18 Dollars Is How Much In A Year?
If you live in Asia or Africa, hourly pay of $18 is already a lot of money, allowing you to live a little more lavishly than a minimum wage person (about $2-3 per hour). However, if you’re living in the United States or the United Kingdom, it's completely another story; with annual inflation and now the current pandemic situation, many people are seeking ways to work from home while still earning enough to support themselves and their families. Let's take a look at $18 dollars is how much in a year and if it can keep you afloat.
Your annual salary would be $37,440 if you were paid $18 per hour. If you work 40 hours a week, multiply your base salary by the number of hours, weeks, and months you work in a year to get this figure. I am single, I don’t have any dependents and this calculation is for single filers.
COPYRIGHT_WI: Published on https://washingtonindependent.com/ebv/18-dollars-is-how-much-in-a-year/ by Jaya Mckeown on 2021-10-05T08:37:14.266Z
Anything less than 30 hours a week is labeled part-time. Part-time employees often work 20-29 hours a week.
You'll earn $23,400 a year before taxes if you work 25 hours per week at $18 an hour.
Let’s say you work and live in Los Angeles, California**Your 2020 Federal Income Tax Plus FICA: $5,671**
* These are the taxes owed for the 2020 - 2021 filing season.
According to Tax Expert Jennifer Mansfield, CPA:
- Your marginal Federal Income Tax rate remained at 12.00%.
- Your effective Federal Income Tax rate has changed from 7.57% to 7.50%.
- Your Federal Income Taxes changed from $2,835 to $2,807.
Now, let’s answer the question…
According to the US Census Bureau, the annual median personal income in 2019 was $35,977. So, if you earn $37,440 (or more) each year, you are slightly over average (as far as earnings in America go).
On the plus side, a full-time job at $18 per hour would put you well above the poverty level ($12,750 per year) for a single person.
Truth is, it all depends on where you live and your style of living. People who live in cities do tend to spend more on housing and living expenses than the ones working and living in the countryside. Based on a survey conducted by Go Banking Rates, you'll need to earn anywhere from $58,321 a year (to get by in Mississippi) to a minimum of $136,437 a year to get by in Hawaii, based on escalating housing costs and basic living expenses. Personally, my living expenses here in LA have also risen, but I am practicing some techniques learned from my parents and also from the help of the internet. Some of those are:
- I split my cost of living with my 2 roommates. Ever since the pandemic began last year, I have been able to work from home without losing productivity and have kept my expenses to a minimum. Instead of having (and paying) my own Netflix account, I share it with my roommates. The same thing with my cable bill, Spotify subscription, and most importantly, split the cost of water and electric bills.
- Buying food as a group. Buying food for one person can be expensive, but buying in bulk (or wholesale) can significantly lower the food cost and save you a lot of money. I also barely eat out; I prepare my own food.
- I buy clothes and other things that are available in a thrift shop. Nowadays, because I work from home, I found myself not constantly going thru aisles of clothes in consignment stores, looking for my next office attire because the ones I have are overused and frankly, going out of style. This pandemic gave us one silver lining though, we can now work in our pajamas.
- I use public transportation (although now I currently work from home so I barely get out).
- I stick to my budget plan, I list down all the things I need before going out to make any purchase.
- I have eliminated unnecessary expenses. I don’t go to expensive coffee shops anymore, and as I mentioned above, we prepare our food at home. It really depends on you on what you can give up or not, but I found out giving up a few “luxuries” significantly changed me and had let me save a lot of money.
If the following things are not enough, maybe it’s time for you to consider these things:
- Asking for a raise in your salary
- Looking for a freelancing job online (there are tons of companies/employers nowadays that are hiring online and letting people work from home).
- Be on the constant lookout for better-paying work. Improve your skillset, take online courses, learn as much as you can about the business you are in.
- Start a home-based business now, don’t procrastinate. I have a lot of friends that went back to their passion of painting or baking, and now are killing it, selling their paintings or their sourdough bread and cupcakes online through social media (Facebook and Instagram, to name just two). Waiting until you need something, like insurance, is a bad idea. Building a business takes time, and there are things you must learn. The good news is that there are plenty of people willing to assist you.
To sum it all up, 18 dollars a day is $37,440 per year, which is more than the minimum wage and sufficient to live on in most areas if you do not have any dependents. The majority of $18-an-hour positions do not require a college diploma and are located in stable, high-growth areas such as manufacturing, health care, and technical fields. The bulk of these positions have room for advancement in terms of training and education.
If you learn the value of budgeting, live frugally, and search for opportunities to raise your income when your costs go up, you might be able to make ends meet on $18 an hour.