A typical annual pay of a full-time management position in Forth Worth, Texas is $121,991. The living hourly wage of 1 adult with 3 children in the area is $53.30. how much higher is the equivalent hourly wage than the living hourly wage? Round the answer to 2 decimal places.
To find the equivalent hourly wage for the full-time management position, we divide the annual pay by the number of working hours in a year.
Number of working hours in a year:
Let's assume the standard number of working hours in a week is 40.
There are 52 weeks in a year (52 x 40 = 2080).
Equivalent hourly wage:
Equivalent hourly wage = Annual pay / Number of working hours in a year
Equivalent hourly wage = $121,991 / 2080
Equivalent hourly wage = $58.64 (rounded to 2 decimal places)
To find how much higher the equivalent hourly wage is than the living hourly wage, we subtract the living hourly wage from the equivalent hourly wage.
Difference = Equivalent hourly wage - Living hourly wage
Difference = $58.64 - $53.30
Difference = $5.34 (rounded to 2 decimal places)
The equivalent hourly wage is approximately $5.34 higher than the living hourly wage.