typical annual pay of a full-time management position in Fort Worth Texas is 121,991 the living hourly wage of one adult with three children in the area is 53.30 how much higher is the equivalent hourly wage than the living hourly wage? round the answer to two decimal places
To calculate the equivalent hourly wage from the annual pay, divide the annual pay by the number of hours worked in a year. The typical number of hours worked in a year is generally considered to be around 2080 hours.
Equivalent hourly wage = Annual pay / Number of hours worked in a year
Equivalent hourly wage = 121,991 / 2080
Equivalent hourly wage ≈ 58.65
To find out how much higher the equivalent hourly wage is than the living hourly wage, subtract the living hourly wage from the equivalent hourly wage:
Difference = Equivalent hourly wage - Living hourly wage
Difference = 58.65 - 53.30
Difference ≈ 5.35 rounded to two decimal places.
Therefore, the equivalent hourly wage is approximately $5.35 higher than the living hourly wage.
Which statement about the cost of living in an area is correct.
The cost of living includes the bare necessities and individual requires for survival and safety.
The cost of living is an estimated expense of a familys basic needs in an area.
The cost of living is the amount of money that is paid for work or services rendered.
The cost of living is the hourly wage required to cover one's basic needs, including relevant taxes.
The correct statement about the cost of living in an area is:
The cost of living is an estimated expense of a family's basic needs in an area.
This statement accurately reflects that the cost of living encompasses the estimated expenses necessary to meet the basic needs of a family in a specific area, such as housing, food, utilities, transportation, healthcare, and education.
The Robinson family includes 2 children and 2 parents who are both working full-time 2080 hours per work year. Their total annual basic needs budget is 95477 excluding taxes. On average, what hourly wage should each parent earn in order to remain within their budget?
31.39
22.95
45.90
18.25
To determine the hourly wage required for each parent to remain within their budget, divide the total annual basic needs budget by the combined number of hours worked by both parents in a year.
Total hours worked per year for both parents = 2080 hours per parent × 2 parents = 4160 hours
Hourly wage required = Total annual basic needs budget / Total hours worked per year for both parents
Hourly wage required = 95477 / 4160
Hourly wage required ≈ 22.97
Therefore, each parent should earn an average hourly wage of approximately $22.97 to stay within their budget. Thus, the correct option is 22.95 (rounded to two decimal places).