Question

1. Calculate the hourly wage associated with the two annual income levels listed below. Assume that an individual works 40 hours per week for 50 weeks each year.
The Subject is Economics But it don't have the subject listed so I just clicked on any one.
Annual income Hourly wage
2013 U.S. federal poverty line for a family of four $23,550
2013 U.S. median household income $51,994
(15 points)

Answer 1

Answer:

• poverty line: $11.78 per hour
• median income: $26.00 per hour

Step-by-step explanation:

You have said the individual works (50 weeks/yr)×(40 h/week) = 2000 h/yr, so these annual wages need to be divided by 2000 to find the hourly wage.

  ($23,550/yr)/(2000 h/yr) = $11.775/h ≈ $11.78/h . . . poverty level

__

  ($51,994/yr)/(2000 h/yr) = $25.997/h ≈ $26.00/h . . . median income