If you make an annual salary of $45,000, that means you make roughly $21.63 per hour. ๐
Whether you can live comfortably on $45k a year depends largely on where you live, the cost of living in that area, and your lifestyle ๐ต.
$45,000 a year is how much an hour?
For comparison, we need to convert the amount from a yearly to an hourly basis. Since the average working hours are 40 hours a week, weโll take that as the basis of our calculation. ๐งฎ๐ป
Hereโs the division of the income on a monthly, weekly, daily, and hourly basis:
- $45,000 a year is: ($45,000/12) = $3750 a month ๐
- $45,000 a year is: (3750/2) = $1875 a fortnight
- $45,000 a year is: ($45,000/52 weeks) = $865 a week
- $45,000 a year is: ($45,000/260 working days) = $173 a day๐
- $45,000 a year is: ($45,000/2080) = $21.63 an hourโณ
However, note that this is the gross income, i.e., the amount you make before deducting taxes, insurance, and other deductibles. ๐โโ
The actual amount you will take home in your pocket would be lesser than this. ๐ค๐ฐโ
You can expect to pay several types of taxes, such as income tax, Medicare and Social Security taxes, state income taxes, and more. ๐ณโ๏ธYou can use a paycheck calculator to help you determine your net pay (take-home pay). ๐ค๐งฎ
How you can make more money if $45,000 is not enough
If you feel $45,000 is not enough to make ends meet after deducting all the desirable expenses, you can consider any of the following options:
- Take up a side job or freelance work. If you have skills in web design, writing, editing, or coding, you can easily find work online on sites like Fiverr or Upwork. ๐ป
- Take advantage of tax deductions or government programs. Several government programs and tax deductions could help you save money, thus allowing you to make more money. ๐ณ
- Ask the employer for a promotion๐๐
- Find work or ways to earn from online jobs๐ป๐ป
Speaking of online jobs, did you know you can make some solid bucks just via your phone or laptop while sitting at home?๐ช๐
Here are some options. ๐๐ธ
1. Taking surveys โ๏ธ๐
You can make extra money a year by taking surveys. Survey companies offer market research by asking people to take online or phone surveys.
While the pay may not be much, it can add up over time if you take multiple surveys. You can also find survey sites that offer rewards such as gift cards and cash for taking the surveys. ๐ณ
The amount you earn depends on the type and length of the survey. Many surveys offer just a few cents, while some can pay several dollars. ๐ต You can easily earn an extra $50 to $100 per month by taking these surveys in your free time. ๐ค๐ค
The more time you spend on the site, the more surveys you take, and the more chances you can maximize your earnings.๐๐
Here are the top three sites to earn some passive income on the go.๐ธ๐ธ
InboxDollars๐ฅ๐ฒ
InboxDollars is a great platform to earn cash simply by taking surveys, playing games, watching videos, participating in polls, etc. You will find available surveys on various topics like sports, technology, politics, electronics, etc. ๐๐
You can redeem your rewards through check or gift cards. ๐ณ๐งพ
It takes 5 to 30 minutes to complete each survey (depending on the complexity.) You can earn between $0.50 to $5 for each survey you take on the site. Then, you can encash or redeem your earnings via Paypal, prepaid visa card, gift card, and check.๐ง๐
Swagbucks๐ต๐ด
Another top-rated platform for taking surveys, playing games, and making money on the go by being part of such effortless and fun activities is Swagbucks. .๐ช
You can redeem your earnings through PayPal, gift cards on amazon, visa rewards, and Payoneer.๐ณ๐ธ๐
Survey Junkie๐โ๏ธ
With over 11 million users today, Survey Junkie stands out as a platform for earning rewards and easily making hard cash on the go.๐ฑ๐ฑ
Survey Junkie is a reputable and popular platform for taking surveys online and earning money. This website pays you points for completing surveys which can be redeemed for cash. ๐ค๐
Another way to make the most of the app is via Survey Pulse. That gives you access to more surveys than an average user. All these surveys are sent to you based on your demographics, interests, shopping habits, and ads or websites you view regularly.๐๐
2. Playing games๐ฎ๐น๏ธ
A fun and relaxing way to earn money is by playing games!
Nowadays, there are several websites that offer cash rewards for playing games. You can also play for free on some sites and earn additional points that you can redeem for prizes or gift cards. ๐ฆ๐Some of the most popular game apps include Swagbucks, SecondLife, Zynga, and WorldWinner.
You can also try other apps such as InboxDollars or Swagbucks that let you play games in exchange for rewards.
Bingo Cash
Bingo Cash is one platform where you can earn money to play games with other users worldwide and win cash and prizes. The key features of the app are:๐ต
You can earn as much as $1 for installing the app and creating your profile and up to $50 for achieving a level in 45 days. It all depends on how much time you invest in the app.๐๐ต
Swagbucks๐ต๐
At Swagbucks, you earn SB, a virtual currency, for every task you finish. ๐ฎ๐น๏ธ
Swagbucks partners with GSN (Game Show Network) to enable avid gamers to play games and make purchases while earning Sb on the platform.๐ฒ๐ต
Plus, your SB can be exchanged for gift cards to your favorite stores, including Amazon, Target, Walmart and Starbucks. ๐๐ณYou can also redeem your Sb for PayPal cash or enter sweepstakes for a chance to win additional rewards.๐ค๐
3. Browsing the web โ Earn free BAT crypto๐ค๐ฒ
You can also earn cryptocurrency by installing and using browsers like โBraveโ as your default browser for web searches, emails, etc.๐๐
The browser has a built-in reward system that rewards users with โBasic Attention Tokensโ (BAT) for using their service.๐๐ฒ
You can then use the BAT tokens to buy other cryptocurrencies or just hold on to them as an investment. In addition, you can also earn cryptocurrency by buying and selling items online in certain marketplaces such as OpenBazaar and OpenSea. ๐๐ฆ
The earnings are stored in your Brave wallet and can be redeemed as gift cards. You can also trade them as a cryptocurrency or use them for purchases.๐๐ฒ
4. Reading emails๐๐จ
Did you know you can earn money by reading emails?
Youโll have to sign up with a few websites that pay you to read emails. Then all you have to do is read the email and click on the link provided in it. ๐ง Once youโve done that, youโll get rewarded with cash or gift cards depending on the website.
Websites like Inbox Dollars, Inbox Pays, and Branded Surveys, amongst the list of other activities and potential for earning money on the go, also pay users to read emails they send.๐๐จ
Usually, these emails include information about branded products and services and, sometimes, offer special discounts or offers for users.๐๐
Is $45,000 a year a good salary?๐ค๐ค
If you earn $45,000 a year before taxes, then you are making approximately $3,750 per month. Depending on your lifestyle and financial goals, this salary can be considered good or bad. It is important to note that the cost of living in different areas will have an impact on how much money you need to make to achieve financial stability.โ โ
$45,000 a year is how much after taxes?๐๐ฅต
Since we already calculated $45,000 a year is how much an hour, we know the gross income. But thatโs not the amount of money that reaches your account. There will be specific deductibles and taxes that apply.๐ง๐ฐ
The tax rate depends on many factors, such as your state and filing status. Generally speaking, the average tax rate for someone making $45,000 a year is around 25%. This means that after taxes, you will take home around $33,750 per year or $2,812 a month.๐๐ค
However, the state laws vary for each state. Smaller states have low state taxes, and big states like New York City have higher state taxes.
Click here to know the percentages of taxes applicable across all the states of the US.๐ค๐ฝ
Tips to living on $45,000 a yearโ ๐ค
Here are some tips for making the most of $45,000 a year:๐ธ๐ฒ
- Limit dine-outs and make home meals when possible.๐ฅช๐ฎ
- Carpool with friends or neighbors to save up on fuel and travel expenses.โฝ๐
- Pay off any pending debts๐ง๐ฆ
- You can also look into using coupons. ๐๐
- Donโt forget to budget and track your expenses. ๐๐ฐ
- Save up for any emergency funds and invest in a retirement plan. ๐ฐ๐ค
- Shop around for different types of insurance policies to make sure youโre getting the best deal. ๐ก๏ธ๐
- Look into options that can help reduce taxes, such as 401k plans. ๐ต๐ค
- Save up for your future and look into different types of investments that can help you make the most of your money. ๐๐ค
Final words๐ค๐ง
$45,000 a year is a good income, and you can make the most out of it by following these tips. ๐ค๐ค
It is important to remember that being smart about money doesnโt mean sacrificing all your wants; find a good balance between what you need and want, so that you can live comfortably without overspending or putting yourself in debt. โ
You can plan a budget, save for the future and make sure your needs are met with this salary. Be aware of all the possible taxes that apply to you to know the exact amount of money that will reach your bank account.๐คโ
You may also like
$55,000 a Year Is How Much An Hour? Is $55k a Good Salary?
$60,000 a Year Is How Much An Hour? Is $60k a Good Salary?
$65,000 a Year Is How Much An Hour? Is $65k a Good Salary?