# \$66 an Hour is How Much a Year? Before and After Taxes

In today’s economy, an hourly wage of \$66 is considered a decent pay rate for many occupations. But what exactly could you earn annually, monthly, and weekly when making \$66 per hour? In this article, we’ll break down the potential full-time and part-time salaries for \$66/hour before and after taxes.

We’ll look at how unpaid time off can impact your total yearly earnings at this hourly rate. We’ll also calculate your estimated take-home pay by converting \$66/hour into yearly, monthly, biweekly, and weekly salaries after taxes. Additionally, we’ll evaluate if \$66/hour is a good wage compared to national averages and pay for common jobs. We’ll determine if it’s possible to live comfortably on \$66/hour alone or if extra income may be needed. With rising inflation, we’ll assess how the buying power of \$66/hour stacks up over time. Finally, we’ll provide tips to increase your pay if you currently earn less than \$66/hour. By the end, you’ll know exactly what to expect annually and for your purchasing power when earning \$66 per hour.

## Convert \$66 Per Hour to Weekly, Monthly, and Yearly Salary

Input your wage and hours per week to see how much you’ll make monthly, yearly and more.

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### \$66 an Hour is How Much a Year?

If you make \$66 an hour, your yearly salary would be \$137,280. We calculate your annual income based on 8 hours per day, 5 days per week and 52 weeks in the year.

Hours worked per week (40) x Hourly wage(\$66) x Weeks worked per year(52) = \$137,280

### \$66 an Hour is How Much a Month?

If you make \$66 an hour, your monthly salary would be \$11,440. We calculated this number by dividing your annual income by 12 months.

Hours worked per week (40) x Hourly wage(\$66) x Weeks worked per year(52) / Months per Year(12) = \$11,440

### \$66 an Hour is How Much Biweekly?

If you make \$66 an hour, your biweekly salary would be \$5,280.

Hours worked per week (40) x Hourly wage(\$66) x 2 = \$5,280

### \$66 an Hour is How Much a Week?

If you make \$66 an hour, your weekly salary would be \$2,640. Calculating based on 5 days per week and 8 hours each day.

Hours worked per week (40) x Hourly wage(\$66) = \$2,640

### \$66 an Hour is How Much a Day?

If you make \$66 an hour, your daily salary would be \$528. We calculated your daily income based on 8 hours per day.

Hours worked per day (8) x Hourly wage(\$66) = \$528

## \$66 an Hour is How Much a Year?

The basic formula to calculate your annual salary from an hourly wage is:

Hourly Rate x Hours Worked per Week x Number of Weeks Worked per Year = Annual Salary

So for a \$20 per hour job:

\$66 per hour x 40 hours per week x 52 weeks per year = \$137,280

However, this simple calculation makes some assumptions:

• You will work 40 hours every week of the year
• You will not get any paid time off

Therefore, it represents your earnings if you worked every week of the year, without any vacation, holidays, or sick days.

Accounting for Paid Time Off

The \$137,280 base salary does not yet factor in paid time off (PTO). Let’s assume the job provides:

• 2 weeks (10 days) paid vacation
• 6 paid holidays
• 3 paid sick days

This totals 19 paid days off, or nearly 4 weeks of PTO.

Importantly, this paid time off should not be deducted from the annual salary, since you still get paid for those days.

So with 4 weeks PTO, the annual salary would remain \$137,280 .

## Part time \$66 an hour is How Much a Year?

Your annual income changes significantly if you work part-time and not full-time.

For example, let’s say you work 25 hours per week instead of 40. Here’s how you calculate your new yearly total:

\$66 per hour x 25 hours per week x 52 weeks per year = \$85,800

By working 15 fewer hours per week (25 instead of 40), your annual earnings at \$66 an hour drop from \$137,280 to \$85,800.

That’s a \$51,480 per year difference just by working part-time!

Here’s a table summarizing how your annual earnings change depending on how many hours you work per week at \$66 an hour:

Hours Per Week Earnings Per Week Annual Earnings
40 \$2,640 \$137,280
35 \$2,310 \$120,120
30 \$1,980 \$102,960
25 \$1,650 \$85,800
20 \$1,320 \$68,640
15 \$990 \$51,480

The more hours per week, the higher your total yearly earnings. But part-time work allows for more life balance if you don’t need the full salary.

## \$66 an Hour With Overtime is How Much a Year?

Now let’s look at how overtime can increase your annual earnings.

Overtime kicks in once you work more than 40 hours in a week. Typically, you earn 1.5x your regular hourly wage for overtime hours.

So if you make \$66 per hour normally, you would make \$99 per hour for any hours over 40 in a week.

Here’s an example:

• You work 45 hours in a Week
• 40 regular hours paid at \$66 per hour = \$2,640
• 5 overtime hours paid at \$99 per hour = \$495
• Your total one Week earnings =\$2,640 + \$495 = \$3,135

If you worked 45 hours each week for 52 weeks, here’s how your annual earnings increase thanks to overtime pay:

\$3,135 per week x 52 weeks per year = \$163,020

That’s \$25,740 more than you’d earn working just 40 hours per week at \$66 an hour.

Overtime can add up! But also consider taxes and work-life balance when deciding on extra hours.

Here’s a table summarizing how your annual earnings change depending on how many hours you work per week at \$66 an hour:

 Overtime hours per work day Hours Per Week Earnings Per Week Annual Earnings 0 40 \$2,640 \$137,280 1 45 \$3,135 \$163,020 2 50 \$3,630 \$188,760 3 55 \$4,125 \$214,500 4 60 \$4,620 \$240,240 5 65 \$5,115 \$265,980 6 70 \$5,610 \$291,720 7 75 \$6,105 \$317,460

## How Unpaid Time Off Impacts \$66/Hour Yearly Earnings

So far we’ve assumed you work 52 paid weeks per year. Any unpaid time off will reduce your total income.

For example, let’s say you take 2 weeks of unpaid leave. That brings your paid weeks down to 50:

Hours worked per week (40) x Hourly wage(\$66) x Weeks worked per year(50) = \$132,000 annual salary

With 2 weeks unpaid time off, your annual earnings at \$66/hour would drop by \$5,280.

The table below summarizes how your annual income changes depending on the number of weeks of unpaid leave.

 Weeks of unpaid leave Paid weeks per year Earnings Per Week Annual Earnings 0 52 \$2,640 \$137,280 1 51 \$2,640 \$134,640 2 50 \$2,640 \$132,000 3 49 \$2,640 \$129,360 4 48 \$2,640 \$126,720 5 47 \$2,640 \$124,080 6 46 \$2,640 \$121,440 7 45 \$2,640 \$118,800

## Key Takeaways for \$66 Hourly Wage

In summary, here are some key points on annual earnings when making \$66 per hour:

• At 40 hours per week, you’ll earn \$137,280 per year.
• Part-time of 30 hours/week results in \$102,960 annual salary.
• Overtime pay can boost yearly earnings, e.g. \$25,740 extra at 45 hours/week.
• Unpaid time off reduces your total income, around \$5,280 less per 2 weeks off.
• Your specific situation and location impacts taxes and PTO.

Knowing your approximate annual salary and factors impacting it makes it easier to budget and plan your finances. The next step is calculating take-home pay after deductions like taxes.

## \$66 An Hour Is How Much A Year After Taxes

Figuring out your actual annual earnings based on an hourly wage can be complicated once taxes are taken into account. In addition to federal, state, and local income taxes, 7.65% of your gross pay also goes to Social Security and Medicare through FICA payroll taxes. So how much does \$66 an hour equal per year after FICA and income taxes are deducted from your gross pay?

Below we’ll walk through the steps to calculate your annual net take home pay if you make \$66 per hour. This will factor in estimated federal, FICA, state, and local taxes so you know exactly what to expect.

### Factoring in Federal Income Tax

Your federal income tax will be a big chunk out of your gross pay. Federal tax rates range from 10% to 37%, depending on your tax bracket.

To estimate your federal income tax rate and liability:

Look up your federal income tax bracket based on your gross pay.

2023 tax brackets: single filers

Tax rate Taxable income bracket Tax owed
10% \$0 to \$11,000. 10% of taxable income.
12% \$11,001 to \$44,725. \$1,100 plus 12% of the amount over \$11,000.
22% \$44,726 to \$95,375. \$5,147 plus 22% of the amount over \$44,725.
24% \$95,376 to \$182,100. \$16,290 plus 24% of the amount over \$95,375.
32% \$182,101 to \$231,250. \$37,104 plus 32% of the amount over \$182,100.
35% \$231,251 to \$578,125. \$52,832 plus 35% of the amount over \$231,250.
37% \$578,126 or more. \$174,238.25 plus 37% of the amount over \$578,125.

For example, if you are single with \$137,280 gross annual pay, your federal tax bracket is 24%.

Your estimated federal tax would be:

\$16,290 + (\$137,280 – \$95,376) x 24% = \$26,346.96

So at \$66/hour with \$137,280 gross pay, you would owe about \$26,346.96 in federal income taxes.

### Considering State Income Tax

In addition to federal tax, most states also charge a state income tax. State income tax rates range from about 1% to 13%, with most falling between 4% and 6%.

Key Takeaways

• California, Hawaii, New York, New Jersey, and Oregon have some of the highest state income tax rates.
• Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming don’t impose an income tax at all.
• Another 10 U.S states have a flat tax rate—everyone pays the same percentage regardless of how much they earn.

A State-by-State Comparison of Income Tax Rates

STATE TAX RATES LOWEST AND HIGHEST INCOME BRACKETS
Florida 0% None
South Dakota 0% None
Tennessee 0% None
Texas 0% None
Washington 0% None
Wyoming 0% None
Colorado 4.55% Flat rate applies to all incomes
Illinois 4.95% Flat rate applies to all incomes
Indiana 3.23% Flat rate applies to all incomes
Kentucky 5% Flat rate applies to all incomes
Massachusetts 5% Flat rate applies to all incomes
New Hampshire 5% Flat rate on interest and dividend income only
North Carolina 4.99% Flat rate applies to all incomes
Pennsylvania 3.07% Flat rate applies to all incomes
Utah 4.95% Flat rate applies to all incomes
Michigan 4.25% Flat rate applies to all incomes
Arizona 2.59% to 4.5% \$27,806 and \$166,843
Arkansas 2% to 5.5% \$4,300 and \$8,501
California 1% to 13.3% \$9,325 and \$1 million
Connecticut 3% to 6.99% \$10,000 and \$500,000
Delaware 0% to 6.6% \$2,000 and \$60,001
Alabama 2% to 5% \$500 and \$3,001
Georgia 1% to 5.75% \$750 and \$7,001
Hawaii 1.4% to 11% \$2,400 and \$200,000
Idaho 1.125% to 6.5% \$1,568 and \$7,939
Iowa 0.33% to 8.53% \$1,743 and \$78,435
Kansas 3.1% to 5.7% \$15,000 and \$30,000
Louisiana 1.85% to 4.25% \$12,500 and \$50,001
Maine 5.8% to 7.15% \$23,000 and \$54,450
Maryland 2% to 5.75%  \$1,000 and \$250,000
Minnesota 5.35% to 9.85% \$28,080 and \$171,221
Mississippi 0% to 5% \$5,000 and \$10,001
Missouri 1.5% to 5.3% \$1,121 and \$8,968
Montana 1% to 6.75% \$2,900and \$17,400
Nebraska 2.46% to 6.84% \$3,340 and \$32,210
New Jersey 1.4% to 10.75% \$20,000 and \$1 million
New Mexico 1.7% to 5.9% \$5,500 and \$210,000
New York 4% to 10.9% \$8,500 and \$25 million
North Dakota 1.1% to 2.9% \$41,775 and \$458,350
Ohio 0% to 3.99% \$25,000 and \$110,650
Oklahoma 0.25% to 4.75% \$1,000 and \$7,200
Oregon 4.75% to 9.9% \$3,750 and \$125,000
Rhode Island 3.75% to 5.99% \$68,200 and \$155,050
South Carolina 0% to 7% \$3,110 and \$15,560
Vermont 3.35% to 8.75% \$42,150 and \$213,150
Virginia 2% to 5.75% \$3,000 and \$17,001
Washington, D.C. 4% to 9.75% \$10,000 and \$1 million
West Virginia 3% to 6.5% \$10,000 and \$60,000
Wisconsin 3.54% to 7.65% \$12,760 and \$280,950

To estimate your state income tax:

Look up your state income tax rate based on your gross pay and filing status.

Multiply your gross annual pay by the state tax rate.

For example, if you live in Pennsylvania which has a flat 3.07% tax rate, your estimated state tax would be:

\$137,280 gross pay x 3.07% PA tax rate = \$4,214.50 estimated state income tax

So with \$137,280 gross annual income, you would owe around \$4,214.50 in Pennsylvania state income tax. Make sure to check your specific state’s rates.

### Factoring in Local Taxes

Some cities and counties levy local income taxes ranging from 1-3% of taxable income.

To estimate potential local taxes you may owe:

• Check if your city or county charges a local income tax.
• If yes, look up the local income tax rate.
• Multiply your gross annual pay by the local tax rate.

For example, say you live in Columbus, OH which has a 2.5% local income tax. Your estimated local tax would be:

\$137,280 gross pay x 2.5% local tax rate = \$3,432 estimated local tax

So with \$137,280 in gross earnings, you may owe around \$3,432 in Columbus local income taxes. Verify rates for your own city/county.

### Accounting for FICA Taxes (Social Security & Medicare)

FICA taxes are a combination of Social Security and Medicare taxes that equal 15.3% of your earnings. You are responsible for half of the total bill (7.65%), which includes a 6.2% Social Security tax and 1.45% Medicare tax on your earnings.

In 2023, only the first \$160,200 of your earnings are subject to the Social Security tax

There is an additional 0.9% surtax on top of the standard 1.45% Medicare tax for those who earn over \$200,000 (single filers) or \$250,000 (joint filers).

To estimate your FICA tax payment:

\$137,280 x 6.2% + \$137,280 x 1.45% = \$10,501.92

So you can expect to pay about \$10,501.92 in Social Security and Medicare taxes out of your gross \$137,280 in earnings.

### Total Estimated Tax Payments

Based on the examples above, your total estimated tax payments would be:

Federal tax: \$26,346.96

State tax: \$4,214.50

Local tax: \$3,432

FICA tax: \$10,501.92

Total Estimated Tax: \$44,495.38

### Calculating Your Take Home Pay

To calculate your annual take home pay at \$66 /hour:

2. Subtract your estimated total tax payments

\$137,280 gross pay – \$44,495.38 Total Estimated Tax = \$92,784.62 Your Take Home Pay

n summary, if you make \$66 per hour and work full-time, you would take home around \$92,784.62 per year after federal, state, local , FICA taxes.

Your actual net income may vary depending on your specific tax situation. But this gives you a general idea of what to expect.

## Convert \$66 Per Hour to Yearly, Monthly, Biweekly, and Weekly Salary After Taxes

If you make \$66 an hour and work full-time (40 hours per week), your estimated yearly salary would be \$137,280 .

The \$137,280 per year salary does not account for taxes. Federal, state, and local taxes will reduce your take-home pay. The amount withheld depends on your location, filing status, dependents, and other factors.

Just now during our calculation of \$66 An Hour Is How Much A Year After Taxes, we assumed the following conditions:

• You are single with \$137,280 gross annual pay, your federal tax bracket is 24 %.
• You live in Pennsylvania which has a flat 3.07% tax rate
• You live in Columbus, OH which has a 2.5% local income tax.

In the end, we calculated your Total Estimated Tax is \$44,495.38 , Your Take Home Pay is \$92,784.62 , Total tax rate is 32.41%.

So next we’ll use 32.41% as the estimated tax rate to calculate your weekly, biweekly, and monthly after-tax income.

### \$66 Per Hour to Yearly, Monthly, Biweekly, Weekly,and Week Salary After Taxes Table

 Income before taxes Estimated Tax Rate Income Taxes After Tax Income Yearly Salary \$137,280 32.41% \$44,495.38 \$92,784.62 Monthly Salary \$11,440 32.41% \$3,707.95 \$7,732.05 BiWeekly Salary \$5,280 32.41% \$1,711.36 \$3,568.64 Weekly Salary \$2,640 32.41% \$855.68 \$1,784.32

### \$66  an hour is how much a year after taxes

Here is the adjusted yearly salary after a 32.41% tax reduction:

• Yearly salary before taxes: \$137,280
• Estimated tax rate: 32.41%
• Taxes owed (32.41% * \$137,280 )= \$44,495.38
• Yearly salary after taxes: \$92,784.62
Hourly Wage Hours Worked Per Week Weeks Worked Per Year Total Yearly Salary Estimated Tax Rate Taxes Owed After-Tax Yearly Salary
\$66 40 52 \$137,280 32.41% \$44,495.38 \$92,784.62

### \$66 an hour is how much a month after taxes

To calculate the monthly salary based on an hourly wage, you first need the yearly salary amount. Then divide by 12 months.

• Yearly salary before taxes at \$66 per hour: \$137,280
• Divided by 12 months per year: \$137,280 / 12 = \$11,440 per month

The monthly salary based on a 40 hour work week at \$66 per hour is \$11,440 before taxes.

After applying the estimated 32.41% tax rate, the monthly after-tax salary would be:

• Monthly before-tax salary: \$11,440
• Estimated tax rate: 32.41%
• Taxes owed (32.41% * \$11,440 )= \$3,707.95
• Monthly after-tax salary: \$7,732.05

Monthly Salary Based on \$66 Per Hour

Hourly Wage Yearly Salary Months Per Year Before-Tax Monthly Salary Estimated Tax Rate Taxes Owed After-Tax Monthly Salary
\$66 \$137,280 12 \$11,440 32.41% \$3,707.95 \$7,732.05

### \$66 an hour is how much biweekly after taxes

Many people are paid biweekly, meaning every other week. To calculate the biweekly pay at \$66 per hour:

• Hourly wage: \$66
• Hours worked per week: 40
• Weeks per biweekly pay period: 2
• \$66 * 40 hours * 2 weeks = \$5,280 biweekly

Applying the 32.41%estimated tax rate:

• Biweekly before-tax salary: \$5,280
• Estimated tax rate: 32.41%
• Taxes owed (32.41% * \$5,280 )= \$1,711.36
• Biweekly after-tax salary: \$3,568.64

Biweekly Salary at \$66 Per Hour

Hourly Wage Hours Worked Per Week Weeks Per Pay Period Before-Tax Biweekly Salary Estimated Tax Rate Taxes Owed After-Tax Biweekly Salary
\$66 40 2 \$5,280 32.41% \$1,711.36 \$3,568.64

### \$66 an hour is how much weekly after taxes

To find the weekly salary based on an hourly wage, you need to know the number of hours worked per week. At 40 hours per week, the calculation is:

• Hourly wage: \$66
• Hours worked per week: 40
• \$66 * 40 hours = \$2,640 per week

Accounting for the estimated 32.41% tax rate:

• Weekly before-tax salary: \$2,640
• Estimated tax rate: 32.41%
• Taxes owed (32.41% * \$2,640 )= \$855.68
• Weekly after-tax salary: \$1,784.32

Weekly Salary at \$66 Per Hour

Hourly Wage Hours Worked Per Week Before-Tax Weekly Salary Estimated Tax Rate Taxes Owed After-Tax Weekly Salary
\$66 40 \$2,640 32.41% \$855.68 \$1,784.32

### Key Takeaways

• An hourly wage of \$66 per hour equals a yearly salary of \$137,280 before taxes, assuming a 40 hour work week.
• After accounting for an estimated 32.41% tax rate, the yearly after-tax salary is approximately \$92,784.62 .
• On a monthly basis before taxes, \$66 per hour equals \$11,440 per month. After estimated taxes, the monthly take-home pay is about \$7,732.05 .
• The before-tax weekly salary at \$66 per hour is \$2,640 . After taxes, the weekly take-home pay is approximately \$1,784.32 .
• For biweekly pay, the pre-tax salary at \$66 per hour is \$5,280 . After estimated taxes, the biweekly take-home pay is around \$3,568.64 .

Understanding annual, monthly, weekly, and biweekly salary equivalents based on an hourly wage is useful when budgeting and financial planning. Taxes make a significant difference in take-home pay, so be sure to account for them when making income conversions. Use this guide as a reference when making salary calculations.

## What Is the Average Hourly Wage in the US?

Last Updated: Sep 1 2023

US Average Hourly Earnings is at a current level of \$33.82, up from 33.74 last month and up from 32.43 one year ago. This is a change of 0.24% from last month and 4.29% from one year ago.

Average Hourly Earnings is the average dollars that a private employee makes per hour in the US. This metric is a part of one of the most important releases every month which includes unemployment numbers as well. This is normally released on the first Friday of every month. This metric is released by the Bureau of Labor Statistics (BLS).

## What is the average salary in the U.S.?

Last Updated: July 18, 2023

The U.S. Bureau of Labor Statistics uses median salary data rather than averages to avoid skewed numbers from outlying high and low numbers. Median weekly earnings of the nation's 121.5 million full-time wage and salary workers were \$1,100 in the second quarter of 2023, the U.S.

If a person works 52 weeks in the year, then this represents a national annual salary of \$57,200.

## Is \$66 an Hour a Good Salary?

At \$66 per hour, if you worked 40 hours per week year-round, you would earn around \$132,000 per year. That income is nearly triple the national median personal income of approximately \$40,000 per year. So by most standards, \$66 an hour is an excellent wage.

It is considered well above middle class status based on income distribution averages. \$66 an hour exceeds the minimum salary that most financial experts recommend needing to live comfortably in moderate cost-of-living areas. This income level enables you to afford all necessities, build savings, and have ample left for discretionary spending on leisure and entertainment.

However, context matters. In low cost rural regions and small metro areas, \$66 an hour affords an upper middle class lifestyle. But in coastal cities like New York and San Francisco, this wage may only provide a basic middle class existence due to sky-high housing and childcare costs. The locale makes a massive impact on how far an income stretches.

## Jobs that pay \$66 an hour

Certain professional roles pay hourly rates in the \$60 to \$70 range:

• Registered nurses – The average RN makes \$35-\$50 per hour, though specialized nurses can make over \$60 per hour.
• Therapists – Physical therapists average around \$43 per hour while occupational therapists earn \$54 on average.
• Actuaries – Professionals who analyze financial risk factors average approximately \$64 per hour.
• Software developers – Experienced programmers and software engineers often earn between \$60-\$80 per hour.
• Data scientists – Analytics experts with advanced data skills may charge \$65-\$100+ per hour.
• Electricians – Licensed master electricians with their own business can charge \$60 per hour or more.
• Plumbers – Similar to electricians, experienced plumbers can earn \$50-\$70 per hour.

Many of these jobs require specialized degrees or licenses, allowing professionals to command stronger wages. Location and level of expertise also impact pay significantly within a field.

## Can You Live Off \$66 An Hour?

Absolutely, \$66 per hour provides sufficient income to live comfortably in the vast majority of places in the US. The national average rent for a 1 bedroom apartment is around \$1,100 per month. On this salary, you could easily afford rent along with all other necessities and still have significant income leftover for discretionary spending, debt repayment, and savings.

Of course, context matters. In low cost Midwest cities, an income of \$66 per hour affords an upper middle class lifestyle. You could own a nice home, new cars, take regular vacations, and afford private schooling for children. But that same income in New York City or the Bay Area would barely afford a modest middle class existence. Housing and childcare alone could eat up most of your income.

So while \$66 an hour goes far in much of the country, to live well in high cost areas, you would want to be earning closer to \$100 per hour. However, even in expensive metros, \$66 an hour is certainly livable if you budget wisely and don’t succumb to lifestyle inflation.

## The impact of inflation on the value of \$66 an hour

Inflation – the rising costs of goods over time – has a large impact on the real value of wages. \$66 per hour today goes much less far than the same inflation-adjusted wage just 5-10 years ago due to skyrocketing housing, food, gas and healthcare costs.

For illustration, \$66 per hour in 2015 equates to over \$76 per hour in 2022 dollars after adjusting for inflation. Yet because of rising costs, \$66 today likely affords you a similar standard of living to what \$60 per hour provided 7 years ago.

Going forward, to maintain spending power and quality of life, you would need to be earning \$70-\$80 per hour by the end of your career just to have parity with \$66 today. COLA wage increases and promotions become crucial to offset inflation over decades of work.

## 5 Ways To Increase Your Hourly Wage

While \$66 per hour provides a comfortable lifestyle already, there are steps to potentially boost your earnings even higher over time:

• Obtain an advanced degree – Getting a Master’s degree or PhD can lead to much higher paying roles.
• Get specialized certifications – Certain licenses, designations or skilled training can help command higher billable rates.
• Transition into management – Moving into leadership positions often comes with much higher compensation.
• Start your own business – Successful entrepreneurs can pay themselves \$100+ per hour.
• Freelance on the side – Consulting, contracting and gig work during nights/weekends provide additional income streams.

The more you can increase the specialized skills and value you provide, the higher hourly rates you can justify charging as an employee or independent contractor. Making smart career moves and investing in yourself pays off.

## Buying a car on \$66 an hour

An income of \$66 per hour definitely provides the ability to buy a nice new or used car if desired. According to Experian, the average monthly car payment for a new vehicle in 2022 was around \$700. For a used vehicle, it was around \$530 per month.

On your salary of approximately \$132,000 per year, you could easily afford payments in that range along with your other monthly expenses. Potential options in your budget include:

• New Car – SUVs, crossovers, EVs, trucks from mainstream brands (\$35,000-\$60,000 price range based on 20% down payment and 5-year loan term).
• Used Car – 3-5 year old luxury vehicles, sports cars, or lifted trucks (\$25,000-\$45,000 price range).
• Cash Purchase – Buying with savings gives you more flexibility. At this income, you could reasonably save up to pay \$30,000+ in cash for a lightly used luxury vehicle if desired.

You have a lot of choices given your substantial income. Focus on what vehicle best suits your lifestyle needs and keep your total monthly auto expenses within 10-15% of your take home pay.

## Can You Buy a House on \$66 An Hour?

Yes, you can comfortably afford home ownership on this salary in most areas of the country. The amount you can budget for a mortgage payment may vary greatly though depending on where you live.

As a general benchmark, on an income of \$132,000 per year, you can comfortably afford a home between \$250,000 to \$400,000 with a 10% down payment and 30 year mortgage. With 20% down, a home up to \$500,000 should be affordable.

In many suburban and rural areas, these mortgage limits allow you to buy a very spacious single family home with 4+ bedrooms. But in coastal metros, you may be limited to a modest townhouse or condo at this price range.

Getting pre-approved for a mortgage shows you exactly what price bracket you can afford based on your income, savings, debts, and credit score. Just be sure to budget properly for taxes, insurance, maintenance and utilities as well when considering homes.

## Example Budget For \$66 Per Hour

Here is an example budget for a single person living comfortably on \$66 per hour:

• Gross income: \$66/hour x 40 hours/week x 50 weeks/year = \$132,000
• Taxes:
• Federal: \$19,183 (based on single filer standard deductions)
• Payroll taxes: \$10,106
• Effective total tax rate: ~25%
• Take Home Pay: \$102,711 per year / \$8,559 per month
• Housing (condo/apartment): \$1,500
• Utilities: \$250
• Car Payment + Insurance: \$700
• Gas: \$200
• Food: \$600
• Entertainment: \$500
• Clothing + Personal Care: \$250
• Healthcare: \$300 (with employer insurance)
• Vacations: \$500
• Retirement + Savings: \$2,000

Total Expenses: ~\$6,800 per month

This leaves \$1,750 per month for additional discretionary spending, debt repayment or investing. Your comfortable income supports both meeting daily needs and long-term savings goals.

## In Summary

An hourly income of \$66 provides sufficient means to live very comfortably in most parts of the country. It affords you the ability to own a home, drive newer cars, take vacations, and build long-term savings.

However, context matters greatly. This income may barely afford a middle class lifestyle in high cost-of-living coastal cities once you factor in housing, childcare and taxes. Where you live makes a massive difference in stretchability of wages.

Careers in nursing, technology, trades, analytics and more can reasonably expect to earn \$60-\$70 per hour with the right combination of education, skills and experience.

While inflation erodes wage growth over time, there are various steps you can take to continue boosting income through career mobility and developing specialized skills.

Overall, \$66 per hour enables a comfortable lifestyle for individuals and families in most regions. But tailor financial decisions to your actual take home pay and savings goals. And pursue ways to increase your value and income over your career.