So you will make $55,000 a year from your new job or promotion. But $55,000 a year is how much an hour?
Below you will find how much $55,000 is hourly, daily, weekly, biweekly, monthly, and even after taxes. There’s also an example budget you can use when making $55,000 a year.
To figure out how much $55,000 a year is as an hourly wage, divide $55,000 by 40 hours and 52 weeks. So if you were to work full-time, 40 hours a week, making $55,000 a year, you would earn $26.44 an hour.
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Comparison Table of $55,000 a Year (Before & After Taxes)
Here is a comparison table of the pretax and after-tax income of $55,000 a year:
| $55,000 a Year | Pretax Income | After-Tax Income |
|---|---|---|
| Yearly (52 Weeks) | $55,000 | $41,250 |
| Monthly (160 Hours) | $4,230.77 | $3,173.08 |
| Biweekly (80 Hours) | $2,115.38 | $1,586.54 |
| Weekly (40 Hours) | $1,057.69 | $793.27 |
| Daily (8 Hours) | $211.54 | $158.65 |
| Hourly (1 Hour) | $26.44 | $19.83 |
$55,000 a Year is How Much an Hour?
If you make $55,000 a year, your hourly wage would be $26.44. This is calculated by dividing the $55,000 yearly salary by 2,080 total annual hours worked.
There are 52 weeks in the year, and if you work a full-time job, you will typically work 40 hours a week on average. So when you multiply these two numbers together (40 hours and 52 weeks), you will get an answer of 2,080 total annual hours.
Now you can take your yearly salary of $55,000 and divide it by 2,080 annual hours worked to get your hourly wage.
If you decide to take some time off work to, for example, go on a vacation, your total annual hours worked would be reduced. This may result in the hourly wage ($26.44) changing slightly.
Find Out: $54,000 a Year
$55,000 a Year is How Much an Hour After Taxes?
If you make $55,000 a year, you would take home $19.83 an hour after taxes. Your pre-tax hourly wage was $26.44. But after paying 25% in taxes, your after-tax hourly wage would be $19.83 a year.
The amount you pay in taxes depends on many different factors. But assuming a 25% to 30% tax rate is reasonable.
That means about a third to a fourth of your income will go to taxes at $55,000 a year. There are ways to minimize how much you pay in taxes. However, for the average person, assuming this amount as a tax rate can be expected.
55,000 Dollars a Year is How Much After Taxes?
Anyone making $55,000 a year will have an after-tax income of $41,250. This number is calculated by assuming you will pay around 25% of your income towards taxes.
When you’re earning 55,000 dollars annually, it is always a good idea to know your after-tax annual income and hourly wage.
That said, your estimated after-tax salary is $41,250, meaning a portion of your gross income will go towards taxes.
It’s important that you file your taxes correctly every year. This way, you don’t pay more than you have to.
If you don’t like to worry about whether or not you paid the correct amount in taxes on a 55,000 dollar salary, then you need to use TurboTax.
They have a maximum refund and 100% accuracy guarantee. So when you use TurboTax, you can rest assured your taxes will be filed correctly no matter your income.
$55,000 a Year is How Much a Month?
If you make $55,000 a year, you will make $4,230.77 a month before taxes, assuming you are working full-time. Each month after taxes, you will make approximately $3,173.08.
A full-time worker or employee works at least 40 hours a week. If you work either more or fewer hours, this amount will vary slightly.
For this calculation, we will use 160 hours (40 hours multiplied by 4 weeks in a month) to calculate the monthly income of $4,230.77.
Sometimes, if you work more than 40 hours a week, you might be eligible for overtime pay. Overtime pay is 1.5 times what you usually make. So you could end up making more than just $26.44 an hour.
Learn More: $53,000 a Year
$55,000 a Year is How Much Biweekly?
$55,000 a year is $2,115.38 biweekly before taxes and approximately $1,586.54 after taxes. Paying a tax rate of 25% and working full-time at 40 hours a week, you would earn $1,586.54 after taxes.
To calculate how much you make biweekly before taxes, you would multiply the hourly wage for $55,000 a year, $26.44 by 80 hours to get $2,115.38.
Most employers send out paychecks every two weeks. So you may hear people refer to their biweekly pay as their paycheck. That said, you could technically say you make $2,115.38 each paycheck before taxes and $1,586.54 after taxes.
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$55,000 a Year is How Much a Week?
If you make $55,000 a year, you will get paid $1,057.69 a week. This amount is calculated by assuming you work full-time for all four weeks of the month. If you multiply 40 hours by $26.44 an hour, you get $1,057.69, your weekly income.
See: $52,000 a Year
55,000 Dollars a Year is How Much a Day?
$55,000 a year is $211.54 per day before taxes. The standard workday is 8 hours. So by multiplying 8 hours by $26.44 an hour, you would earn $211.54 every day. After taxes, you would earn $158.65 a day.
Tools You Need to Live on $55,000 a Year
So you’re earning $55,000 a year but want to make the most of that money. Here are the best tools you need to start using when living on this amount of income.
CIT Bank
Now that virtually everything is done online so is banking. CIT Bank consistently ranks high as one of the most reliable and trustworthy banks.
When you open up a checking or savings account with them, you do not need to worry about any annoying fees. Start building your savings up the right way with CIT Bank.
TurboTax
Taxes can be quite complicated but they don’t have to be. This is especially true if your annual income is $55,000. TurboTax makes filing your taxes simple with their 100% accuracy and maximum refund guarantee.
Survey Junkie
Everyone enjoys earning some extra cash. Well, Survey Junkie makes it possible for you to actually get paid to share your opinions on products and services.
It is some of the easiest money you could ever make. If you’ve got some spare time, fill out one of their surveys and get paid.
Check out Survey Junkie today and start taking surveys to receive PayPal money and gift cards.
FreshBooks
If you’re making $55,000 a year and are a sole proprietor, business owner, or freelancer, you need to start using FreshBooks. They are an affordable accounting and invoicing software that makes sending invoices and tracking expenses simple.
They are perfect whether you’re a beginner or expert in your field and even offer a free trial. So what are you waiting for? Start saving time using FreshBooks today.
How To Budget $55,000 a Year
Creating a monthly budget for how much you need to spend, save, and invest is not as difficult as it seems. First, you will need to find your after-tax income. This is otherwise known as your take-home pay. Your take-home pay for $55,000 a year or $26.44 an hour is approximately $3,173.08 a month.
You then will need to split that $3,173.08 after-tax income into different categories. These categories represent your expenses, savings, and investments. If you make $55,000 a year, this is an example of what your monthly budget can look like:
| Category | Budget Amount | Percentage |
|---|---|---|
| Housing | $951.92 | 30% |
| Saving and Investing | $475.96 | 15% |
| Insurance | $475.96 | 15% |
| Food | $317.31 | 10% |
| Transportation | $317.31 | 10% |
| Entertainment and Recreation | $317.31 | 10% |
| Personal Expenses | $158.65 | 5% |
| Utilities | $158.65 | 5% |
| Total | $3,173.08 | 100% |
Is $55,000 a Year a Good Salary?
A $55,000 salary is slightly higher than the average salary in the United States. In America, the average annual salary is $53,490.
So if you make $55,000 a year, you are making $1,510 more than the average U.S. salary.
Look: $51,000 a Year
$55,000 a Year Salary After Taxes in 2022 (By State)
Here is your estimated $55,000 a year salary after taxes in 2022 for each state. Your after-tax income will change based on state taxes.
Alabama ( $43,423 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.15% ) – $2,283
FICA ( 7.65% ) – $4,208
Total Alabama Income Taxes ( 21.05% ) – $11,578
Annual Take-Home Pay in Alabama ( 78.95% ) – $43,423
Alaska ( $45,705 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 0.00% ) – $0
FICA ( 7.65% ) – $4,208
Total Alaska Income Taxes ( 16.90% ) – $9,295
Annual Take-Home Pay in Alaska ( 83.10% ) – $45,705
Arizona ( $44,492 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 2.21% ) – $1,213
FICA ( 7.65% ) – $4,208
Total Arizona Income Taxes ( 19.11% ) – $10,508
Annual Take-Home Pay in Arizona ( 80.89% ) – $44,492
Arkansas ( $43,544 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 3.93% ) – $2,161
FICA ( 7.65% ) – $4,208
Total Arkansas Income Taxes ( 20.83% ) – $11,456
Annual Take-Home Pay in Arkansas ( 79.17% ) – $43,544
California ( $43,891 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 3.30% ) – $1,814
FICA ( 7.65% ) – $4,208
Total California Income Taxes ( 20.20% ) – $11,109
Annual Take-Home Pay in California ( 79.80% ) – $43,891
Colorado ( $43,774 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 3.51% ) – $1,931
FICA ( 7.65% ) – $4,208
Total Colorado Income Taxes ( 20.41% ) – $11,226
Annual Take-Home Pay in Colorado ( 79.59% ) – $43,774
Connecticut ( $43,131 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.68% ) – $2,574
FICA ( 7.65% ) – $4,208
Total Connecticut Income Taxes ( 21.58% ) – $11,869
Annual Take-Home Pay in Connecticut ( 78.42% ) – $43,131
Delaware ( $43,219 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.52% ) – $2,486
FICA ( 7.65% ) – $4,208
Total Delaware Income Taxes ( 21.42% ) – $11,781
Annual Take-Home Pay in Delaware ( 78.58% ) – $43,219
Florida ( $45,705 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 0.00% ) – $0
FICA ( 7.65% ) – $4,208
Total Florida Income Taxes ( 16.90% ) – $9,295
Annual Take-Home Pay in Florida ( 83.10% ) – $45,705
Georgia ( $43,135 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.67% ) – $2,570
FICA ( 7.65% ) – $4,208
Total Georgia Income Taxes ( 21.57% ) – $11,865
Annual Take-Home Pay in Georgia ( 78.43% ) – $43,135
Hawaii ( $42,190 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 6.39% ) – $3,515
FICA ( 7.65% ) – $4,208
Total Hawaii Income Taxes ( 23.29% ) – $12,810
Annual Take-Home Pay in Hawaii ( 76.71% ) – $42,190
Idaho ( $43,192 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.57% ) – $2,513
FICA ( 7.65% ) – $4,208
Total Idaho Income Taxes ( 21.47% ) – $11,808
Annual Take-Home Pay in Idaho ( 78.53% ) – $43,192
Illinois ( $43,100 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.74% ) – $2,605
FICA ( 7.65% ) – $4,208
Total Illinois Income Taxes ( 21.64% ) – $11,900
Annual Take-Home Pay in Illinois ( 78.36% ) – $43,100
Indiana ( $43,961 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 3.17% ) – $1,744
FICA ( 7.65% ) – $4,208
Total Indiana Income Taxes ( 20.07% ) – $11,039
Annual Take-Home Pay in Indiana ( 79.93% ) – $43,961
Iowa ( $43,577 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 3.87% ) – $2,129
FICA ( 7.65% ) – $4,208
Total Iowa Income Taxes ( 20.77% ) – $11,424
Annual Take-Home Pay in Iowa ( 79.23% ) – $43,577
Kansas ( $43,327 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.32% ) – $2,378
FICA ( 7.65% ) – $4,208
Total Kansas Income Taxes ( 21.22% ) – $11,673
Annual Take-Home Pay in Kansas ( 78.78% ) – $43,327
More About Salaries: $50,000 a Year
Kentucky ( $43,090 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.76% ) – $2,616
FICA ( 7.65% ) – $4,208
Total Kentucky Income Taxes ( 21.66% ) – $11,911
Annual Take-Home Pay in Kentucky ( 78.34% ) – $43,090
Louisiana ( $44,176 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 2.78% ) – $1,529
FICA ( 7.65% ) – $4,208
Total Louisiana Income Taxes ( 19.68% ) – $10,824
Annual Take-Home Pay in Louisiana ( 80.32% ) – $44,176
Maine ( $43,346 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.29% ) – $2,360
FICA ( 7.65% ) – $4,208
Total Maine Income Taxes ( 21.19% ) – $11,655
Annual Take-Home Pay in Maine ( 78.81% ) – $43,346
Maryland ( $43,544 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 3.93% ) – $2,162
FICA ( 7.65% ) – $4,208
Total Maryland Income Taxes ( 20.83% ) – $11,457
Annual Take-Home Pay in Maryland ( 79.17% ) – $43,544
Massachusetts ( $43,175 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.60% ) – $2,530
FICA ( 7.65% ) – $4,208
Total Massachusetts Income Taxes ( 21.50% ) – $11,825
Annual Take-Home Pay in Massachusetts ( 78.50% ) – $43,175
Michigan ( $43,576 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 3.87% ) – $2,129
FICA ( 7.65% ) – $4,208
Total Michigan Income Taxes ( 20.77% ) – $11,424
Annual Take-Home Pay in Michigan ( 79.23% ) – $43,576
Minnesota ( $43,224 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.51% ) – $2,481
FICA ( 7.65% ) – $4,208
Total Minnesota Income Taxes ( 21.41% ) – $11,776
Annual Take-Home Pay in Minnesota ( 78.59% ) – $43,224
Mississippi ( $43,610 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 3.81% ) – $2,095
FICA ( 7.65% ) – $4,208
Total Mississippi Income Taxes ( 20.71% ) – $11,390
Annual Take-Home Pay in Mississippi ( 79.29% ) – $43,610
Missouri ( $43,874 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 3.33% ) – $1,832
FICA ( 7.65% ) – $4,208
Total Missouri Income Taxes ( 20.23% ) – $11,127
Annual Take-Home Pay in Missouri ( 79.77% ) – $43,874
Montana ( $43,313 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.35% ) – $2,393
FICA ( 7.65% ) – $4,208
Total Montana Income Taxes ( 21.25% ) – $11,688
Annual Take-Home Pay in Montana ( 78.75% ) – $43,313
Nebraska ( $43,354 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.27% ) – $2,351
FICA ( 7.65% ) – $4,208
Total Nebraska Income Taxes ( 21.17% ) – $11,646
Annual Take-Home Pay in Nebraska ( 78.83% ) – $43,354
Nevada ( $45,705 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 0.00% ) – $0
FICA ( 7.65% ) – $4,208
Total Nevada Income Taxes ( 16.90% ) – $9,295
Annual Take-Home Pay in Nevada ( 83.10% ) – $45,705
New Hampshire ( $45,705 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 0.00% ) – $0
FICA ( 7.65% ) – $4,208
Total New Hampshire Income Taxes ( 16.90% ) – $9,295
Annual Take-Home Pay in New Hampshire ( 83.10% ) – $45,705
New Jersey ( $44,214 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 2.71% ) – $1,491
FICA ( 7.65% ) – $4,208
Total New Jersey Income Taxes ( 19.61% ) – $10,786
Annual Take-Home Pay in New Jersey ( 80.39% ) – $44,214
New Mexico ( $43,904 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 3.27% ) – $1,801
FICA ( 7.65% ) – $4,208
Total New Mexico Income Taxes ( 20.17% ) – $11,096
Annual Take-Home Pay in New Mexico ( 79.83% ) – $43,904
New York ( $43,169 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.61% ) – $2,536
FICA ( 7.65% ) – $4,208
Total New York Income Taxes ( 21.51% ) – $11,831
Annual Take-Home Pay in New York ( 78.49% ) – $43,169
Check Out This Annual Salary: $49,000 a Year
North Carolina ( $43,382 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.22% ) – $2,323
FICA ( 7.65% ) – $4,208
Total North Carolina Income Taxes ( 21.12% ) – $11,618
Annual Take-Home Pay in North Carolina ( 78.88% ) – $43,382
North Dakota ( $45,220 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 0.88% ) – $485
FICA ( 7.65% ) – $4,208
Total North Dakota Income Taxes ( 17.78% ) – $9,780
Annual Take-Home Pay in North Dakota ( 82.22% ) – $45,220
Ohio ( $44,886 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 1.49% ) – $819
FICA ( 7.65% ) – $4,208
Total Ohio Income Taxes ( 18.39% ) – $10,114
Annual Take-Home Pay in Ohio ( 81.61% ) – $44,886
Oklahoma ( $43,511 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 3.99% ) – $2,194
FICA ( 7.65% ) – $4,208
Total Oklahoma Income Taxes ( 20.89% ) – $11,489
Annual Take-Home Pay in Oklahoma ( 79.11% ) – $43,511
Oregon ( $41,421 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 7.79% ) – $4,285
FICA ( 7.65% ) – $4,208
Total Oregon Income Taxes ( 24.69% ) – $13,580
Annual Take-Home Pay in Oregon ( 75.31% ) – $41,421
Pennsylvania ( $44,017 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 3.07% ) – $1,689
FICA ( 7.65% ) – $4,208
Total Pennsylvania Income Taxes ( 19.97% ) – $10,984
Annual Take-Home Pay in Pennsylvania ( 80.03% ) – $44,017
Rhode Island ( $44,149 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 2.83% ) – $1,556
FICA ( 7.65% ) – $4,208
Total Rhode Island Income Taxes ( 19.73% ) – $10,851
Annual Take-Home Pay in Rhode Island ( 80.27% ) – $44,149
South Carolina ( $43,278 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.41% ) – $2,427
FICA ( 7.65% ) – $4,208
Total South Carolina Income Taxes ( 21.31% ) – $11,722
Annual Take-Home Pay in South Carolina ( 78.69% ) – $43,278
South Dakota ( $45,705 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 0.00% ) – $0
FICA ( 7.65% ) – $4,208
Total South Dakota Income Taxes ( 16.90% ) – $9,295
Annual Take-Home Pay in South Dakota ( 83.10% ) – $45,705
Tennessee ( $45,705 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 0.00% ) – $0
FICA ( 7.65% ) – $4,208
Total Tennessee Income Taxes ( 16.90% ) – $9,295
Annual Take-Home Pay in Tennessee ( 83.10% ) – $45,705
Texas ( $45,705 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 0.00% ) – $0
FICA ( 7.65% ) – $4,208
Total Texas Income Taxes ( 16.90% ) – $9,295
Annual Take-Home Pay in Texas ( 83.10% ) – $45,705
Utah ( $42,983 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.95% ) – $2,723
FICA ( 7.65% ) – $4,208
Total Utah Income Taxes ( 21.85% ) – $12,018
Annual Take-Home Pay in Utah ( 78.15% ) – $42,983
Vermont ( $44,105 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 2.91% ) – $1,600
FICA ( 7.65% ) – $4,208
Total Vermont Income Taxes ( 19.81% ) – $10,895
Annual Take-Home Pay in Vermont ( 80.19% ) – $44,105
Virginia ( $43,112 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.71% ) – $2,593
FICA ( 7.65% ) – $4,208
Total Virginia Income Taxes ( 21.61% ) – $11,888
Annual Take-Home Pay in Virginia ( 78.39% ) – $43,112
Washington ( $45,705 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 0.00% ) – $0
FICA ( 7.65% ) – $4,208
Total Washington Income Taxes ( 16.90% ) – $9,295
Annual Take-Home Pay in Washington ( 83.10% ) – $45,705
West Virginia ( $43,350 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.28% ) – $2,355
FICA ( 7.65% ) – $4,208
Total West Virginia Income Taxes ( 21.18% ) – $11,650
Annual Take-Home Pay in West Virginia ( 78.82% ) – $43,350
Wisconsin ( $43,417 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 4.16% ) – $2,288
FICA ( 7.65% ) – $4,208
Total Wisconsin Income Taxes ( 21.06% ) – $11,583
Annual Take-Home Pay in Wisconsin ( 78.94% ) – $43,417
Wyoming ( $45,705 )
Federal Income Tax ( 9.25% ) – $5,088
State Income Tax ( 0.00% ) – $0
FICA ( 7.65% ) – $4,208
Total Wyoming Income Taxes ( 16.90% ) – $9,295
Annual Take-Home Pay in Wyoming ( 83.10% ) – $45,705
Summary
Here is a quick recap on how you can figure out how much $55,000 a year is hourly, monthly, biweekly, weekly, and daily.
When finding out how much $55,000 a year is per hour, you take $55,000 and divide it by 40 hours and 52 weeks.
When calculating the monthly income for 55,000 dollars a year, you take 55,000 dollars and divide it by 40 hours and 4 weeks.
To find out how much $55,000 a year is biweekly, take $55,000 and divide it by 40 hours and 2 weeks.
For weekly, you take $55,000 and divide it by 40 hours. We divide it by 40 hours because 40 hours a week is considered full-time.
And lastly, to calculate how much $55,000 a year is daily, you take $55,000 and divide it by 8 hours. Eight hours is used in this calculation because that amount of time represents the standard workday.
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