A standard full-time work year is typically considered 2,080 hours. This is calculated by taking 40 hours a week and multiplying it by 52 weeks. If you want a quick mental math trick to convert hourly to salary: take your hourly rate, double it, and add three zeros. (e.g., $25/hr -> $50 -> $50,000).
The standard calculation assumes you are paid for 52 weeks, including holidays and vacation. However, many hourly contractors do not get paid time off (PTO). If you take 2 weeks of unpaid vacation, you are only working 50 weeks. This can reduce your annual income by nearly 4% compared to the standard calculation.