HELP
State the minimum monthly income and hourly wage per worker needed to cover monthly expenses for the family you used in part a. Then explain how to calculate the hourly wage based on the monthly income and state the hourly wage. Assume that each full-time worker works four 40-hour work weeks per month, and each part-time worker works two 40-hour weeks per month.
chart:
Housing = $938
Food = $598
Child Care = $769
Transportation = $1,042
Health Care = $699
Other Necessities = $620
Taxes = $741
If those listed in the chart are all monthly payments that would mean the total monthly payments would be $5407 per month meaning an income equal to or greater than $64,884 would be needed to sustain the lifestyle represented in the chart (given that no vacation/sick days were taken and no other contributing factors were considered)
How to calc :
(1)Hourly - # of weeks = 52 or 48
(2)# of weeks times 40 to get hours worked
(3)Depending on ans to (2) 64884/ans to (2) to calc hourly rate
On 52 week year ;
Part time hourly - $62.39
Full time hourly $31.20
On 48 week year (seems to be the one asked for even though it’s inaccurate)
