Monthly Income Calculator
Convert your hourly wage, annual salary, or other pay frequency to monthly income. Perfect for budgeting, financial planning, and loan applications.
How Monthly Income is Calculated
For Hourly Wages:
Monthly Income = (Hourly Rate × Hours per Week × 52 weeks) ÷ 12 months
For Annual Salary:
Monthly Income = Annual Salary ÷ 12 months
For Bi-Weekly Pay:
Monthly Income = (Bi-Weekly Pay × 26 pay periods) ÷ 12 months
Frequently Asked Questions
What is gross monthly income?
Gross monthly income is your earnings before taxes and other deductions are taken out. This calculator shows gross income, which will be higher than your take-home pay.
How do I calculate my net monthly income?
To estimate net (take-home) income, subtract taxes and other deductions from your gross monthly income. Common deductions include federal and state taxes, Social Security, Medicare, health insurance, and retirement contributions.
Why do I need to know my monthly income?
Monthly income is important for budgeting, applying for loans or credit cards, planning large purchases, and understanding your financial capacity. Many bills and expenses are charged monthly, making it useful to know your monthly earnings.
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Quick Tips
- •A standard work year has 2,080 hours (40 hours × 52 weeks)
- •Semi-monthly pay (24 periods) differs from bi-weekly (26 periods)
- •Remember to account for unpaid time off when calculating yearly hours
- •Keep pay stubs to track actual take-home pay versus gross income