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For most Americans, an annual salary deep into the six figures approaching a half-million bucks a year would represent a very welcome pay raise. But for high-level Washington insiders, even a big government salary for a position of public service is almost always less than they could earn in the private sector.
Find Out: How Much Is President Joe Biden Worth?
Joe Biden wanted to be president. Now he’ll have to settle for a presidential salary. Before you bust out the violin, however, keep in mind that the big gig at the White House does come with a few extra perks.
To find out just how much President Biden will earn during his time in the Oval Office, GOBankingRates gathered information from a variety of sources, most notably the U.S. Code as provided by Cornell Law School. Also included in the presidential pay package are financial incentives that aren’t technically part of the presidential salary, yet consist of dollars that find their way into the president’s wallet just the same. All data were collected and are up to date as of Feb. 4.
Biden’s Salary Is Written Into Law
As of Jan. 20, Biden earns the presidential salary of $400,000 a year, to be paid monthly, as mandated by 3 U.S. Code, Section 102. Here’s how that $400,000 annual salary breaks down:
Total salary of a four-year term as president: $1.6 million
Monthly salary of the president: $33,333.33
Weekly salary of the president: $7,692.31
Daily salary of the president: $1,095.89
Hourly salary of the president: $45.66
That last one is a bit deceiving. Usually, hourly wages are calculated in the context of a 40-hour workweek. Since being the leader of the free world and the commander in chief of the United States Armed Forces is a 24/7 gig, however, that’s $45.66 every single hour of every single day — or 8,760 combined hours in a year.
There Are Also Some Pretty Perky Fringe Benefits
The code also gives the president a generous “expense allowance” of $50,000 “to assist in defraying expenses relating to or resulting from the discharge of his official duties.” The law is clear, however, that no part of the expense account counts toward the president’s gross income. The law also requires the president to give any unused portion of the expense allowance back to the Treasury if any is left over at the end.
Giving up leftover cash that you’d gotten used to carrying around would be a tough pill to swallow for anyone, but Biden has one more silver lining to smile about. The law also states that the president “shall be entitled also to the use of the furniture and other effects belonging to the United States and kept in the Executive Residence at the White House.”
Learn More: A Look Back at Jill Biden’s Career in Education
Nice to know that the Bidens won’t have to blow any of that extra side cash early with trips to Ikea. Beyond that, the president — any president — gets an annual nontaxable travel account in the amount of $100,000. Presidents, after all, are known to be frequent flyers. Finally, there’s a $19,000 expense account for entertainment, because even the most powerful person in the world needs to unwind every now and again.
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Last updated: Feb. 22, 2021