The formula to calculate Annual Income is:
\[ \text{Annual Income} = \text{Hourly Wage} \times \text{Hours per Week} \times \text{Weeks per Year} \]
Annual income is the total amount of money earned in a year. It can be calculated by multiplying your hourly wage, the number of hours you work per week, and the number of weeks you work per year.
Gross annual income is the amount earned before taxes, while net annual income is the amount received after tax deductions.
Let's assume the following:
Step 1: Calculate Annual Income:
\[ \text{Annual Income} = \$15 \times 40 \times 52 = \$31,200 \]
Therefore, the Annual Income is $31,200.
