$8.5 an Hour is $17,680 a Year

Is $8.5 an hour good money in 2024?

At $8.5 per hour ($17,680 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 $8.5 an hour monthly after taxes?

While your pre-tax monthly income is $1,473.333, your take-home pay will be approximately $1,105 to $1,178.667, 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 $8.5 per hour?

With a weekly income of $340, each week of unpaid vacation would cost you this amount. To maintain financial stability, consider saving:

• $680 for a 2-week vacation
• $1,360 for a 4-week vacation fund
• Additional funds for travel expenses and activities

What jobs typically pay $8.5 an hour?

Jobs that commonly pay around $8.5 per hour include:

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

How much is overtime pay at $8.5 hourly?

At $8.5 per hour, overtime rates are:

• Time and a half (1.5×): $12.75 per hour
• Double time (2×): $17 per hour
• Weekly overtime (8 hours): Additional $102
• Monthly overtime potential: Up to $408 (8 hours/week)

What's the equivalent salary for part-time work at $8.5/hour?

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

• 10 hours/week: $4,420 yearly
• 20 hours/week: $8,840 yearly
• 25 hours/week: $11,050 yearly
• 30 hours/week: $13,260 yearly

How does $8.5/hour compare to minimum wage?

At $8.5 per hour, this rate is 1.2× the federal minimum wage ($7.25). Some states and cities have higher minimum wages, often $12-15 per hour.