We might know how many hours we work each week, but when it comes to calculating for a year, it can get tricky.
It’s harder than just multiplying your weekly hours by 52. You’ll also need to consider things like holidays and sick leave.
The good news is that calculating the number of hours you work each year doesn’t have to be difficult. Keep reading to learn the simple steps you need to follow to come up with an accurate figure.
Why it’s Important to Know How Many Work Hours There are in a Year
There are plenty of reasons why knowing the number of hours you need to work each year is important. The most obvious is financial.
You can convert an hourly wage into a yearly salary. This will make budgeting easier. It can also be a good way of comparing your results with others in your industry. This can be a good way of convincing your employer that you deserve a pay rise.
For some people, it can be a good tool to use when considering changing their work-life balance.
Some jobs give you more flexibility. Some years you might want to increase the amount of time that you are putting in at the office. At other times, though, you might want to slow down and take some more time for yourself. Because of this, you might want to calculate how many hours you have worked yearly.
Plus, talking about the number of hours you are working can be a good way of planning out your weeks. You’ll know how much time you can dedicate to your hobbies.
How to Calculate the Number of Work Hours in a Year
Calculating how many work hours you’ll face each year is a relatively simple task. You’ll just need to follow a few simple steps.
First, you’ll need to multiply the number of hours you work each week by 52, the number of weeks in a year. This will tell you the maximum number of hours that you can work each year. If you don’t have regular hours, like for those in the gig economy, use the average number of hours that you work each week.
Of course, you won’t actually be working for each of these hours. You might want to take some time off or you could become sick. Many full-time jobs will give you benefits to allow for this. In most US companies, you will be able to get ten paid vacation days each year.
If you choose to take your holiday time, you’ll need to account for this. To do this, you will need to multiply the number of hours you work each day by the number of holiday days you took off. Then subtract this from your total number of hours worked. Repeat this with any sick days that you took.
By now you should have a rough approximation of the number of hours that you worked last year.
Calculating Hourly Pay Per Year
Once you know how many hours you have worked, you will be able to start figuring out how much you are earning per year. This is a very simple calculation. You need to multiply your hourly wage by the number of hours you work each year. This will be a rough approximation of your salary.
However, it might not be the whole picture. Sometimes, you will receive yearly bonuses. These often form a large part of your wage. Because of this, you should add them to your yearly wage. This gives you a better idea of your salary.
How Many Work Hours in One Year is Full Time?
The number of hours a full-time employee will be expected to work has been changing over time. Usually, though, it will be around 2,080 hours a year. This is based on the average of eight hours worked each day, for a five-day workweek.
It should be noted that this can sometimes fluctuate a little. Sometimes there will be a leap year, which adds an additional eight hours. There can also be some fluctuations based on the number of hours people work.
Some executives might only work for 35 hours a week. Other people will do far more than eight hours each day. But 2,080 is a good general guide. This will suit most of the workers in the United States.
Workdays & Work Hours for 2022
As we mentioned, the number of hours that you will need to work can fluctuate a little. You might get an extra day if it is a leap year. But this won’t apply to 2022. As a result, you will only be required to work for an average of 2,080 hours this year.
For a part-time worker, this average can be a little harder to generate. Often, they will have a more flexible job arrangement, which means the number of hours working can fluctuate. In general, though, a part-time worker will do around 35 hours each week. When multiplied by 52, this means that they can expect to work for 1,820 hours in 2022.
Most people will work five days a week. When multiplied by 52, this gives us a total of 260 workdays each year. However, most employees will have 10 days of holiday leave. When you consider this, you will only have to work for 250 days in 2022.
Actual Hours Worked Per Year
It will be easy to find the number of hours that you should be working each year. But this doesn’t give the full picture. There are a few things that you need to consider.
Holidays, Sick Days, and PTOs
Most people won’t work every day of the year. There will be times when you get sick, or you want to go on a holiday. We have already partially factored this into our calculations.
As we mentioned, you will be able to measure and take out the number of holidays you had. You will also need to do this with your sick days.
In addition, some workplaces will give you the ability to accrue paid time off (PTO). In many workplaces, there is no limit to the amount of PTO that you can accumulate. How much PTO you will get will depend on your workplace. The average, though, is ten days a year. It should be noted that this is different from holidays and sick days. It can be used for both of these purposes. You will also need to remove any PTO time that you took from your total hours worked.
Sometimes, you will want to go the extra mile for your organization. This often means staying past your allotted shift. This can be a great way to get a little more money, boosting your yearly salary. Remember, overtime will come with a higher rate, often time and a half.
The amount of overtime you work will depend on the organization you work for. Some organizations have a culture of asking staff to work overtime. Interestingly, there is legally no limit to the amount of overtime that you can work each year. You will need to calculate the hours of overtime that you put in and add it to your hours worked total.
Calculating the number of hours that you have worked each year is a good tool. It will allow you to find an accurate yearly salary. To get a rough idea of how much you have worked, you can calculate your weekly hours then multiply by 52.
This will give you a rough estimate, though there are a few ways that you can narrow down this number even more. By the time you finish going through these steps, you should have a reasonably accurate approximation of the number of hours you are working and how much you are earning.