When figuring out your hourly wage from your total annual income, you'll need to keep in mind how many hours you work each year. It's also important to take into account how much paid and unpaid vacation time you receive.
In order to calculate your salary in this circumstance, you divide $60,000 by 2,000 hours to come to an hourly wage of $30 per hour. If you receive two weeks of paid vacation time and you make $60,000, your hourly wage will be a bit lower.
Your tax rate will depend on what state you live in, but if it's one that has no state income tax, like Florida, it will obviously be lower. It also depends on whether or not you are married and have children.
Whether your goals include saving a down payment for a house, taking a relaxing vacation, or paying for your child's college education, budgeting is essential to keep your eye on the prize.
When budgeting for your salary, you want to make sure your necessities don't exceed half of your monthly income. Necessary expenses include groceries, housing, and transportation.
Your housing costs can include mortgage or rent payments, utility bills, and maintenance costs. This will be around 30% of your monthly income, if possible. The remaining 20% or so of your necessities budget will go towards food and transportation.