$8 an Hour is $16,640 a Year

Is $8 an hour good money in 2024?

At $8 per hour ($16,640 annually), this wage isbelow averagefor most U.S. locations. While this wage meets minimum requirements, you may want to explore career advancement opportunities for higher earning potential.

How much is $8 an hour monthly after taxes?

While your pre-tax monthly income is $1,386.667, your take-home pay will be approximately $1,040 to $1,109.333, depending on your tax bracket, state of residence, and deductions. Factors affecting your net pay include:

• Federal income tax bracket
• State and local taxes
• Social Security and Medicare (FICA) taxes
• Healthcare and retirement contributions

How much vacation time can I afford at $8 per hour?

With a weekly income of $320, each week of unpaid vacation would cost you this amount. To maintain financial stability, consider saving:

• $640 for a 2-week vacation
• $1,280 for a 4-week vacation fund
• Additional funds for travel expenses and activities

What jobs typically pay $8 an hour?

Jobs that commonly pay around $8 per hour include:

• Entry-level retail positions
• Food service workers
• Customer service representatives
• Administrative assistants

How much is overtime pay at $8 hourly?

At $8 per hour, overtime rates are:

• Time and a half (1.5×): $12 per hour
• Double time (2×): $16 per hour
• Weekly overtime (8 hours): Additional $96
• Monthly overtime potential: Up to $384 (8 hours/week)

What's the equivalent salary for part-time work at $8/hour?

Here's what you'd earn at different part-time hours:

• 10 hours/week: $4,160 yearly
• 20 hours/week: $8,320 yearly
• 25 hours/week: $10,400 yearly
• 30 hours/week: $12,480 yearly

How does $8/hour compare to minimum wage?

At $8 per hour, this rate is 1.1× the federal minimum wage ($7.25). Some states and cities have higher minimum wages, often $12-15 per hour.