Items Cost
food and groceries $821.33
medical $751.33
housing $1,324.17
transportation $1,251.00
monthly taxes $882.58
other necessities $745.67
The table shows the monthly basic needs budget for a 2-child family with 1 working adult in Fort Worth, Texas. Determine what hourly wage, working full-time, is required to meet the family’s basic needs. Round to the nearest hundredth.
To determine the hourly wage required to meet the family's basic needs, we need to calculate the total monthly basic needs budget.
Total Monthly Basic Needs Budget = food and groceries + medical + housing + transportation + monthly taxes + other necessities
Total Monthly Basic Needs Budget = $821.33 + $751.33 + $1,324.17 + $1,251.00 + $882.58 + $745.67
Total Monthly Basic Needs Budget = $5,776.08
To calculate the hourly wage required, we divide the total monthly basic needs budget by the number of hours worked in a month. Assuming full-time work consists of 40 hours per week and 4 weeks per month, the number of hours worked in a month is 40 * 4 = 160 hours.
Hourly wage required = Total Monthly Basic Needs Budget / Number of hours worked in a month
Hourly wage required = $5,776.08 / 160
Hourly wage required ≈ $36.10
Therefore, the hourly wage, working full-time, required to meet the family's basic needs is approximately $36.10.