$31 An Hour Is How Much a Year? Is It a Good And Livable Salary?

Last updated on February 18th, 2024 at 06:32 am

In this post, you’ll learn that $31 an hour is how much a year is.

In addition to that:

How much money do you make for different time frames?

What will be expected after-tax income?

Is it a good salary, and can you live on it?

How do you make a monthly budget at this wage rate?

What tips do you follow to live on a 31-dollar-an-hour wage?

Is it a livable wage, and how much rent can you afford?

Plus much more.

So let’s get into the post.

TABLE OF CONTENT show

$31 An Hour Is How Much A Year Full-Time And Part-Time

If you work full-time, which typically consists of 40 hours per week, you would earn $64,480 in a year. Multiply 31 dollars by the work hours in a year.

Working hours per year = 40 x 52 weeks = 2080

Yearly salary (full-time) =31 x 2080 working hours = $64,480

For those working part-time, the number of hours you work per week will determine your annual earnings. Let’s say you work 20 hours per week; that would amount to $32,240 in a year. Again, multiply your hourly rate by the number of hours in a year.

Working hours per year = 20 x 52 weeks = 1040

Yearly salary (full-time) =31 x 1040 working hours = $32,240

Hence, you’ll make $64,480 a year before tax as full-time and $32,240 a year as part-time, working 20 hours a week.

$31 An Hour Is How Much A Year After Taxes

It’s important to consider taxes when calculating your annual earnings. The amount of taxes you pay will vary depending on your tax bracket and any deductions you may have. As a general estimate, you can expect to lose around 17% to 18% of your gross income to taxes.

Using the Smart Assets tax calculator, if we assume a 17.65% tax rate, you earn an after-tax income of $53,101 if you work full-time. That means you pay $11,379 in taxes.

Tax Type	Marginal Tax Rate	Effective Tax Rate	2023 Taxes
Federal	22.00%	10.00%	$6,446
FICA	7.65%	7.65%	$4,933
State	0.00%	0.00%	$0
Local	0.00%	0.00%	$0
Total Income Taxes		17.65%	$11,379
Income After Taxes			$53,101
Retirement Contributions			$0
Take-Home Pay			$53,101

After-tax salary (full time) = $64,480 – 17.65% of $64,480 = $53,101

For part-time workers, the gross earnings are $32,240, so using the SMAE calculator, we can assume a tax rate of 13.81%. So the after-tax earnings would be around $27,787.

Tax Type	Marginal Tax Rate	Effective Tax Rate	2023 Taxes
Federal	12.00%	6.16%	$1,987
FICA	7.65%	7.65%	$2,466
State	0.00%	0.00%	$0
Local	0.00%	0.00%	$0
Total Income Taxes		13.81%	$4,453
Income After Taxes			$27,787
Retirement Contributions			$0
Take-Home Pay			$27,787

After-tax salary (part-time) = $32,240 – 13.81% of $32,240 = $27,787

Hence, as a full-time worker, you’ll earn $53,101/year after taxes, while as a part-time worker, you’ll make $27,787/year, respectively.

$31 An Hour Is How Much Semiannually, Full-Time, And Part-Time

It’s simply a matter of multiplying your hourly rate by the number of hours you work in six months. For full-time workers, multiply 31 dollars by 1,040 (40 hours per week multiplied by 26 weeks), resulting in $32,240.

There are 26 work weeks in a year, so now the semiannual working hours are:

Semiannual working hours = 40 x 26 weeks = 1040.

Semiannual salary (full-time) =31 x 1040 working hours = $32,240

Now the working hours of a part-time employee are half, so you would earn half the amount, which is $16,120. Here is the breakdown:

Semiannual part-time work hours = 20 x 26 weeks = 520.

Semiannual salary (part-time) =31 x 520 working hours = $16,120

Hence, you’ll make a gross salary of $32,240 as a full-time employee and $16,120 as a part-time employee.

$31 An Hour Is How Much Full-Time And Part-Time

Every quarter, full-time workers at 31 dollars an hour would earn $15,600. It is calculated by multiplying your hourly rate by the number of hours you work in a quarter. The quarterly working hours for a full-time employee are 520 hours. Here is the breakdown:

Full-time work hours = 40 x 13 weeks = 520.

Quarterly salary (full-time) =31 x 520 working hours = $16,120

Here are the working hours and salary, which both become half. For part-time workers, the quarterly earnings would be $8,060.

Quarterly part-time work hours = 20 x 13 weeks = 260

Quarterly salary (part-time) =31 x 260 working hours = $8,060

Hence, you’ll make $16,120 a quarter as a full-time worker and $8,060 as a part-time worker.

$31 An Hour Is How Much A Month Full-Time And Part-Time

If you’re interested in knowing your monthly earnings, simply multiply your hourly rate by the number of hours you work in a month. For full-time workers, multiply 31 dollars by 173.33 hours, resulting in $5,373.

Working hours per month = 2080/12 = 173.333 hours

Monthly salary fulltime = $31 x 173.333 working = $5,373

For part-time workers, the monthly earnings would be $2,687.

Monthly part-time work hours = 20 x 4.33 weeks = 86.665

Monthly salary (part-time) =31 x 86.665 working hours = $2,687

Hence, you’ll earn $5,373 as a full-time worker and $2,687 as a part-time worker.

$31 An Hour Is How Much Biweekly Full-Time And Part-Time

On a biweekly basis, full-time workers at 31 dollars an hour would earn $2,480. It is calculated by multiplying $31 by the number of hours you work in two weeks.

Biweekly working hours = 10 days x 8 hours per day = 80 hours

Bi-weekly salary = 80 work hours x $31 = $2,480

For part-time workers, the biweekly earnings would be $1,240.

Biweekly work hours (part-time) = 10 days x 4 hours per day = 40 hours.

Biweekly salary part-time = 40 work hours x $31 = $1240

Hence, biweekly, as a full-time employee, you’ll make $2480, while a part-time worker will make $1240.

$31 An Hour Is How Much A Week? Full-Time And Part-Time

Biweekly, a full-time worker would earn $1,240.

Weekly salary full time = $31 x 40 hours = $1240

On the other hand, a part-time worker would earn $620, which is $31 multiplied by 20 hours.

Weekly salary part-time = $31 x 20 = $620

$31 An Hour Is How Much A Day Full-Time And Part-Time

For those curious about their daily earnings, full-time workers at $31 an hour would earn $248.

Daily earnings = $31 x 8 hours = $248.

Part-time workers, working 4 hours a day, would earn $124.

Daily-earnings part-time = $31 x 4 hours = $124

SUMMARY

Time Frame	Full-time Salary	Part-time Salary
Yearly	$64,480	$32,240
Semiannual	$32,240	$16,120
Quarterly	$16,120	$8,060
Monthly	$5,373.33	$2,686.67
Biweekly	$2,480	$1,240
Weekly	$1,240	$620
Daily	$248 (approx.)	$124 (approx.)
Hourly	$31.00	$31.00

Hourly To Annual Salary Calculator

If you want to quickly calculate your annual salary based on your hourly rate, you can use an hourly-to-annual salary calculator. Simply enter your hourly rate, click calculate, and the calculator will do the math for you. This can be a handy tool to help you plan and budget your finances.

$31 An Hour Is How Much A Year Of Paid Time Off And Unpaid Time Off

The formula for calculating the adjusted annual salary is:

Adjusted Annual Salary = Hourly Rate × Weekly Hours × (52 weeks – Unpaid Weeks)

Given the hourly rate of $31, let’s calculate the adjusted annual salary for 1, 2, 3, 4, and 5 weeks of unpaid time off:

For 1 week of unpaid time off: Adjusted Annual Salary = $31/hour × 40 hours/week × (52 weeks minus 1 week) = $31 × 40 × 51 = $63,240
For 2 weeks of unpaid time off: Adjusted Annual Salary = $31/hour × 40 hours/week × (52 weeks – 2 weeks) = $31 × 40 × 50 = $62,400
For 3 weeks of unpaid time off: Adjusted Annual Salary = $31/hour × 40 hours/week × (52 weeks – 3 weeks) = $31 × 40 × 49 = $61,560
For 4 weeks of unpaid time off: Adjusted Annual Salary = $31/hour × 40 hours/week × (52 weeks – 4 weeks) = $31 × 40 × 48 = $60,720
For 5 weeks of unpaid time off: Adjusted Annual Salary = $31/hour × 40 hours/week × (52 weeks minus 5 weeks) = $31 × 40 × 47 = $59,880

These calculations provide the adjusted annual salary based on the given hourly rate and the specified number of weeks of unpaid time off.

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31-An-Hour Budget Example

From the above calculation, you see that your monthly full-time salary after taxes is $53,101 if you’re single. Dividing this salary by 12 gives a disposable income of $4,425.

To give you a better idea of how far 31 an hour can take you, let’s take a look at a budget example.

Category	Amount($)
Income	$4,425
Housing
Rent	$1,328
Maintenance	$200
Transportation
Car payment	$500
Gas	$66
Maintenance	$44
Insurance	$66
Groceries
Food staples	$250
Fresh produce	$150
Household items	$74
Utilities
Electricity	$122
Water	$40
Internet/Cable	$80
Health Insurance
Monthly premium	$200
Co-payments	$130
Entertainment
Streaming services	$16
Dining out	$150
Hobbies/Leisure	$100
Savings
Emergency fund	$300
Retirement fund	$300
General savings/investment	$309

This budget example shows that with a 31-dollar-per-hour salary, you can cover your basic expenses and still have a significant amount left over for savings or discretionary spending.

Is $31 An Hour A Good Salary?

Whether $31 an hour is considered a good salary depends on various factors, such as location, living costs, and personal financial goals. If you compare this rate with the federal minimum wage rate of $7.25 per hour, then 31 dollars per hour is a good salary.

Now just that comparison isn’t enough because other factors like location, personal financial goals, and cost of living also matter. If you’re living in cities or areas where living costs are higher, like the most expensive cities in the US, then it isn’t enough. You can’t live comfortably as a single person.

If you live in a cheap area and you’re just starting as a fresh college graduate, then 31 an hour is a good salary.

Is $31 An Hour A Livable Wage?

A livable wage refers to an income that allows you to cover your basic needs, such as housing, food, transportation, and healthcare, without struggling financially. In some lower-cost areas, 31 dollars an hour may be more than enough to cover your basic needs and have some room for savings.

However, in high-cost areas, this hourly rate may not be sufficient to meet all your expenses comfortably. It’s important to assess your living costs and financial goals to determine if 31 an hour is a livable wage for you.

How Much Rent Can I Afford At A 31 Dollar An Hour Salary?

When determining how much rent you can afford, it’s generally recommended that you allocate no more than 30% of your monthly income toward housing expenses. With a 31-per-hour salary, you would be earning around $4,425 per month after taxes.

Using the 30% guideline, you should aim to spend around $1,328 per month. However, this is just a general recommendation; your actual rent can go up or down. It’s good practice to assess your expenses and financial goals when determining how much rent you can afford.

Can You Live Off Of A 31-Dollar-An-Hour Salary?

Living off a 31-dollar-an-hour salary is certainly possible, but it will require careful budgeting and financial planning. With a full-time job at this hourly rate, you can earn a decent income that allows you to cover your basic needs and have some room for discretionary spending.

However, it’s important to consider your lifestyle, location, and financial goals. If you have high living expenses or significant debt, you may need to make adjustments and prioritize your spending. Creating a budget, tracking your expenses, and finding ways to save money can help you make the most of your salary.

Tips To Live On A 31 Dollar Per Hour Wage Rate

Living on a 31-dollar-per-hour wage rate requires smart money management and making informed financial choices. Here are some tips to help you make the most of your earnings:

Create a budget. Track your income and expenses to understand where your money is going. Allocate funds for necessities, savings, and discretionary spending.
Cut unnecessary expenses: Identify areas where you can reduce your spending. Look for cheaper alternatives or consider eliminating non-essential expenses.
Save and invest: Set aside a portion of your income for savings and investments. Building an emergency fund and planning for the future can provide financial security.
Prioritize debt repayment: If you have outstanding debts, consider allocating a portion of your income toward paying them off. Focus on high-interest debts first.
Cook at home: Eating out can be expensive. Prepare your meals at home and bring lunch to work to save money on dining expenses.
Comparison shop: Before making a purchase, compare prices from different retailers or online platforms. Take advantage of sales and discounts to get the best deal.
Avoid unnecessary debt: Be mindful of your spending habits and avoid unnecessary debt, such as high-interest credit cards or loans. Only borrow what you truly need and can afford to repay.
Find ways to increase your income. Look for opportunities to increase your earning potential, such as taking on side gigs or pursuing additional education or training.

By implementing these tips, you can make your 31-dollar-per-hour wage rate stretch further and achieve your financial goals.

Factors That Can Affect $31 An Hour Annual Earnings

Several factors can influence your annual earnings, regardless of your hourly rate. These include:

Number of hours worked: The number of hours you work per week or month will directly impact your annual earnings. Working overtime or taking on additional shifts can increase your income.
Bonuses and incentives: Some jobs offer performance-based bonuses or incentives that can boost your annual earnings. Take advantage of these opportunities if they are available to you.
Benefits and perks: Employer-provided benefits such as healthcare, retirement plans, and paid time off can add value to your overall compensation package.
Overtime pay: If your job offers overtime pay, working additional hours can significantly increase your annual earnings.
Skillset and experience: Your skillset and level of experience can play a role in your earning potential. The more specialized or in-demand your skills are, the higher your chances of earning a higher salary.
Geographic location: The cost of living and average wages in your area can impact your annual earnings. Salaries tend to be higher in areas with a higher cost of living.

These factors should be considered when evaluating your annual earnings and planning for your financial future.

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Author
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Ahmad Ali

Blogger & Writer at Tight Finance

I love to write about personal finance and money. I'm here to help you increase your knowledge about budgeting, making money, investing, credit cards, insurance, and saving so that you can build a strong financial future and enjoy true freedom.