How the number is calculated
$31 × 40 hours × 52 weeks = $64,480
A full-time US job is usually counted as 40 hours a week and 52 weeks a year, or 2,080 paid hours. Multiplying $31 by 2,080 gives the gross yearly pay. If your two weeks of vacation are unpaid, use 50 weeks instead: $62,000 a year.
$31 an hour at different schedules
| Hours a week | Weekly | Monthly | Yearly |
|---|---|---|---|
| 20 hours | $620.00 | $2,686.67 | $32,240 |
| 25 hours | $775.00 | $3,358.33 | $40,300 |
| 30 hours | $930.00 | $4,030.00 | $48,360 |
| 32 hours | $992.00 | $4,298.67 | $51,584 |
| 35 hours | $1,085.00 | $4,701.67 | $56,420 |
| 37.5 hours | $1,162.50 | $5,037.50 | $60,450 |
| 40 hours | $1,240.00 | $5,373.33 | $64,480 |
| 45 hours | $1,395.00 | $6,045.00 | $72,540 |
| 50 hours | $1,550.00 | $6,716.67 | $80,600 |
Overtime at $31 an hour
Under the federal Fair Labor Standards Act, non-exempt employees earn at least 1.5 times their regular rate for hours over 40 in a workweek. At $31 an hour, that is $46.50 per overtime hour. Five overtime hours a week add $232.50 a week, or about $12,090 a year.
A 50/30/20 budget on $31 an hour
The 50/30/20 rule splits take-home pay into needs, wants and savings. Taxes depend on your state, filing status and benefits, so the split below uses gross pay of $5,373 a month as a starting point. Use the 50/30/20 budget calculator with your actual take-home pay.
| Category | Share | Monthly (gross) |
|---|---|---|
| Needs | 50% | $2,687 |
| Wants | 30% | $1,612 |
| Savings and debt | 20% | $1,075 |
$31 an hour is 4.3 times the federal minimum wage of $7.25. Many states and cities set a higher minimum, so check your state labor department for the local rate.
Want a different rate or schedule? Try the salary to hourly calculator.