A typical annual pay of full-time management position in Fort Worth Texas is a $121991. The living hourly wage of one adult and 3 children in the area is $53.30. How much higher is the equivalent hourly wage than the living hourly wage round to the nearest two decimal places
To find the equivalent hourly wage, we need to divide the annual pay by the number of working hours in a year.
According to the Bureau of Labor Statistics, the average number of working hours in a year is considered to be 2080.
Equivalent hourly wage = Annual pay / Number of working hours per year
Equivalent hourly wage = $121,991 / 2080 hours
Equivalent hourly wage ≈ $58.69
To find the difference, we subtract the living hourly wage from the equivalent hourly wage.
Difference = Equivalent hourly wage - Living hourly wage
Difference = $58.69 - $53.30
Difference ≈ $5.39
Therefore, the equivalent hourly wage is approximately $5.39 higher than the living hourly wage.