don’t know how to make money fast to top up your yearly income.
Tips To Live On $45 An Hour Salary
You must have already understood that $45 an hour is how much a year, though it is all to have a decent lifestyle, you must have the right expenditure plan.
So, here are the most effective tips for living a happy life with a $45/hour income.
Tip 1: Spend Lesser Than You Earn
You will surely live on a paycheck-to-paycheck basis if you have already fallen into a debt trap, as a decent cut of your monthly income will go towards repaying your debt.
And in that case, you need to cut down your expenses heavily. You should always try to spend lesser than you earn to get rid of the credit card or other debt traps.
If you are making around $16/hour after taxes, you need to learn how to spend less than $13/hour to have at least a $3/hour saving.
Tip 2: Living Below Your Means
You don’t need to be rich to be happy; get that first! Sometimes, even less is better.
And if you are living on a $45/hour monthly wage, you need to control your expenditure. If you live in a luxury apartment, move to a cheaper one to save money.
If you are taking your family to dinner 3 times a month, you can also cut it down to 2 to save some more. Similarly, you can save from your utility bills as well.
Tip 3: Make Saving Money A Habit
If you can effectively cut down your monthly expenses, you can surely save some money in the end.
It is a best practice to save at least 15% of your monthly income. So, if you are making close to $3,000 a month, you should try to save at least $500.
However, it is not a wise idea to save cash or to keep money in your savings account, as it will not yield any profit. You should only invest in financial instruments like bonds and shares to get better profit in the end.
Tip 4: Make More Money
Focusing on making more money is another great way to upgrade the lifestyle that your $45 an hour job has for you.
Well, there are thousands of ways out there both online and offline that actually pay more than your regular job. You just need to decide what you are going with.
Well, if you are concerned about making more money, we’ve covered some great ways out there on this blog. Here you can find our best pieces that help you make more bucks.
- I Need Money Now: 52 Legal Ways To Get FREE Money 
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- 40 Apps To Sign Up And Get Money [Up To $500 Instant Bonuses]
Tip 5: No-Tax States
Saving your taxes is another thing you should be conscious of especially when your pay is low. Coming to state taxes, while some states tax up to 14% of your income, some states don’t tax wages at all.
So, to save state taxes, first of all, you should know which states are taxing high and which states are not taxing at all. Here is the list.
|High-Tax States||No-Tax States|
|New Jersey||South Dakota|
|District of Columbia||Wyoming|
Tip 6: Clear Debts
Paying off your debts should be your top priority in your budget over savings, entertainment, or anything. Especially, when you are paying high-interest rates.
The interest you pay is the main source of income for many finance companies so they try their best to keep you in the loop and you should give your best to get out of it.
The quickest way to become debt free is to pay them off in descending order. This means, you pay off the debts with the highest interest rates first and clear the lowest interest debts last or later. This way, you save a lot of interest and become debt free quickly.
Tip 7: Have a Budget
The main concept of a budget is knowing where you are spending your money and the main goal is to have fewer expenses than your income. So, you can save some bucks for the future.
Having a budget makes you more conscious about how you spend your money. If you have a habit of wasting money on unwanted stuff, then this new habit brings a significant change to the way you spend.
Best Ways To Increase Your Hourly Income
If you do not have financial stability even after applying all the tricks to save money to have a decent lifestyle, you should try to increase your income.
And there are now several ways to make money without a job that can help you with that. However, there are three other ways to do that as well.
Ask For A Salary Raise: If you think you are underpaid, you must ask for a raise from your employer. And if you have a decent performance record, there is always a chance that you’ll get the raise.
You need to understand that the only way to get rid of financial trouble is by making more money. But, if you are doing a full-time white-collar job, there is no other way than to ask for a raise.
Search For A New Job: If your employer is not ready to give you a raise, you better try your luck with other companies and establishments. It is always better to hunt for a new job after a few hours.
And in that way, you can secure a constant increase in your salary. But you must take a job which pays at least 10% more than your current salary to keep up with the inflation.
Recommended: 40 Legit Online & Offline Jobs That Pay $50+ An Hour.
Take Alternative Ways To Make Money: You need multiple ways to make money, period! No one can be financially successful if they rely only on a single avenue.
So, you better look for passive income sources as well. And as a start, you can try legit online survey sites from where you can make up to an additional $2k/month.
Real Jobs That Pay $45 an Hour or More
Finding a job that pays $45 an hour or even more is not a big deal these days. There are literally thousands of opportunities out there in the world.
If you want to go with a traditional job, a nice resume that represents your skill can fetch you a well-paying job. Our tip would be to choose cities based on their minimum wage requirements. So, this way, it will be easier for you to find jobs that pay 80 an hour.
And online jobs are no less than traditional jobs these days. They have all the potential to make more than your regular job that too without missing the comfort of your home.
A small list of popular jobs that pay $45 an hour or even more.
- Virtual Assistant
- Data Entry Clerk
- Delivery Driver
- Uber/Lyft Driver
- Freelance Writer
- Warehouse Workers
- Customer Support Representative
Here are some of our best work on online jobs.
- 71 Online Jobs That Pay Daily (Some Instantly) – Up to $50+/Hour
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Final Words About $45 an Hour Salary
So, that’s all about a $45 an hour salary. Till here, we have covered how much it is a year, how to live off your salary, how to budget, tips to increase your hourly salary, and all.
$45 an hour is $93,600 annually.
We wouldn’t say that’s a small or high salary as the median American salary is around $60k+. To be fact, it is actually higher than the median salary.
So, you need to work more focused to increase your skills and experience to get a higher salary. We’ve also shared many resources and jobs that you can try to get additional income.
More importantly, prepare a budget for yourself following the above examples, and start using it to track your income, expenses, and savings.
As we have already said, knowing $45 an hour is how much a year is not everything to have financial success.
You also need to make a proper budget to live on this income. Besides, you should also try to incorporate some passive income strategies in your daily life to boost your overall earnings.
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