$17 an hour is how much a year
So, congratulations you just landed your new role and told you’ll be paid $17 an hour. But you feel puzzled and ask questions such as; what is 17/hr yearly salary? $17 an hour is how much a year? Can I actually live on this pay or do I need to identify ways to increase my hourly wage?
Seatback and relax because in this article, we’ll be detailing the following:
- What exactly is 17/hr yearly salary?
- Based on the 17/hr yearly salary, how much is made per month, bi-weekly, per week, daily, and even after taxes
- Sample budget you can use when making $17 an hour and much more
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One of our clients, Ashphu, had this to say:
While it is normal for you to wonder if $17 an hour is enough to cover your cost of living, usually, the determinant factor is based on where you live. In the United States, there are different minimum wages based on various state requirements.
For instance, minimum wage in Washington DC is $16.10 per hour. So, if you’re making $17 an hour, you’re earning just slightly above the living wage.
Fortunately for you, we’ve curated a list of our top recommended tools that can help you live on this hourly wage. This section can be found later on in this post.
Furthermore, we added sample calculations for how much you will have to pay in taxes for 10 different states.
This way, anyone making $17 an hour will have a proper sense of what their estimated after-tax income would be based on their respective states.
***TABLE OF COMPARISON FOR $17 AN HOUR (PRE-TAX & AFTER-TAX) ***
How Much Is 17/hr Yearly Salary?
To have a full grasp of how much $17 an hour is annually, you simply multiply $17 by 40 hours and 52 weeks (17×40×52).
Meaning if you were to work full-time, i.e 40 hours a week, making $17 an hour, you would be earning $35,360 annually.
Considering a total of 52 weeks in a year, if you’re working a full-time job, you’ll be working on an average of 40 hours per week. When you multiply 40 hours by the 52 weeks, you would have worked 2,080 total hours in a year.
However, if you work fewer weeks or take some PTO’s or personal days, you’ll expect to earn less than the expected amount each year.
$17 an Hour is How Much a Year After Tax Deduction?
If you make $17 an hour, your original salary before tax deduction is $35,360. However, your take home pay would be $26,520 per year after tax deduction.
There are various factors that affects how much you pay in tax. You can however assume a reasonable rate of 25-30%.
This means that around one-third of your salary will be deducted by taxes for a $17 an hour job. While there are various strategies you can implement to reduce how much you pay in taxes, assuming the 25-30% rate for an average individual is best practice.
$17 an Hour is How Much a Month?
Assuming you’re working full-time; around 40 hours a week, if you’re on a $17 an hour job, you would be making a total amount of $2,720 per month.
This amount will vary if you are a full-time worker working slightly over or under the 40 hours a week standard.
You may likely be qualified for an overtime pay earning 1.5 times your usual pay if you work over 40 hours a week.
Opting for an overtime payment structure can help you earn something more reasonable than the standard pay listed above.
$17 an Hour is How Much Biweekly?
With an assumption you’re working full-time at 40 hours per week, if you’re on a $17 an hour job, you’ll be earning $1,360 biweekly before tax deduction and approx. $1,020 after tax deduction.
The calculation for biweekly payment is multiplying $17 by 40 hours and 2 weeks.
$17 an Hour is How Much a Week?
You will earn $680 in a week if you make $17 an hour.
Provided you are working full-time, this earning is calculated by multiplying 40 hours by $17 an hour.
$17 an Hour is How Much Daily?
With a standard workday of 8 hours if you’re on $17 an hour, you’ll be making $136 per day.
If you also consider working 5.88 hours at $17 an hour, you can make $100 a day.
The calculation is thus, by multiplying 8 hours by $17 an hour to get $136 or 5.88 hours by $17 an hour to get $100.
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What is a $17 an Hour Salary?
An employee on a $17 an hour wage earns $35,360 annual salary.
Considering a typical full-time working schedule, the calculation will be by multiplying $17 by 52 weeks and 40 hours to arrive at the $35,360 amount annually.
However, when about 25% of taxes are deducted each year, the after-tax payment becomes roughly $26,520.
How Much is 17 Dollars an Hour Annually Part-Time?
Let’s consider two spectrums of working $17 an hour annually part-time.
One, if you work 20 hours per week for 52 weeks, you would earn $340 per week, and earn a total of $17,680 annually.
On the other spectrum, working 35 hours a week which is still technically part-time, can make you $595 per week or roughly $30,940 per year.
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$17 an Hour Salary After Taxes in 2022 (By 10 States Sample)
Find below a full list of your estimated $17 an hour annual salary after tax deduction in 2022 for each state in the US.
Note that before tax deduction, your original salary is $35,360. However, after tax deduction, amount varies based on your state taxes.
Without much ado, let’s dive in:
1. Alabama- $28,691
Federal Income Tax (7.18%) + State Income Tax (4.03%) + FICA (7.65%) = 18.86%
Take home salary % (100 – 18.86) = 81.14%
Yearly Salary in Alabama: 35,360 (81.14%) = $28,691
2. Alaska- $30,116
Federal Income Tax (7.18%) + State Income Tax (0.00%) + FICA (7.65%) = 14.83%
Take home salary % (100-14.83) = 85.17%
Yearly Salary in Alaska: 35,360 (85.17%) = $30,116
3. Arizona- $29,526
Federal Income Tax (7.18%) + State Income Tax (1.67%) + FICA (7.65%) = 16.50%
Take home salary % (100 – 16.50) = 83.50%
Yearly Salary in Arizona: 35,360 (83.50%) = $29,526
4. Arkansas- $29,066
Federal Income Tax (7.18%) + State Income Tax (2.97%) + FICA (7.65%) = 17.80%
Take home salary % (100 – 17.80) = 82.20%
Yearly Salary in Arkansas: 35,360 (82.20%) = $29,066
5. California- $29,434
Federal Income Tax (7.18%) + State Income Tax (1.93%) + FICA (7.65%) = 16.76%
Take home salary % (100 – 16.76) = 83.24%
Yearly Salary in California: 35,360 (83.24%) = $29,434
6. Colorado- $29,091
Federal Income Tax (7.18%) + State Income Tax (2.90%) + FICA (7.65%) = 17.73%
Take home salary % (100 – 17.73) = 82.27%
Yearly Salary in Colorado: 35,360 (82.27%) = $29,091
7. Connecticut ($28,999)
Federal Income Tax (7.18%) + State Income Tax (3.16%) + FICA (7.65%) = 17.99%
Take home salary % (100 – 17.99) = 82.01%
Yearly Salary in Connecticut: 35,360 (82.01%) = $28,999
8. Delaware- $28,726
Federal Income Tax (7.18%) + State Income Tax (3.93%) + FICA (7.65%) = 18.76%
Take home salary % (100 – 18.76) = 81.24%
Yearly Salary in Delaware: 35,360 (81.24%) = $28,726
9. Florida- $30,116
Federal Income Tax (7.18%) + State Income Tax (0.00%) + FICA (7.65%) = 14.83%
Take home salary % (100 – 14.83) = 85.17%
Yearly Salary in Florida: 35,360 (85.17%) = $30,116
10. Georgia ($28,673)
Federal Income Tax (7.18%) + State Income Tax (4.08) + FICA (7.65%) = 18.91%
Take home salary % (100 – 18.91) = 81.09%
Yearly Salary in Georgia: 35,360 (81.09%) = $28,673
17$ an Hour Budget Example
Chances are you are wondering; how can I live on 17$ an hour? How much rent can I afford to pay? Etc.
According to Cents Plan Formula, using the best-case scenario, let’s examine how you can effectively budget your $17 per hour wages.
Ensure to use net income when using these recommended percentages. This is due to taxes that will be deducted.
Therefore, this example calculated $17 an hour was $12.98 after tax deduction which would average $2,947 in a month.
So, by the Cents Plan Formula, here is an example of a $17 per hour budget.
50% for basic expenses = $1,124.89
20% for savings = $449.96
10% for charity = $224.98
20% for miscellaneous = $449.96
0% debt = $0.00
This strategy will definitely not be realistic and achievable by everyone living just above the poverty line. So, it is important you focus on ways to reduce your basic expenditure and debt to allow more money for savings and miscellaneous.
Let’s further elaborate an example budget of $17 per hour using the ideal household percentages. This example is better used for comparison.
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