How much unemployment will I get if I make $10 an hour?
Recently lost your job? Find out how much unemployment benefit payments you can get if you make $10 per hour. Each state sets their own rules about unemployment benefits. The amount of money you will receive, and for how long, depend on where you live.
Check out these examples of state unemployment benefits:
Utah Unemployment Calculator
Select your state to calculate your weekly unemployment payment:
$10.00 an hour is… |
|
| $10.00 an hour | Income |
| Daily (8 hours) | $80.00 |
| Weekly (40 hours) | $400.00 |
| Biweekly (80 hours) | $800.00 |
| Monthly (173 hours) | $1,730.00 |
| Quarterly (3 months) | $5,190.00 |
| Yearly (52 weeks) | $20,800.00 |
How much is $10 per hour?
Hourly wage is one of the most vital stats of any job. But what exactly does your hourly rate mean in the long term? Is $10 per hour enough to live on?
$10 per hour is how much per month?
To calculate $10 per hour into a monthly wage, you need to know how many hours you’re actually working each month. As it turns out, 40 hours a week equals 173 hours a month. How did we get this number? To figure that out in a way that applies to most readers, we’re going to take the standard 40 hour work week and multiply it by 52 weeks, then divide it by 12 months.
40 x 52 = 2080
2080 / 12 = 173
You are working approximately 173 hours each month (because no month is exactly four weeks). Now you’re going to apply your hourly rate…
173 x $10 = $1,730 per month
If you make $10 an hour, $1,730 is your monthly salary.
$10 an hour is how much per week?
Taking the standard 40 hour work week, we see that…
40 hours x $10 = $400 per week
You’re taking $400 home each week if you make $10 per hour.
$10 an hour is how much per year?
Taking your $400 weekly income and multiplying it by 52 weeks in the year, we get…
$400 x 52 = $20,800 per year
$20,800 per year is the number you’ll put down on your tax return, minus any FICA taxes that have already come out of your paycheck.
$10 an hour is how much per day?
This number is interesting because it helps you see how much money you’re taking home at the end of the day. To figure out this number, we’re going to use the standard 5-day work week, which means about 8 hours of working time each day.
$10 x 8 hours = $80 per day
As you drive away from work (or take public transit) you can reflect on the fact that you’ve accomplished about $80 of something today.
$10 an hour is how much per quarter?
A quarter is every three months. Quarters are typically used in business to assess progressive performance—for example, how well a business does in the fall versus how well it did in the spring. On an individual level, people can use quarters to gauge their progress towards bigger financial goals or periodic expenses like holiday shopping or summer vacation.
173 hours x $10 = $1,730 per month
$1,730 x 3 months = $5,190 per quarter
If you earn $10 per hour, your quarterly salary is $5,190.
$10 an hour is how much biweekly?
Biweekly means every other week. If you’re like most Americans, this is your typical pay period, at the end of which you get your paycheck. To calculate your biweekly pay, simply multiply your weekly pay by 2. That paycheck will look something like this:
40 hours x $10 = $400 per week
$400 x 2 = $800 biweekly
10 dollars per hour = $800 biweekly
Example Budget If You Make $10 per Hour
One thing to take into consideration is how much in taxes will be taken out of your paycheck. For the sake of simplicity, let’s assume that you’re walking away with $10 per hour after taxes. But if you are not, you will need to adjust all the figures that follow accordingly.
The point of budgeting is to make sure you don’t spend more than you make. And you shouldn’t rely on credit cards to do so, because that can quickly snowball into a mountain of debt before you realize it. The key to making your income work for you. Whether you’re making six figures a year or $20,800 a year, make sure you spend less than you earn. This way you can save for the future and let your money will grow.
Generally speaking, your housing costs should take up no more than 33% of your income. If you’re making $10 and therefore $1,730 each month, your housing costs should not total more than $600. This number most likely indicates a studio or perhaps a one bedroom apartment in a more affordable area. Alternatively, it may mean renting a room or sharing a home or apartment with roommates or a significant other who is also working. Whatever the case may be, anytime you put your housing costs above 33% of your income, you are going to start putting strain on your budget in other areas.
The remaining $900 is going to need to be allocated among wants and needs. Needs include things like food, utilities, and consumer staples (like toilet paper and bath products). Part of the secret to budgeting successfully is to avoid making needs into wants. For example, you are going to need soap, shampoo, and conditioner. But do you need a $40 bottle of Gucci body wash, or a $2 bottle of Irish Spring? The more you can trim the fat and keep your needs as needs, the more you will have for wants. For example, if you put aside the $40 Gucci body wash and buy a $2 bottle of Irish Spring, you may have $38 left over for a date, which might include dinner out and renting a movie. As you can see, budgeting is a constant activity.
Some personal finance gurus have suggested that $60 to $80 is sufficient for a single person to spend on groceries each week. But how much will they spend on household goods like toilet paper and soap? Perhaps a good rule of thumb is to try and keep your spending in these areas at or around 20% of your total income each month. In this case, you’re looking at $346.
If you earn 10 dollars an hour and budget this way, the remaining $748 of your income will need to cover any fixed expenses you have like a car loan, utilities, and insurance. The lower you can make these numbers, the better as well. One way to do that is by periodically refinancing any debt you have, like an auto loan. Always try to put 10% of your income away each month – not into a piggy bank or savings account even, but into a place where it can grow for the future, such as a brokerage account. If your workplace cannot set this up for you, there are apps like Acorns that can, in addition to rounding off your spare change and depositing it for future growth.
Comments are closed.