Many people accept their current rate, thinking that they get paid according to their skills and potential. Sometimes that is not the case. To make sure you are not exploited, you must know exactly $70,000 a year is how much an hour, and whether you can increase that salary.
70,000 A Year Is How Much An Hour? What Should You Know About Your Hour Rate?
What Is Your Hourly Rate? – 70,000 A Year Is How Much An Hour?
Firstly, let’s get out your contract and review the basic information. If you are working in an hourly position, you should be familiar with some common contract expressions. You can compute hourly rates by dividing your annual basic pay by your total number of working hours. The result of this computation needs rounding to the nearest cent. For biweekly rates, you can multiply your hourly rate above by 80 hours.
For example, if an employee working 40-hour weeks all year round makes $80,000 per year, their hourly rate is exactly $38.46. Vice versa, you may ask if a payment of $22 an hour is how much a year? This hour rate means you can earn a full-time salary of $45,760 per year.
Your hourly rates change according to the total number of working hours weekly, and your annual salary as on contract. Now that you have calculated your current hour rates, do you know why you are paid that much?
What Decides Your Hourly Rates?
As mentioned above, your working hours per week and your total annual basic pay decide your hourly rates. But looking at the big picture, you can see that other elements can influence how much you earn.
First of all, your field of expertise often sets your salary base. Usually, jobs requiring highly-skilled training are better paid than others. In other words, the more complex and specialized your education was, the higher your salary might be. Doctors, lawyers, or nurses normally enjoy better pay than construction workers or taxi drivers.
Being a taxi driver may not make you good money. Source: ycondemand
Another important determinant of your salary is where you are working. In states where your expertise is very sought after, you are more likely to get paid more handsomely. Of course, this is in comparison with the payment you can get if you are in other states where more people have similar or better skills. Hence, you should start researching what is in trend/ in short by going on websites, conferences, or read the following part of our article. However, if you cannot choose your working location, there are ways to improve your salary that we will discuss further below.
70,000 A Year Is How Much An Hour?
To answer that, you should understand that both state and federal labor laws determine the U.S. minimum wage. The minimum wage is the lowest hourly amount you get for your labor.
The Federal Minimum Wage
According to the Federal Fair Labor Standards Act, the states can set their minimum wage rates. However, to protect laborers’ benefits across the country, if these states’ minimum wage rates are higher, they will be adopted instead of the federal minimum wage rate.
70,000 a year is how much an hour? Every dollar counts. Source: Pexels
The federal minimum wage for any laborer in the United States in 2021 is $7.25 per hour, increasing slightly by $0.7 per hour, compared with $6.55 in 2008. In the other words, for a week of 40 working hours, a worker can earn $290, equivalent to about $15,080 annually. In the US, 21 states adopt the federal minimum wage, including Alabama, Georgia, Mississippi, Texas, etc. Meanwhile, only 12 states review and adjust their minimum wage rate every year.
The Federal Minimum Wage is for your reference to know whether you are currently paid according to the United States law. In case you are paid lower than both the State and the Federal minimum wage, you should contact your state’s Labor Department to report your case. You can follow this link to get the full list of state labor offices.
Minimum Wage In Some US States
|State Name||Minimum Wage Rate||Rate Adjusted Yearly|
|Alabama||$7.25 / hour|
|Alaska||$10.34 / hour|
|Arizona||$12.15 / hour||✓|
|Arkansas||$11.00 / hour|
|California||$13.00 / hour|
|Colorado||$12.32 / hour||✓|
|Connecticut||$12.00 / hour|
|Delaware||$9.25 / hour||✓|
|Florida||$8.65 / hour||✓|
|Georgia||$7.25 / hour|
|Hawaii||$10.10 / hour|
|Idaho||$7.25 / hour|
|Illinois||$11.00 / hour|
|Indiana||$7.25 / hour|
|Iowa||$7.25 / hour|
|Kansas||$7.25 / hour|
|Kentucky||$7.25 / hour|
|Louisiana||$7.25 / hour|
|Maine||$12.15 / hour|
|Maryland||$11.75 / hour|
|Massachusetts||$13.50 / hour|
|Michigan||$9.65 / hour|
|Minnesota||$10.08 / hour|
|Mississippi||$7.25 / hour|
|Missouri||$10.30 / hour||✓|
|Montana||$8.75 / hour||✓|
|Nebraska||$9.00 / hour|
|Nevada||$9.75 / hour||✓|
|New Hampshire||$7.25 / hour|
|New Jersey||$12.00 / hour||✓|
|New Mexico||$10.50 / hour|
|New York||$12.50 / hour|
|North Carolina||$7.25 / hour|
|North Dakota||$7.25 / hour|
|Ohio||$8.80 / hour||✓|
|Oklahoma||$7.25 / hour|
|Oregon||$12.00 / hour||✓|
|Pennsylvania||$7.25 / hour|
|Rhode Island||$11.50 / hour|
|South Carolina||$7.25 / hour|
|South Dakota||$9.45 / hour||✓|
|Tennessee||$7.25 / hour|
|Texas||$7.25 / hour|
|Utah||$7.25 / hour|
|Vermont||$11.75 / hour|
|Virginia||$7.25 / hour|
|Washington||$13.69 / hour||✓|
|West Virginia||$8.75 / hour|
|Wisconsin||$7.25 / hour|
|Wyoming||$7.25 / hour|
|Puerto Rico||$6.55 / hour|
|District of Columbia||$15.00 / hour|
Source: “Consolidated State Minimum Wage Update Table”, Jan, 2021. U.S Department of Labor
How To Level Up That Paycheck?
Knowing your exact hourly rates would make you feel relaxed or worried. If your calculations show you are underpaid, there are several ways to resolve that. To improve your current salary, you can seek solutions from both your side and your employer’s. The key is to not give up and keep trying different measures until you are paid satisfactorily.
Most companies would have annual salary reviews to reward and promote high-performing employees. Thus, you can request a meeting with your supervisor and the HR department. Prepare valid arguments for why you get a better salary in the new contract. Then, explain clearly why your current contract is not reflecting your skills and contributions. If this meeting does not work out the way you hope, consider your next options.
Related Content: How Often Should You Get A Raise? – Hints To Persuade Your Manager
Do You Need A Higher Degree?
You have started this position right after college because you need a job as soon as you can. There are study loans to pay, and you are thrilled to work full-time immediately. After a couple of years at the same position with the same salary, it is time you upgraded your skills.
Gaining a higher degree will increase your chance of promotion. Source: Pexels
To do so, you should achieve a higher degree than your previous one in the same field of expertise. It gives you a legit reason for your potential promotion to higher positions. Besides, you can take up management skills courses or a new skill set to support your work in the current field. Many people take up MBA courses for the same reason. Not all of them get promotions immediately, but the management knowledge does open up promising pathways for them.
Hence, if you get stuck in the same position and need a push to reach higher, a higher education degree can be beneficial in the long term. Your employer will review your salary, and your career will slightly take a different direction. Unfortunately, if it scares you to only think about studying further into the same field, it might be a sign for you to change.
Top Jobs For You To Earn A Handsome Income – 70,000 A Year Is How Much An Hour?
Is It High Time For You To Seek A New High-paying Job?
Success stories are meant to inspire people, but sometimes they do the opposite. Not everyone feels encouraged when hearing about how extremely well others are doing. Especially if the successful people have something in common with us, even the slightest, it bothers us.
For instance, our heart becomes a bit heavier when someone has been a millionaire at the same age as ours. Or that an old college friend has made it big in Wall Street’s and has now become a famous angel investor. Such stories make us wonder what we are doing, where our jobs lead us to and sometimes, how unpassionate we are about our current career.
23 An Hour Is How Much A Year?
If you have worked in the same position for more than a year and you are still calculating $23 an hour is how much a year, you don’t really like your job.
Either your handsome hourly rates have motivated you since the beginning, or you are passionate enough about your job to not care about your hourly pay. Some signs can hint that the job is not suitable for you. You have missed these signs accidentally or simply ignore them. In either case, you should start looking for a new inspiring career that pays you well.
We discussed earlier how people with certain skills get paid better than others. The higher the salary, the more stressful the jobs will be. Moreover, such high-paying positions normally deal with great responsibilities, even people’s lives. It is not to scare you, but you should understand your job’s trade-offs.
All in all, your passion for the job is what matters most. Below are some common positions that pay you at least $50 per hour.
With Many Years Of Management, You Can Work As A Marketing Manager.
According to Glassdoor, a Marketing Manager can earn up to $599K per year. This position requires you to plan activities and sales strategies to attract customers. Your responsibilities also include the execution of any plans and promotional activities for your products or services.
You need seven years of experience for a marketing manager position. Source: fremont.edu
Typically, you need to have formal education, normally a Bachelor’s degree, to join the Marketing crew. And to get a promotion to the Marketing Manager position, you need at least seven years of marketing experience. Though it sounds like an eternity, you can actually fulfill that requirement if you are comfortable working in marketing. The field is challenging and exciting, and hence your experience gives you the upper hand.
If You’re A Geek, You May Be Successful In Software Development.
Are you comfortable dealing with computers? Do you spend time upgrading your computer’s hardware systems just for fun? Well, you could be gifted to become a computer specialist.
Though there are several fields in IT, software development is the most popular technology trend globally. Everyone uses software daily, and businesses can’t survive without software for sales and internal management. So how can you become a Software Developer?
Being a software developer requires constant upgrading of your skills. Source: ctfassets
Importantly, you need to have a degree in computer science or software engineering. You can focus on either website application development, mobile application development, or system software development. Whichever stream you choose, besides strong programming skills, you also need other soft skills such as teamwork, communication, problem-solving, etc. A software developer can make on average $50.77 per hour. In fact, the more programming languages or skills you possess, the more you get paid. As the world is increasingly relying on technology, you can expect your hourly rate to rise annually.
You Want To Become A Nurse, But How Much Can You Make Per Hour?
As a qualified nurse practitioner, you can easily find jobs at hospitals, physicians’ offices, or clinics. Despite a high hourly wage of $54.78, a nurse has to deal with a lot of pressure. They have to take long shifts, offering healthcare for patients with different situations.
Therefore, the job is extremely demanding, not only physically but also emotionally. It could be their daily tasks to save someone’s life, and they have to give their best efforts every minute in duty.
According to the 2021 Nurse Salary Guide, Nurse Practitioners in California get paid the highest, at $126,770 for an annual salary. Besides, Alaska also pays its nurse practitioners a handsome wage of $125,140 per year. On the other hand, Nurse Practitioners in Tennessee receive an hourly wage of $45.18, or $93,970 annually. Such a difference!
Being a nurse could be one of the most stressful jobs. Source: nursingcareer
Making $75.12 Per Hour, Being A Dentist Could Be Your Dream Job.
Dentists care for your teeth and anything related to them. In other words, they treat your gum diseases, cleaning your teeth, or even performing some minor surgeries. To be a qualified dentist, you must first fulfill your bachelor’s degree. Then you continue with your dental school for four years and graduate as a qualified dentist. The long training can take some years, but the hefty income would pay off eventually.
According to the Occupational Outlook Handbook released by the U.S. Bureau of Labor Statistics, dentists are paid $159,200 per year on average. The Handbook also predicts that dentists’ job outlook for the decade from 2019 to 2029 would increase by 3%. Since licensure requirements vary by state, dentists must get a license in the state they work.
Dentists are well-paid but require intense training. Source: Pexels
Do you know what job outlook means? Check out this Concise Guide On Job Outlook!
Which Career Enables You To Make $80.87 Per Hour?
The answer is being a co-pilot. And what’s more exciting is that you only need a high school diploma to start off. Yes, no formal degree is required to become a co-pilot. However, you must obtain a pilot’s license to be qualified. As a licensed co-pilot, your responsibilities normally include assisting the captain in navigating a plane during flight. In case of emergencies, you must use your best abilities to ensure all passengers and crew members are safe.
On another note, pilots were among the top 20 highest paying jobs in the United States by the U.S. Bureau of Labor Statistics in 2019. Airline pilots usually start working as first officers – or co-pilot – and level up gradually. The more experience they accumulate, the higher salary they get. Additionally, for every hour they are away from home for work, they receive an expenses allowance, or so-called “per diem”. This amount would be higher, especially in international flights.
If you want to become a pilot, you can check out The Ultimate Revelation Of “How Hard Is It To Become A Pilot?”
If You Don’t Want To Become A Doctor/Nurse, Pharmacist Is Another Suitable Career To Pursue.
Then you can consider becoming a pharmacist. You are responsible for prescribing the most effective and appropriate medicines for your patients. No matter how minor it may be, any mistake can be harmful to your patients and put paid to your career. As a result, pharmacists must complete three years of training in undergraduate studies. Consecutively, they have four more years in pharmacy school to get qualified as a Doctor of Pharmacy.
Becoming a clinical pharmacist is the dream of many. Source: Kendal
The thorough training will equip them to work efficiently as a pharmacist, making roughly $60.64 per hour. Depending on the industries in which pharmacists work, their annual wages differ. The U.S. Bureau of Labor Statistics shows that pharmacists working in general merchandise stores earn $136,320 on average per year.
Meanwhile, pharmacists working from hospitals only get an annual salary of $129,740. The lowest-paid pharmacists are those working in drug stores or pharmacies, with a $125,910 annual paycheck.
–> For further details, let’s look at this Precise Guide on How to Become a Clinical Pharmacist.
Being Full Of Visions And Strategies, Why Aren’t You A Ceo Yet?
There are multiple occasions where you naturally rise up to the leader position and guide the team through troubles. Your mind is speedy with strategies, and you can envision very far ahead. Maybe you were born to become a CEO.
To have enough skills for success, you should take courses in management skills and entrepreneurship. However, it is your leadership skills and experience from lower-level positions that make you a CEO.
At times, CEOs deal with difficulties by themselves. Source: ©dollarphotoclub/alexisdc
Obviously, CEOs are under a lot of stress, but they are paid very well to get over that. A CEO can earn $50.47 per hour in the United States, but it also depends on the industry and business scale. According to the U.S. Bureau of Labor Statistics report about wages in 2019, the best hourly mean wage for Chief Executives belongs to CEOs of the big companies and enterprises. They get $112.83 hourly, while others in Scientific and Technical Consulting services only get $99.81.
After All, Your Pay Rate Is Always Changing – 70,000 A Year Is How Much An Hour?
Though you can endeavor to get promotions in your organization or keep hopping jobs, your pay rate is never still. You have to upgrade yourself with more skills and knowledge or you will wither away. Some take lifetime education and personal improvement very seriously. Others spend time only to calculate 23 an hour is how much a year. Such is the difference, and hence, people with different skill sets and attitudes are never valued the same.
Moreover, your own value is always changing in comparison to the market. With more experience to devote to the organization or less knowledge to apply to your job, our value is rapidly increasing or decreasing. Hence, our hourly rate never remains stable.
If you are paid the same for two consecutive years, there could be two main reasons. Either you don’t perform better despite having more experience, or you are underpaid. You can study further to enhance your expertise, take an MBA for management skills or pursue a new career with better salary prospects.
Have a clear vision of where you want to be, and work hard towards it. Source: Pexels
70,000 A Year Is How Much An Hour? – Our Final Words
Reinhold Niebuhr, one of America’s leading public intellectuals for several decades of the 20th century, said: “Aim for the stars and maybe you’ll reach the sky.” Don’t just ask yourself: 70,000 a year is how much an hour?
Instead, aim for something much higher than that. Ask yourself how to make twice that amount within three years or even sooner. Having bigger dreams will push you to work harder towards them. Eventually, you can outperform yourself without even realizing it.