- 1). Get the hourly rate from your paycheck. If you are a self-employed worker, you generally know what your hourly rate is and it should appear on your invoices. This assumes a standard 40-hour workweek, consisting of eight hours a day for five days.
- 2). Multiply the hourly rate by 40 hours to get the weekly income. For example, if your hourly rate is $15, your weekly rate is $600 ($15 x 40).
- 3). Multiply the weekly income by 52 weeks to get the annual income. Continuing with the example, annual income is $31,200 ($600 x 52).
- 4). Divide the annual income by 12 to calculate your monthly income. To conclude the example, the monthly income is about $2,600 ($31,200/12). Note that this is gross income. Your net income or take-home pay will be reduced by taxes and other deductions.
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