How much unemployment will I get if I make $700 a week?
Updated : September 16th, 2022
How much unemployment will I get if I make $700 a week?
If you make $700 a week, your particular state’s unemployment office will consider several factors to determine your weekly benefit amount. First, they’ll look at your work history and verify that your employer has paid into your state’s unemployment insurance program. They will also examine how much money you were earning before you lost your job, along with what you earned during your base period – typically defined as the first four of the last five earning quarters before you applied for benefits.
Here are some examples of what you might expect:Maine Unemployment Calculator
Select your state to calculate your weekly unemployment payment:
$700.00 a week is…
|$700.00 a week (40 hours)||Income|
|Daily (8 hours)||$140.00|
|Biweekly (80 hours)||$1,400.00|
|Monthly (173 hours)||$3,027.50|
|Quarterly (3 months)||$9,082.50|
|Yearly (52 weeks)||$36,400.00|
How much is $700 per week?
If you know you’re making $700 per week, it’s also good to know how much you’re making every month and year…and also how much you’re making every hour and day. That’s because some expenses like rent are monthly, while other expenses like groceries are weekly. And, of course, some expenses (like Starbucks) are even daily. Let’s take a look.
$700 a week is how much per hour?
To determine your hourly wage, you must first determine how many hours you are working each week and divide $700 by that number. For most people, that number falls somewhere around 40. Even in your own career, you may find that some weeks you work less, and some weeks you use more. If you’re not pegged to an hourly wage, this can still be a good way of estimating your average hourly pay.
$700 per week / 40 hours per week = $17.50 per hour
$700 per week is $17.50 per hour.
$350 a week is how much per month?
It turns out that there are 173 working hours in a month. To calculate your monthly pay, simply take your hourly wage and multiply that by 173. While it’s tempting to just multiply one week times four, it’s important to know that no month has exactly four work weeks. Calculating with 173 hours is a bit more accurate.
So, what you will need to do is first multiply your weekly work schedule by the number of weeks in a year, which is 52.
40 hours per week x 52 weeks = 2080 hours annually
Now you know how many hours you work per year. Divide that by the number of months.
2080 hours annually / 12 months = 173 hours per month
Now you know how many hours you really work each month. Factor in your hourly wage to get your monthly income:
$17.50 per hour x 173 hours per month = $3,027.50
$700 per week is $3,027.50 per month.
$700 a week is how much per quarter?
Quarterly calculations are important for determining how much you’re able to meet periodic obligations like holiday shopping and summer vacation. First, you are going to take how much you make per month and multiply that by three, because there are three quarters in a month (it’s January through March, April through June, July through September, and October through December to end the year).
$3,027.50 per month x 3 months = $9,082.50
$700 per week is $9,082.50 per quarter.
$700 a week is how much per year?
Now here comes the big question. To find out your annual earnings, all you need to do is multiply your weekly earnings by the number of weeks in a year.
$700 per week x 52 weeks = $36,400
$700 per week is $36,400 per year.
Remember that your actual numbers will be about 7.65% less as your money comes in, however often you get paid, if you are employed. However, it is very likely that based on this annual income you can get a decent tax refund; even though FICA taxes are non-refundable, there are other tax refunds that can wipe away your tax losses. If you are self-employed, the story will be a little different. You will have to pay the full 15% self employment tax…but again, based on an income of this amount, especially if you’re the main breadwinner, you are likely going to get a nice tax refund.
$700 a week is how much per day?
For these calculations, we’re going to assume you work 5 days a week. If you’re working 40 hours each week, that means you are working 8 hour days.
40 hours per week / 5 work days = 8 hours a day
Now take your hourly income, which we determined earlier was $17.50
$17.50 per hour x 8 hours per day = $140
$700 per week is $140 per day.
So all told, at the end of every day, you’re making one Benjamin and two Jacksons. In most states, that’s gas, groceries, and toiletries for one person, or just groceries for two.
$700 a week is how much biweekly?
Are you getting a biweekly paycheck? Most working, employed Americans are.
You’re just going to multiply your weekly income by two to find out how much this is.
$700 per week x 2 weeks = $1,400
$700 per week is $1,400 biweekly.
Of course, if FICA taxes are coming out of that paycheck, it’s actually going to be closer to around $1,293. And if you’re savvy about saving for the future, you’ll have another 10% taken out of that biweekly paycheck and deposited into an investment account. Many employers, especially large corporate employers, will match your contributions up to 5% in some instances…meaning you could be putting 15% of your paycheck away for retirement.
Good Jobs That Pay $700 a Week
Good jobs that pay $700 each week are going to be those that pay $36,400 per year. Take note of that, because you will not usually see weekly rates posted for jobs, but rather annual salaries.
One good job that generally pays around that amount of money is working at a bank, either as a call center representative, teller, or even banker (such as one who helps people apply for car loans or open a checking account or credit card). Many people like working for a bank because the bank will be meticulous about keeping you around 40 hours per week, and no more. They will also offer likely health benefits, vacation time, and paid family leave. By contrast, some people do not like working for a bank because of the numerous rules and regulations, along with the corporate structure and policies they must follow.
Another good job paying around this amount of money is entry level sales. This job will provide the opportunity to make additional money through sales commissions, which can be especially great for self-starting individuals with the gift of gab. Entry level sales at a large company will also often come with healthcare benefits. This is an important consideration because healthcare can be a very burdensome expense, especially if you have dependents.
At the end of the day, good is in the eye of the beholder. But for most people, a good job is stable, has a good work-life balance, and will provide healthcare benefits.