If you’re making $27 an hour, your wage is close to the average in the USA. Chances are, you’re making a decent living as a single person or together with a spouse. The question remains, $27 an hour is how much a year? Let’s break it down.
It’s far from the minimum wage of $7.25 an hour in some states, but it’s not enough to be considered rich. In fact, $27 an hour is the mean wage in the United States. The median across all occupations is $20, which means more than half of Americans earn less than you. $27 an hour is how much a year, though?
27 an Hour Is How Much a Year in Dollars?
Multiplying $27 by the standard 2,080 working hours in a year, you get an annual salary of $56,160. That’s the gross income, including income taxes, as well as social security and Medicare taxes. Is it much? It depends on your perspective and where you live. We’ll analyze it in detail later in the article.
How Much Is Left After Taxes?
The amount of money you pay in taxes every year depends on your filing status, how much you earned, and other factors. The IRS Tax Withholding Calculator can help you estimate your federal income tax for the year.
For simplicity’s sake, let’s say you’re a single filer with no children and this is your only income. In that case, your marginal tax rate would be 22%. So, $27 an hour is how much a year after taxes? Your take-home salary will be around $41,991.
How Much Is It Per Actual Work Hour?
You’re making $27 hourly, but you aren’t actually working 52 weeks per year. If you’re curious about how much you make excluding paid time off, it depends on how many holidays you get.
With 2 weeks off, you work 2000 hours for your $56,160 salary, which means that each work hour accrues $28.08. If you get 4 weeks of paid time off, you get $56,160 for working 1920 hours, so each of them is worth $29.25.
27 an Hour Is How Much a Year in Pounds?
If you live and work in the UK, £27 an hour is how much a year? It depends on how many paid hours you work per week. Some employers will pay you for a full 40-hour week, while others will exclude lunch breaks. In the latter case, you’ll typically work 37.5 hours per week, which translates to £52,650 per week.
Otherwise, 40 working hours per week give you a yearly gross income of £56,160. That’s before income taxes, which are deducted from your paycheck. How much will you take home? Without the tax from both brackets and national insurance, £41,262 is left in your pocket.
What Jobs Pay $27 Per Hour?
There are plenty of jobs that pay $27 hourly. Here are some examples:
- social media manager,
- event planner,
- public relations specialist,
- website developer,
- graphic designer,
- technical writer,
- sales representative.
If you have one of these jobs, your salary is right on par with the average American worker. You’re probably doing pretty well for yourself, but you’re not in the top earners bracket yet.
$27 an hour is how much a year in these professions, since many are employed as contractors? Their employers don’t withhold taxes for them, so they make a full $56,160 per year. However, they actually pay more in taxes than an employee would, and have to deal with that on their own.
Can You Live Comfortably on $27 Per Hour?
It’s not a bad wage for a small family. In fact, it’s more than enough to live comfortably in many parts of the USA.
For example, the cost of living in Mississippi is 15.2% lower than the national average. That means your hourly wage of $27 goes a lot further there. The same goes for Oklahoma (16.3% below average) and Kansas (16.9% below average).
In most places, $56,160 per year is enough for one person or a couple to live comfortably and put a good portion of their income into savings. Even with kids, the states we mentioned earlier will let you get by on one income.
Is It Possible to Live on $27 Per Hour in New York?
What about big cities like New York or San Francisco? The cost of living for a four-person family is around $50,000, excluding rent. Your take-home salary of $41,991 won’t be enough, even if you were to rent for free.
A single person can get by on $13,300 excluding rent. However, renting a one-bedroom apartment costs more than $3,000 per month in those cities, which means you’re stuck living with roommates.
$27 Per Hour Is Average, But Enough to Live on
So, $27 an hour is how much a year? It’s a salary of $56,160 per year on average, but take-home pay will be lower after taxes. In some states, it’s enough to live comfortably on, while in others you may have to watch your budget a bit more closely. Either way, it’s a good wage for many professions.