How much unemployment will I get if I make $1,200 a week?
If you make $1,200 per week, your unemployment benefit amount will vary from state to state. To set your amount, your state considers several factors, including whether your employer pays into your state’s unemployment program, along with how much money you earned during your base period. While the base period is defined differently by each state, it typically comprises the first four of the last five earning quarters before you applied for benefits.
Below we’ve provided some examples:
New Jersey Unemployment CalculatorSelect your state to calculate your weekly unemployment payment:
$1,200.00 a week is… |
|
| $1,200.00 a week (40 hours) | Income |
| Hourly | $30.00 |
| Daily (8 hours) | $240.00 |
| Biweekly (80 hours) | $2,400.00 |
| Monthly (173 hours) | $5,190.00 |
| Quarterly (3 months) | $15,570.00 |
| Yearly (52 weeks) | $62,400.00 |
How much is $1,200 per week?
If you’re making $1,200 per week, it probably feels pretty good to be earning $200 more than an even $1,000. But do you know what that ends up being on a monthly or annual basis? And how much are you really making every day? Let’s find out with some simple math.
$1,200 a week is how much per hour?
To keep it simple, we’ll use the traditional 40 hour work week. No matter how many hours you work per week, you can plug those numbers into the same formula.
$1,200 per week / 40 hours per week = $30 per hour.
$1,200 per week is $30 per hour.
Wondering how that stacks up against state wages? In California and Washington D.C., minimum wage is right around $15. In Washington state and Massachusetts, it’s a little over $14. In New York, Connecticut, and New Jersey, minimum wage is $13. In many other parts of the country, $30 per hour is three or four times the state minimum wage.
$1,200 a week is how much per month?
In order to answer this question, you need to find your average number of hours worked per month. That can be found by taking our annual work hours…
40 hours per week x 52 weeks = 2080 hours annually
…and then dividing it by the number of months in a year:
2080 hours annually / 12 months = 173 hours per month
Now multiply that by your hourly amount, which we found above:
$30 per hour x 173 hours per month = $5,190
$1,200 per week is $5,190 per month.
This is almost exactly what residents of Los Angeles, California, and Colorado Springs, Colorado are making each month ($5,166.52 and $5,209.52, respectively). This is a good indicator that you would be financially comfortable in these cities.
$1,200 a week is how much per quarter?
Take your monthly income, which we just found, and multiply it by three:
$5,190 per month x 3 months = $15,570
$1,200 per week is $15,570 per quarter.
If you’re living in an area with a cost of living index that matches your income, you should have enough money left over quarterly to comfortably pay for discretional seasonal purchases like some light traveling every three months.
$1,200 a week is how much per year?
Just take 52 weeks and multiply it by your weekly income.
$1,200 per week x 52 weeks = $62,400
$1,200 per week is $62,400 per year.
If you’re wondering how that stacks up, you’re right between the average income in Kansas ($62,087) and Vermont ($63,001). Of course, that doesn’t mean you have to live in those two states if you prefer to live somewhere else. It’s just a good indicator of where the cost of living will fit your salary.
$1,200 a week is how much per day?
How many days a week do you work? And are your work hours the same on each of those days? While the answers to those questions may vary, we will calculate 40 hour work week, 5 days a week (Monday through Friday).
40 hours per week / 5 work days = 8 hours a day
Now factor in your hourly wage.
$30 per hour x 8 hours per day = $240
$12,000 per week is $240 per day.
Another interesting way of looking at it is that on days when you work, you’re making $10 every hour, even when you’re sleeping or not working. Of course, this isn’t really accurate, but it’s fun to conceptualize how your money stretches out over any given period of time.
$1,200 a week is how much biweekly?
Everybody looks forward to payday. Every two weeks, your income will look like this:
$1,200 per week x 2 weeks = $2,400
$1,200 per week is $2,400 biweekly.
In most locations, your biweekly paycheck alone would amply cover your rent, utilities, and car insurance. Alternatively, if you have a mortgage, it might cover your mortgage payment and your utilities. However, generally speaking, you do not want (roughly) half of your monthly income going to housing, but rather no more than 33%.
Buying a Car If You Make $1,200 a Week
How much car can you afford if you make $1,200 a week? Buying a car is a complex process that not only involves financing the vehicle or purchasing it outright, but picking out a car that you like. Most financial pundits suggest that certain expenses should stay under a percentage of your total monthly income.
For instance, housing should cost no more than 33% of your income, as we just mentioned. Car-related expenses should not go above 20% of your income. When you think about it, this is actually a significant percentage. Your home and your car together may take up more than 50% of your income, leaving you with the other half to divvy up between saving for the future, paying for essentials like gas and groceries, and enjoying some entertainment.
So, if you make $1,200 per week and your monthly income is $5,190, your car-related expenses should not go beyond $1,038. You might be raising an eyebrow here because that number seems like three of four times the monthly car payments you will often see touted by dealerships in their promotional materials. But remember: the 20% figure is about all car related expenses, which include paying for car insurance and gas. Now the picture becomes more complicated. How much is gas in your area? How much is car insurance? And how much would it be for your particular type of car?
The average car insurance payment is $136 per month, according to some estimates. And in most locations, most consumers will probably spend around $200 on gas. That leaves you with around $700 per month for your car. Still seems high…but don’t forget that your car will need period repairs. The average American will spend around $400 annually on maintenance and potential repairs. That leaves you with $300 per month to lease or finance a vehicle. Now that you know that, you should discuss your options with the dealership.