Annual Income Calculator
Calculate total annual income from hourly wage plus bonuses, freelance income, and other sources.
What Is Annual Income?
Annual income is the total amount of money you earn in a year from all sources: wages, salary, bonuses, freelance work, side gigs, rental income, and investment income. For tax filing purposes, you report gross annual income — before any deductions — and then subtract allowable deductions to arrive at taxable income.
Why Weeks Worked Matters
The standard calculation assumes 52 weeks, but seasonal workers, contractors, or those who take extended leave work fewer weeks. A $25/hour worker at 40 hours for 48 weeks earns $48,000 — 8% less than the 52-week calculation of $52,000. Always use actual weeks worked for accurate planning.
Including All Income Sources
Side income from freelancing, gig work, or part-time jobs adds directly to your annual income and is taxable. Unlike W-2 wages, 1099 income does not have taxes withheld, so you need to make quarterly estimated tax payments to avoid underpayment penalties. Plan for self-employment tax (15.3%) on net freelance earnings.