Quick Answer
The annual salary for someone making $15.50 per hour and working 40 hours per week would be $32,240. This is calculated by multiplying the hourly rate of $15.50 by 40 hours per week to get the weekly salary of $620. Then multiply the weekly salary by 52 weeks per year to get the annual salary of $32,240.
Hourly Wage Calculation
The starting point for calculating an annual salary from an hourly wage is to understand how to calculate pay for a single hour of work. If someone is paid $15.50 per hour, that means for each hour they work, they earn $15.50.
So if this person worked 1 hour, they would earn:
$15.50 x 1 hour = $15.50
If they worked 5 hours, they would earn:
$15.50 x 5 hours = $77.50
And if they worked 10 hours, they would earn:
$15.50 x 10 hours = $155
This demonstrates that to calculate pay for any number of hours, you simply multiply the hourly rate by the number of hours worked.
Weekly Salary Calculation
Now that we know how to calculate hourly pay, we can expand this to calculate a weekly salary. If someone working 40 hours per week at $15.50 per hour, their weekly pay would be calculated as:
$15.50 x 40 hours = $620
So for a full 40 hour work week, their gross weekly earnings would be $620.
To break this down:
– Hourly rate: $15.50
– Hours worked per week: 40
– To get pay for 1 hour: $15.50 x 1 hour = $15.50
– For 10 hours: $15.50 x 10 hours = $155
– For 20 hours: $15.50 x 20 hours = $310
– For 40 hours (full week): $15.50 x 40 hours = $620
So when this person works a full 40 hour work week at $15.50 per hour, their gross weekly pay is $620.
Annual Salary Calculation
Now that we know how to calculate the weekly pay, we can use that to calculate the annual salary. There are 52 weeks in a year (roughly – some years have 53 weeks).
To calculate the annual salary, we take the weekly salary and multiply it by the number of weeks in a year.
For someone making $620 per week:
Weekly salary = $620
Weeks per year = 52
Annual salary = Weekly salary x Weeks per year
= $620 x 52
= $32,240
So based on a $15.50 hourly rate at 40 hours per week, the annual salary would be $32,240.
To summarize the full calculation:
– Hourly rate: $15.50
– Hours per week: 40
– Weekly salary: Hourly rate x Hours per week
= $15.50 x 40
= $620
– Weeks per year: 52
– Annual salary: Weekly salary x Weeks per year
= $620 x 52
= $32,240
Therefore, the annual salary for someone earning $15.50 per hour and working 40 hours per week is $32,240.
Impact of Hours Worked Per Week
It’s important to note that the annual salary calculation is highly dependent on the number of hours worked per week.
The more hours worked, the higher the weekly pay will be, resulting in a higher annual salary. The table below illustrates how the annual pay changes based on hours worked per week at a rate of $15.50 per hour:
| Hours Per Week | Weekly Salary | Annual Salary |
| 20 | $310 | $16,120 |
| 30 | $465 | $24,180 |
| 40 | $620 | $32,240 |
| 50 | $775 | $40,300 |
This table shows that working more hours results in a higher annual salary at the same $15.50 hourly rate. So when estimating an annual salary from an hourly wage, be sure to consider the number of hours the person will work per week.
Accounting for Overtime
Another factor that can impact annual salary calculations is overtime pay. By law, hourly employees must be paid 1.5 times their regular hourly wage for any hours worked over 40 in a week.
So in our example, if the person worked 45 hours in a week, the pay would be:
– 40 hours at regular rate of $15.50 per hour
– 5 hours at overtime rate of 1.5 x $15.50 = $23.25 per hour
40 hours at $15.50 per hour = $620
5 hours at $23.25 per hour = $116.25
Total weekly pay = $620 + $116.25 = $736.25
For 45 hour weeks, the annual salary would be:
Weekly pay at 45 hours = $736.25
Weeks per year = 52
Annual salary = $736.25 x 52 = $38,285
So with 5 hours of overtime each week, the annual salary at this hourly rate would increase from $32,240 to $38,285. Any overtime hours worked must be accounted for in the annual pay calculations.
Conclusion
Calculating an annual salary from an hourly wage requires:
– Knowing the hourly pay rate
– Multiplying the hourly rate by 40 to calculate weekly salary for a regular 40 hour work week
– Multiplying the weekly salary by 52 weeks to get the annual salary
– Accounting for any overtime hours worked by calculating them at 1.5 times the hourly rate
For someone making $15.50 per hour and working 40 hours per week, their annual salary would be:
Hourly rate: $15.50
Weekly salary: $15.50 x 40 hours = $620
Annual salary: $620 x 52 weeks = $32,240
If they worked overtime hours, the annual salary would be higher than $32,240. When making annual salary calculations from an hourly wage, be sure to consider all the factors that impact weekly earnings.