How much unemployment will I get if I make $500 a week?
For workers earning $500 per week, unemployment benefit amounts will depend on several criteria, as defined by individual states. Your state will consider income and recent work history in order to set an appropriate amount for your weekly benefit payment.
Here are some quick examples of what you might expect, depending on your state:
Idaho Unemployment CalculatorSelect your state to calculate your weekly unemployment payment:
$500.00 a week is… |
|
| $500.00 a week (40 hours) | Income |
| Hourly | $12.50 |
| Daily (8 hours) | $100.00 |
| Biweekly (80 hours) | $1,000.00 |
| Monthly (173 hours) | $2,162.50 |
| Quarterly (3 months) | $6,487.50 |
| Yearly (52 weeks) | $26,000.00 |
How much is $500 a week?
Are you making $500 each week? Have you ever thought about what that means on a monthly, daily, or hourly basis? Other than filling out your tax return or applying for a loan, have you ever really stopped to think about what $500 each week means in terms of living standards? Let’s take a more in-depth look.
$500 a week is how much per hour?
To keep it simple, we’ll use the classic 40 hour work week. While it’s true that on average people work slightly less than that, we’ll stick with a nice even number:
$500 / 40 hours = $12.50 per hour
$500 per week is $12.50 per hour.
In terms of comparing yourself to others, you are making about $5.25 more than the federal minimum wage, but around the actual minimum wage of most states.
$500 a week is how much per month?
Hold your horses…don’t multiply $500 by four. That’s because no month has four weeks exactly. Months are 31 or 30 days, with the odd man out February having 28 (and sometimes 29). In order to truly factor in how much those extra two or three days beyond four weeks accounts for, start like this:
40 hours per week x 52 weeks = 2080 hours annually
2080 hours annually / 12 months = 173 hours per month
Now add your hourly wage to the mix:
$12.50 per hour x 173 hours per month = $2,162.50 per month.
$500 per week is $2,162.50 per month.
$500 a week is how much per quarter?
Speaking of months, every three months there are going to be additional expenses for that particular season. In Q4 (October, November, December) as they call it in business, there is going to be Thanksgiving food and/or travel, along with holiday travel and holiday shopping. In Q2 (springtime) there might be some gardening or remodeling you’d like to do. It’s always good to know how much you are earning per quarter.
$2,162.50 monthly x 3 months = $6,487.50
$500 each week is $6,487.50 per quarter.
$500 a week is how much per year?
There are 52 weeks in a year. You can calculate your annual pay by multiplying $500 by 52.
$500 per week x 52 weeks = $26,000 annually
$500 a week is $26,000 per year.
To put things in some perspective, you are above the federal poverty guidelines for a household of 3 ($23,030) but below the guidelines for a household of 4 ($27,750). And if you’re a household of 2 or even just flying solo, depending on where you live and your spending habits, you could be doing just fine.
$500 a week is how much per day?
You can calculate your daily earnings by multiplying your hourly pay by 8.
To determine your hourly pay, take your weekly pay and divide it by 40.
$500 per week / 40 hours = $12.50 per hour
Next, take your hourly pay and multiply it by 8.
$12.50 per hour x 8 hours per day = $100
$500 a week is $100 a day.
Of course, that’s assuming you work five days a week, and eight hours on those days. Just remember as you commute home that you’re walking away with an even Benjamin.
$500 a week is how much biweekly?
If you get a direct deposit to your bank account every two weeks, you may want to calculate your biweekly pay. Fortunately, all you need to do is multiply your weekly wage by two.
$500 per week x 2 weeks = $1,000
$500 a week is $1,000 biweekly.
A clean and even grand… Keep in mind, however, that if taxes have not been taken out, that number is actually going to be 7.65% less due to FICA taxes, for $923.50.
Where To Live in the U.S. If You Make $500 a Week
If you make $500 a week, the main cost you need to consider is housing, for multiple reasons. Housing is going to be your single biggest expense (if it’s not, you’ve got some refinancing and rethinking to do). Experts recommend that housing costs go above no more than 33% of your income. That means for every dollar you make, no more than three dimes and three pennies should be going toward your rent.
In this case, after FICA taxes, you’re looking at $1,998 of income every month. And 33% of that means no more than $660 on your rent. However, that is going to put you in a tight spot no matter what state you’re in unless you can get a little scrappy with it. For instance, Wichita Kansas has the lowest average rent in the nation among urban areas, at $719 per month. The next cheapest urban area, St. Louis, Missouri, has an average rent of $1,296.
Of course, it only goes up from there. But what if you don’t have to live in an urban area? What if you want to live in a smaller town, the suburbs, or the country? In Arkansas, Missouri (outside of Saint Louis), Kentucky, Nebraska, Kansas (outside of Wichita), and a dozen other states, you can easily get a one bedroom apartment that fits within your budget. The key is to stay away from more costly markets, which are typically going to be urban areas.
Another option is to stretch yourself beyond the 33% number, but this is going to make things complicated. For instance, if you make $500 a week, you could get a one bedroom apartment in California for about $1,200 per month (on average), but that would leave you with just $700 left for everything else (which is tight). However, if you don’t have any debt, you don’t drive, and you take advantage of federal programs like SNAP food stamps, you could probably swing it and have money left over for Netflix and Chinese takeout.
Expenses for food and gas (if you do drive) are also important considerations. In Hawaii, the monthly food costs average $566 per person, while in New Hampshire, they run around just $183. The good news is that at $500 per week, you’re not going to have to worry about which states have the highest and lowest income tax since your annual income is going to net you a tax refund anyway.