# Annual Pay Calculator

Created by Luis Hoyos
Reviewed by Komal Rafay
Based on research by
Baye, M. Managerial Economics and Business Strategy; 2009
Last updated: Jun 05, 2023

Are you tired of trying to calculate your annual pay by hand? This yearly pay calculator is the perfect tool for simplifying your financial planning.

Whether you're considering taking on extra work, negotiating a new job offer, or planning a big purchase, our hourly-to-annual salary calculator will give you the power to make informed financial decisions.

Input your hourly rate and working hours per week, and the tool will generate your projected annual pay. Additionally, you can use it to calculate the annual income after taxes.

## Calculating annual pay by hand

Calculating the annual salary from the hourly rate requires knowing the following:

• Working hours per week;
• Working weeks per year; and
• Hourly wage.

Once you know them:

1. The first step for yearly pay calculation is to multiply the hours per week by the weeks per year;
2. Then, multiply the previous result by the hourly wage; and
3. That's it. That's the calculated annual pay!

If you're more math-oriented, simply use the following formula:

$\scriptsize \begin{gather*}\rm Annual\\[-5px]\rm pay \end{gather*} = \begin{gather*}\rm Working\\[-5px]\rm hours\\[-5px]\rm per\ week \end{gather*} \times \begin{gather*}\rm Working\\[-5px]\rm weeks\\[-5px]\rm per\ year \end{gather*} \times \begin{gather*}\rm Hourly\\[-5px]\rm wage \end{gather*}$

## Calculating annual income after taxes

### Express the percentage as a fraction.

To calculate the annual income after taxes, you must first express the tax rate as a fraction. To convert a percentage to a fraction, divide by 100. For example:

• 12% = 12/100 = 0.12;
• 14% = 24/100 = 0.24; or
• 36% = 36/100 = 0.36.

### Use the formula

Once you've expressed the tax rate as a fraction, use the following formula:

$\scriptsize \begin{gather*}\rm Net\\[-5px]\rm annual\\[-5px]\rm salary \end{gather*} = \begin{gather*}\rm Gross\\[-5px]\rm annual\\[-5px]\rm salary \end{gather*} \times \left(1 - \begin{gather*}\rm Tax\\[-5px]\rm rate \end{gather*}\right)$

The same applies to the hourly rate after taxes:

$\scriptsize \begin{gather*}\rm Net\\[-5px]\rm hourly\\[-5px]\rm wage \end{gather*} = \begin{gather*}\rm Gross\\[-5px]\rm hourly\\[-5px]\rm wage \end{gather*} \times \left(1 - \begin{gather*}\rm Tax\\[-5px]\rm rate \end{gather*}\right)$

## FAQ

Annual salary = $62,400/yr ### What is the annual salary for a$50-per-hour wage?

For someone with a wage of $50 per hour, the annual salary is$104,000, assuming 40 weekly working hours. We can get to the answer with the following formula:

Annual salary = Hours per week × Weeks per year × Hourly wage;

Annual salary = 40 hrs/week × 52 weeks/yr × $50/hr; Annual salary =$104,000/yr.

### How to calculate annual income from a biweekly paycheck?

To calculate annual income from a biweekly paycheck, remember there are 26 biweekly pays annually. Therefore, the annual income is 26 times the biweekly paycheck:

Annual income = 26 × Biweekly paycheck.

Luis Hoyos
Working hours per week
Working weeks per year
Hourly wage
$Annual pay$
Net salary
Tax
%
Net hourly wage
$Net annual pay$
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