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Interested in knowing how a $50000 salary might compare to others around the US?
Perhaps you’ve recently been looking for a new role, or have even been considered this salary for a position you’ve applied for. Or perhaps you’re looking ahead and considering whether $50,000 is a salary you can live a good life on.
If you earn a salary of $50,000 per year, you may also be wondering how much you make per hour, day, week, or month.
In this article, we’ll break down what your salary means in terms of different time frames, and provide estimates for gross and net income.
We’ll also be looking at the latest data on median incomes for US workers across states, gender, age, and more to answer the question: Is $50000 a good salary?
(See how it compares: how much is 15k broken down, and what is $35 an hour in comparison to US earnings?)
How Much Is $50,000 A Year An Hour?
If you work full-time, 40 hours per week, your hourly rate would be approximately $24.04 per hour.
This is calculated by dividing your annual salary by the number of hours you work per year:
$50,000 / (52 weeks x 40 hours per week) = $24.04/hour
If you work 37.5 hours, which is another common contract for many US workers, then your annual salary remains the same in this instance but your hourly rate would jump up to $26.04.
$50000 a year is how much an hour? A $50000 annual salary breaks down to $24.04, assuming you are a full-time worker working an average of 40 hours per week.
What would my hourly rate be with PTO?
Many US employees get a standard 2 weeks of paid time off, but this is down to your employer’s discretion so you might get more or less than this.
Here’s how your hourly rate might break down depending on the amount of PTO you get.
1 week of PTO:
- Assuming a standard 40-hour workweek, the hourly rate of $50,000 a year with 1 week of PTO is $24.04.
2 weeks of PTO:
- Assuming a standard 40-hour workweek, the hourly rate of $50,000 a year with 2 weeks of PTO is $23.15.
3 weeks of PTO:
- Assuming a standard 40-hour workweek, the hourly rate of $50,000 a year with 3 weeks of PTO is $22.32.
4 weeks of PTO:
- Assuming a standard 40-hour workweek, the hourly rate of $50,000 a year with 4 weeks of PTO is $21.54.
How Much is $50,000 Annually Per Day?
If you work 8 hours per day, 5 days per week, your daily rate would be approximately $192.31 per day.
This is calculated by dividing your annual salary by the number of workdays in a year:
$50,000 / 260 workdays = $192.31/day
What Is $50k A Year Paid Weekly?
Many US workers are paid on a weekly or bi-weekly basis (which is why we created our guide to budgeting your weekly pay to fit within a monthly timeframe!).
If you work full-time, 40 hours per week, your weekly rate would be approximately $961.54 per week.
This is calculated by dividing your annual salary by the number of weeks in a year:
$50,000 / 52 weeks = $961.54/week
If you are paid on a weekly basis, you would receive a total of 52 paychecks in one year, which averages out to 4 paychecks per month.
$50000 A Year Is How Much Paid Bi-Weekly?
If you are paid every two weeks, your bi-weekly rate would be approximately $1,923.08 per pay period.
This is calculated by dividing your annual salary by the number of pay periods in a year:
$50,000 / 26 pay periods = $1,923.08/pay period
What is $50k paid Monthly?
Some US workers are paid on a monthly basis as opposed to weekly or bi-weekly.
If you are paid monthly, your monthly rate would be approximately $4,166.67 per month.
This is calculated by dividing your annual salary by 12 months:
$50,000 / 12 months = $4,166.67/month
Of course, it’s important to note that all of these figures are before federal and state taxes, social security, and Medicare taxes.
The total amount you take home and see in your bank account each time you are paid would be less than the amounts listed above, but are very much dependent on your state and personal circumstances.
We’ve provided as much information as possible in the next section to help you get an idea of what taxes you might pay.
Gross and Net Income
Keep in mind that the figures above represent your gross income, which is the amount you earn before taxes and other deductions are taken out.
Your net income, or take-home pay, will be lower and depend on individual circumstances such as tax bracket, deductions, and other factors.
Assuming you file as a single filer and take the standard deduction, you would pay approximately:
- $4,208 in federal income taxes,
- $3,100 in Social Security taxes
- $725 in Medicare taxes
This equals a total of $8,033 in federal payroll taxes. State income tax rates vary by state, but as an example, someone living in California would pay an additional $2,112 in state income taxes.
After accounting for taxes, your net income would be approximately:
- Hourly: $18.35/hour
- Daily: $146.92/day
- Weekly: $734.62/week
- Bi-Weekly: $1,469.23/pay period
- Monthly: $3,385.58/month
Keep in mind that these are just rough estimates, and your actual tax liability may vary depending on your specific situation. It’s always a good idea to consult with a tax professional or use tax preparation software to get a more accurate estimate of your tax liability.
Below, we’ve created a chart to estimate the total net annual and weekly salary you will receive on $50,000 after taxes.
The chart uses state income tax rates and brackets for 2023 supplied by XXXX, as well as the following rates for other taxes:
- the Social Security tax rate is 6.2% on income up to $147,000
- the Medicare tax rate is 1.45% on all income
- Federal income tax liability would be approximately $5,244, assuming you take the standard deduction
Assuming you earn the full $50,000, you would pay approximately $3,100 in Social Security tax and $725 in Medicare tax.
| State | Estimated Net Weekly Pay | Estimated Net Pay | State Income Tax Rate | Estimated State Income Tax | Estimated Federal Income Tax | Estimated Social Security Tax | Estimated Medicare Tax | Estimated Total Tax |
| Alabama | $739 | $38,431 | 2% – 5% | $1,500 | $5,244 | $3,100 | $725 | $10,569 |
| Alaska | $787 | $40,931 | No state income tax | $0 | $5,244 | $3,100 | $725 | $9,069 |
| Arizona | $731 | $38,006 | 2.59% – 4.5% | $1,925 | $5,244 | $3,100 | $725 | $11,994 |
| Arkansas | $764 | $39,706 | 0.9% – 6.9% | $1,225 | $5,244 | $3,100 | $725 | $10,294 |
| California | $678 | $35,281 | 1% – 13.3% | $5,650 | $5,244 | $3,100 | $725 | $14,719 |
| Colorado | $743 | $38,656 | 4.55% flat rate | $2,275 | $5,244 | $3,100 | $725 | $11,344 |
| Connecticut | $741 | $38,556 | 3% – 6.99% | $2,125 | $5,244 | $3,100 | $725 | $11,194 |
| Delaware | $761 | $39,556 | 0.529% – 6.6% | $1,375 | $5,244 | $3,100 | $725 | $10,444 |
| Florida | $806 | $41,931 | No state income tax | $0 | $5,244 | $3,100 | $725 | $8,069 |
| Georgia | $751 | $39,056 | 1% – 5.75% | $1,875 | $5,244 | $3,100 | $725 | $10,944 |
| Hawaii | $721 | $37,481 | 1.4% – 11% | $3,450 | $5,244 | $3,100 | $725 | $12,519 |
| Idaho | $761 | $39,556 | 1.125% – 6.925% | $1,375 | $5,244 | $3,100 | $725 | $10,444 |
| Illinois | $740 | $38,456 | 4.95% flat rate | $2,475 | $5,244 | $3,100 | $725 | $11,544 |
| Indiana | $756 | $39,316 | 3.23% flat rate | $1,615 | $5,244 | $3,100 | $725 | $10,684 |
| Iowa | $746 | $38,774 | 0.33% – 8.53% | $2,157 | $5,244 | $3,100 | $725 | $11,226 |
| Kansas | $748 | $38,896 | 3.10% – 5.70% | $2,035 | $5,244 | $3,100 | $725 | $11,104 |
| Kentucky | $649 | $33,731 | 2% – 6% | $1,200 | $5,244 | $3,100 | $725 | $10,269 |
| Louisiana | $758 | $39,431 | 2% – 6% | $1,500 | $5,244 | $3,100 | $725 | $10,569 |
| Maine | $740 | $38,481 | 5.8% – 7.15% | $2,450 | $5,244 | $3,100 | $725 | $11,519 |
| Maryland | $749 | $38,931 | 2% – 5.75% | $2,000 | $5,244 | $3,100 | $725 | $11,069 |
| Massachusetts | $739 | $38,431 | 5% flat rate | $2,500 | $5,244 | $3,100 | $725 | $11,569 |
| Michigan | $746 | $38,806 | 4.25% flat rate | $2,125 | $5,244 | $3,100 | $725 | $11,194 |
| Minnesota | $712 | $37,006 | 5.35% – 9.85% | $2,925 | $5,244 | $3,100 | $725 | $12,994 |
| Mississippi | $758 | $39,431 | 3% – 5% | $1,500 | $5,244 | $3,100 | $725 | $10,569 |
| Missouri | $761 | $39,581 | 0% – 5.4% | $1,350 | $5,244 | $3,100 | $725 | $10,419 |
| Montana | $753 | $39,181 | 1% – 6.9% | $1,750 | $5,244 | $3,100 | $725 | $10,819 |
| Nebraska | $749 | $38,950 | 2.46% – 6.84% | $1,981 | $5,244 | $3,100 | $725 | $11,050 |
| Nevada | $787 | $40,931 | No state income tax | $0 | $5,244 | $3,100 | $725 | $9,069 |
| New Hampshire | $739 | $38,431 | 5% flat rate | $2,500 | $5,244 | $3,100 | $725 | $11,569 |
| Iowa | $755 | $39,266 | 0.33% – 8.53% | $1,665 | $5,244 | $3,100 | $725 | $10,734 |
| Kansas | $743 | $38,631 | 3.1% – 5.7% | $2,300 | $5,244 | $3,100 | $725 | $11,369 |
| Kentucky | $643 | $33,431 | 2% – 5% | $1,000 | $5,244 | $3,100 | $725 | $10,569 |
| Louisiana | $716 | $37,206 | 2% – 6% | $1,500 | $5,244 | $3,100 | $725 | $10,569 |
| Maine | $732 | $38,061 | 5.8% – 7.15% | $2,870 | $5,244 | $3,100 | $725 | $11,939 |
| Maryland | $763 | $39,681 | 2% – 5.75% | $1,250 | $5,244 | $3,100 | $725 | $10,319 |
| Massachusetts | $739 | $38,431 | 5% flat rate | $2,500 | $5,244 | $3,100 | $725 | $11,569 |
| Michigan | $746 | $38,806 | 4.25% flat rate | $2,125 | $5,244 | $3,100 | $725 | $11,194 |
| Minnesota | $697 | $36,256 | 5.35% – 9.85% | $2,675 | $5,244 | $3,100 | $725 | $13,744 |
| Mississippi | $763 | $39,681 | 0% – 5% | $1,250 | $5,244 | $3,100 | $725 | $10,319 |
| Missouri | $731 | $38,031 | 0% – 5.4% | $1,350 | $5,244 | $3,100 | $725 | $10,969 |
| Montana | $768 | $39,931 | 1% – 6.9% | $1,000 | $5,244 | $3,100 | $725 | $10,069 |
| Nebraska | $750 | $38,986 | 2.46% – 6.84% | $1,645 | $5,244 | $3,100 | $725 | $11,014 |
| Nevada | $791 | $41,131 | No state income tax | $0 | $5,244 | $3,100 | $725 | $8,869 |
| New Hampshire | $739 | $38,431 | 5% flat rate | $2,500 | $5,244 | $3,100 | $725 | $11,569 |
| New Jersey | $719 | $37,381 | 1.4% – 10.75% | $3,550 | $5,244 | $3,100 | $725 | $12,619 |
| New Mexico | $768 | $39,931 | 1.7% – 4.9% | $1,000 | $5,244 | $3,100 | $725 | $10,069 |
| New York | $739 | $38,406 | 4% – 8.82% | $2,525 | $5,244 | $3,100 | $725 | $11,594 |
| North Carolina | $737 | $38,306 | 5.25% flat rate | $2,625 | $5,244 | $3,100 | $725 | $11,694 |
| North Dakota | $774 | $40,231 | 1.1% – 2.9% | $700 | $5,244 | $3,100 | $725 | $9,769 |
| Ohio | $756 | $39,331 | 0.495% – 4.797% | $1,600 | $5,244 | $3,100 | $725 | $10,669 |
| Oklahoma | $758 | $39,431 | 0.5% – 5% | $1,500 | $5,244 | $3,100 | $725 | $10,569 |
| Oregon | $741 | $38,556 | 4.75% – 9.9% | $2,375 | $5,244 | $3,100 | $725 | $11,444 |
| Pennsylvania | $758 | $39,396 | 3.07% flat rate | $1,535 | $5,244 | $3,100 | $725 | $10,604 |
| Rhode Island | $751 | $39,056 | 3.75% – 5.99% | $1,875 | $5,244 | $3,100 | $725 | $10,944 |
| South Carolina | $753 | $39,181 | 0% – 7% | $1,750 | $5,244 | $3,100 | $725 | $10,819 |
| South Dakota | $791 | $41,131 | No state income tax | $0 | $5,244 | $3,100 | $725 | $8,869 |
| Tennessee | $791 | $41,131 | No state income tax | $0 | $5,244 | $3,100 | $725 | $8,869 |
| Texas | $783 | $40,705 | 0% | $0 | $3,825 | $5,470 | $12,550 | $9,295 |
| Utah | $769 | $39,980 | 4.95% | $2,475 | $3,825 | $3,720 | $12,550 | $10,020 |
| Vermont | $714 | $37,130 | 8.75% | $4,375 | $3,825 | $4,670 | $12,550 | $12,870 |
| Virginia | $742 | $38,580 | 5.75% | $2,875 | $3,825 | $4,720 | $12,550 | $11,420 |
| Washington | $783 | $40,705 | 0% | $0 | $3,825 | $5,470 | $12,550 | $9,295 |
| West Virginia | $749 | $38,955 | 6.50% | $3,250 | $3,825 | $3,970 | $12,550 | $11,045 |
| Wisconsin | $743 | $38,630 | 7.65% | $3,825 | $3,825 | $3,720 | $12,550 | $11,370 |
| Wyoming | $783 | $40,705 | 0% | $0 | $3,825 | $5,470 | $12,550 | $9,295 |
Please note: these figures are estimates based on the average tax rates available for 2023, and should not be applied as fact for your individual circumstances, which can significantly change the total amount of tax you pay.
Use these figures as baseline estimates but always do your own research. A tool such as Intuit’s Turbo Tax Calculator can be a good way to estimate your own tax rates for each financial year.
Is $50000 A Good Salary?
$50000 is a below-average salary for the average US worker – but it’s important to note that the question should be considered on a far deeper level than that.
Your location, age, industry, and even gender and race, sadly, can deeply affect how a $50,000 annual salary measures up.
To answer this question, we’ll take a look at how this salary stacks up against the overall median income in the US, as well as factors such as age, gender, and location.
Read how much $40,000 is an hour to see how this sum compares. Is £60k A Good Salary in the UK?
$50,000 and the Median Income in the US
According to the US Census Bureau, the overall median income for all households in the US was $69,717, with an average salary of $60,575.
In comparison, $50,000 per year would be considered below the overall median income in the US.
However, it’s important to keep in mind that various factors can influence this number.
$50,000 by Gender and Age
Another way to look at the question of whether $50,000 is a good salary is by considering gender and age.
Women’s median earnings in the US are $36,726, so any woman earning $50,000 is actually earning above average for women.
However, men’s median earnings are $50,391, so a $50,000 annual salary would be considered below average for men.
Age is also a significant factor. Median earnings in the US vary widely by age group, with those between 25-44 years old earning the most at $77,338.
In contrast, those 15-24 years old earn the least at $38,164. Thus, whether $50,000 is considered a good salary or not largely depends on your age.
$50,000 by Location
Finally, the location in which you earn your salary can have a significant impact on whether $50,000 is considered a good salary. In some areas, such as the District of Columbia, where the median earnings are $72,457, a $50,000 salary might not be quite as impressive.
On the other hand, in many other states, $50,000 would be considered an above-average salary.
In fact, in just three states – Massachusetts, Maryland, and New Jersey – (in addition to the District of Columbia), the median earnings are above $50,000.
Anyone living in another state can therefore consider themselves to be above average if they’re taking home a salary of $50,000 per year.
So, is $50,000 a Good Salary?
Ultimately, whether $50,000 is a good salary for you depends on your individual circumstances.
While it might be considered below the overall median income in the US, various factors such as gender, age, and location can greatly influence whether it’s considered a good salary or not.
If you’re earning $50,000 per year and are struggling to make ends meet, consider finding ways to increase your income, reduce your expenses, or create a budget to help you live within your means. We’ve covered a few tips below.
Sample Budgets for $50000 Annually
If you’re currently earning $50,000 and would like to be managing your money a little better, or have been thinking of setting this sum as your goal income to achieve in the next few years, you might find the below sample budgets useful.
These budgets can be used to help you allocate your money more in line with your priorities, identify budget categories that you may be overspending in, and ultimately achieve your financial goals more successfully.
We’ve created a sample budget for someone with no debt, someone paying off debts each month, and for a family of three to see how $50,000 per year might go down.
Sample Budget for a Single Person with No Debt
| Category | Percentage of Income | Monthly Amount |
| Housing | 30% | $1,250 |
| Transportation | 15% | $625 |
| Food and Dining | 10% | $417 |
| Personal and Household Expenses | 10% | $417 |
| Health and Insurance | 10% | $417 |
| Retirement Savings | 10% | $417 |
| Entertainment and Recreation | 5% | $208 |
| Emergency Fund | 5% | $208 |
| Total | 100% | $4,165 |
Sample Budget for a Single Person Paying Off $250 in Debt Each Month
| Category | Percentage of Income | Monthly Amount |
| Housing | 30% | $1,250 |
| Transportation | 15% | $625 |
| Food and Dining | 10% | $417 |
| Personal and Household Expenses | 10% | $417 |
| Health and Insurance | 10% | $417 |
| Retirement Savings | 10% | $417 |
| Entertainment and Recreation | 5% | $208 |
| Debt Payment | 5% | $208 |
| Total | 102% | $4,165 |
Note that in this case, the person is allocating an extra 5% to debt payments to pay off $250 in debt each month, cutting down their emergency fund payment altogether until these debts are paid.
Sample Budget for a Sole Earner in a Family of 3
| Category | Percentage of Income | Monthly Amount |
| Housing | 35% | $1,458 |
| Transportation | 15% | $625 |
| Food and Dining | 12% | $500 |
| Personal and Household Expenses | 10% | $417 |
| Health and Insurance | 10% | $417 |
| Retirement Savings | 10% | $417 |
| Entertainment and Recreation | 5% | $208 |
| Emergency Fund | 3% | $125 |
| Total | 100% | $4,167 |
In this case, the person is responsible for supporting a family of three and has allocated more to housing and food expenses. The emergency fund is also reduced to 3% to allow for more flexible spending in other categories.
Keep in mind that these are just sample budgets, and the exact percentages may vary depending on individual circumstances and financial goals. It’s important to create a budget that works for your specific situation and adjust it as needed over time.
Budgeting Tips No Matter What Salary You Earn
Whether you earn $20,000, $40000 annually, $50,000 or even more each year, it’s always beneficial to practice financial mindfulness and frugality to help ensure your money is being used to it’s full potential (for you and your family!).
Here are a few budgeting tips to get started:
- Set financial goals: Don’t fall into the trap of just living on your salary and not thinking further ahead. Ask yourself, where would you like to be in 5 years?
Would you like to be working towards a promotion, a savings goal, or building a side hustle to move to early retirement or self-employment eventually? Intentional thinking is the foundation of good money habits. - Stay aware of your spending: The budget samples above highlight how easily a $50k salary can be spent, even if you are portioning some of your salaries to savings and retirement funds.
It’s crucial to keep aware of your spending habits by tracking your spending, even intermittently, with a budgeting app or tool. - Practice frugal living: Frugal living isn’t about spending less, it’s about spending smarter. That’s a core value we preach a lot on this website!
Learn how to redirect your money towards the things that serve you most with these fantastic frugal living tips.
Jobs That Pay $50000 Per Year
Here are a few jobs with an average salary of around $50,000, based on data from the Bureau of Labor Statistics (BLS):
- Paralegals and Legal Assistants: $54,500
- Meeting, Convention, and Event Planners: $51,560
- Loan Officers: $53,310
- Computer User Support Specialists: $56,450
- Insurance Sales Agents: $53,890
Source: Bureau of Labor Statistics (BLS), May National Occupational Employment and Wage Estimates.
FAQs
Is $50,000 a good salary?
- Whether $50,000 is a good salary depends on a variety of factors, such as your age, gender, and location. Generally, it’s below the overall median income in the US, but it may be above average in certain situations.
What percentage of my income should I allocate to each budget category?
- The percentage of income you allocate to each budget category will depend on your individual circumstances and financial goals. A common guideline is the 50/30/20 rule, which suggests allocating 50% to needs, 30% to wants, and 20% to savings and debt repayment.
Should I pay off debt or save for retirement?
- It’s important to strike a balance between paying off debt and saving for retirement. Generally, if your debt has a high interest rate, it’s best to focus on paying it off first. Once your debt is under control, you can allocate more towards retirement savings.
How can I make my $50,000 salary go further?
- There are several ways to make your $50,000 salary go further, such as creating a budget and sticking to it, reducing expenses where possible, and finding ways to increase your income, such as through side hustles or negotiating a raise.
Should I invest some of my income?
- Investing some of your income can be a smart way to grow your wealth over time. However, it’s important to understand the risks and do your research before investing. Consider consulting with a financial advisor to help you make informed decisions.
Can I buy a house on a $50,000 salary?
- Whether or not you can buy a house on a $50,000 salary will depend on several factors, such as the cost of living in your area and your debt-to-income ratio. It may be possible to buy a home, but it’s important to carefully consider your financial situation before taking on a mortgage.
More Posts Like This
Wondering how hourly salaries translate into an annual sum? You might be interested in reading more about how $35 an hour compares to the rest of the US, or seeing some sample budgets for how lower salaries such as $20 an hour or $25 an hour can work out.
Conclusion
Earning a salary of $50,000 per year can provide a comfortable standard of living for a single person, but may not be enough to support a family or cover high living costs in certain areas.
By understanding how much you make per hour, day, week, or month, and accounting for taxes and other deductions, you can create a budget and live within your means.
Whether $50,000 is a good salary for you depends on individual circumstances, and it’s important to assess your financial goals and expenses to determine what salary level is adequate for your needs.