{
  "id": "annual-income",
  "version": "2d79be1ce88f",
  "status": "published",
  "name": "Annual Income Calculator",
  "question": "What is my annual income?",
  "summary": "Computes gross yearly income from pay per hour, day, week, two weeks, half month, month or year, the paid weeks a year, and other income.",
  "category": "finance",
  "subcategory": "tax-and-pay",
  "url": "https://www.acalculator.org/finance/annual-income-calculator",
  "markdown": "https://www.acalculator.org/finance/annual-income-calculator.md",
  "kind": "function",
  "method": "yearly income = pay × times paid a year + other income a year, where hourly pay is paid hours a week × weeks, daily pay days a week × weeks, weekly pay weeks, two-weekly pay weeks ÷ 2, twice-monthly pay 24, monthly pay 12 and yearly pay 1 time; monthly income = yearly ÷ 12.",
  "assumptions": [
    "Income is gross: before income tax, Social Security and Medicare tax, and other deductions.",
    "A year has 52 weeks. Unpaid weeks off lower the paid weeks for hourly, daily, weekly and two-weekly pay; monthly, twice-monthly and yearly pay do not depend on weeks.",
    "Every paid hour earns the same rate: overtime at a higher rate is not included unless you add it to other income.",
    "Other income is added as entered, per month or per year."
  ],
  "inputs": {
    "$schema": "https://json-schema.org/draft/2020-12/schema",
    "type": "object",
    "properties": {
      "pay": {
        "title": "Your pay",
        "description": "Your gross pay (before tax) for the period chosen below.",
        "type": "number",
        "x-unit": "USD",
        "minimum": 0,
        "maximum": 1000000000
      },
      "per": {
        "title": "Paid",
        "description": "The period your pay is for: per hour, day, week, two weeks, half month, month or year.",
        "type": "string",
        "enum": [
          "hour",
          "day",
          "week",
          "biweek",
          "semimonth",
          "month",
          "year"
        ]
      },
      "hours": {
        "title": "Hours a week",
        "description": "The hours you are paid for in a week.",
        "type": "number",
        "exclusiveMinimum": 0,
        "maximum": 168
      },
      "days": {
        "title": "Days a week",
        "description": "The days you are paid for in a week.",
        "type": "number",
        "exclusiveMinimum": 0,
        "maximum": 7
      },
      "weeks": {
        "title": "Paid weeks a year",
        "description": "The weeks you are paid for in a year: 52, less any unpaid weeks off.",
        "type": "number",
        "exclusiveMinimum": 0,
        "maximum": 53
      },
      "other": {
        "title": "Other income",
        "description": "Other gross income such as tips, a bonus, commission, side work or rent received.",
        "type": "number",
        "x-unit": "USD",
        "x-period": "year",
        "minimum": 0,
        "maximum": 1000000000
      }
    }
  },
  "outputs": {
    "annual": {
      "label": "Gross income per year",
      "description": "All gross income for a year: pay plus other income.",
      "format": "money"
    },
    "monthly": {
      "label": "Gross income per month",
      "description": "The gross income per year ÷ 12.",
      "format": "money"
    },
    "biweekly": {
      "label": "Every two weeks",
      "description": "The gross income per year ÷ 26.",
      "format": "money"
    },
    "weekly": {
      "label": "Per week",
      "description": "The gross income per year ÷ 52.",
      "format": "money"
    },
    "wages": {
      "label": "From your pay",
      "description": "Your pay for a year: pay × the times it is paid in a year.",
      "format": "money"
    },
    "otherYear": {
      "label": "Other income per year",
      "description": "Other income for a year.",
      "format": "money"
    }
  },
  "defaultAnswer": {
    "inputs": {
      "pay": 25,
      "per": "hour",
      "hours": 40,
      "days": 5,
      "weeks": 52,
      "other": 0
    },
    "outputs": {
      "annual": 52000,
      "monthly": 4333.333333333333,
      "biweekly": 2000,
      "weekly": 1000,
      "wages": 52000,
      "otherYear": 0
    },
    "text": "Pay of $25.00 per hour comes to a gross income of $52,000.00 a year, or $4,333.33 a month."
  },
  "examples": [
    {
      "given": {
        "pay": 22.5,
        "per": "hour",
        "hours": 35,
        "weeks": 50,
        "other": 900
      },
      "expect": {
        "wages": 39375,
        "annual": 40275,
        "monthly": 3356.25
      },
      "source": "hand calculation in content.mdx: 22.5 × 35 × 50 = 39,375; + 900 = 40,275"
    },
    {
      "given": {
        "pay": 1800,
        "per": "biweek",
        "weeks": 52
      },
      "expect": {
        "annual": 46800,
        "monthly": 3900
      },
      "source": "hand calculation in content.mdx: 1,800 × 26 = 46,800"
    },
    {
      "given": {
        "pay": 4200,
        "per": "semimonth"
      },
      "expect": {
        "annual": 100800,
        "monthly": 8400
      },
      "source": "hand calculation in content.mdx: 4,200 × 24 = 100,800 (29 CFR 778.113(b): 24 half-month periods a year)"
    },
    {
      "given": {
        "pay": 4000,
        "per": "month"
      },
      "expect": {
        "annual": 48000,
        "monthly": 4000
      },
      "source": "hand calculation in content.mdx: 4,000 × 12 = 48,000 (paid weeks do not change monthly pay)"
    },
    {
      "given": {
        "pay": 180,
        "per": "day",
        "days": 4,
        "weeks": 48
      },
      "expect": {
        "annual": 34560,
        "weekly": 664.6153846153846
      },
      "source": "hand calculation in content.mdx: 180 × 4 × 48 = 34,560; ÷ 52 = 664.62"
    }
  ],
  "sources": [
    "26 U.S.C. 61(a): gross income means all income from whatever source derived, including compensation for services, fees, commissions, fringe benefits, business income, interest and rents. https://www.law.cornell.edu/uscode/text/26/61",
    "29 CFR 778.113(b): a monthly salary × 12 ÷ 52 and a semimonthly salary × 24 ÷ 52 give the weekly amount (52 weeks, 12 months and 24 half months a year). https://www.law.cornell.edu/cfr/text/29/778.113"
  ],
  "related": [
    "gross-income",
    "hourly-to-salary",
    "salary"
  ],
  "changelog": []
}