PAF 504 Assignment – Minimum Wage
a. Suppose you live by yourself and earn the minimum wage working full time $16,744. What would you have to cut in order to make ends meet?
Assuming the minimum wage of $16,744 that I made working full time is before taxes, I would have to cut $4,898 ($21,642 – $16,744) dollars to make my ends meet. This amount can come from reducing my food expenses, medical expenses, and other expenses.
b. Suppose you are a single adult with a child earning the minimum wage. How many hours a week would you have to work to make ends meet assuming you work all 52 weeks of the year?
For a single adult with a child, the required annual income is $47,283. With a minimum wage of $8.05, I would have to work 8,573.66 ($47,283/$8.05) hours which would be 112.96 (8,573.66 /52) hours per week for 52 weeks. I would have to work 112.96 hours per week to make the ends meet.
c. Suppose you are a family with a single breadwinner and 3 children. What occupations are capable of supporting that lifestyle?
Assuming this is a single parent family. A family with a single breadwinner and 3 children require an annual income of $78,480 to be able to support the lifestyle. The only occupation that could support the lifestyle is in the management area.
d. Suppose one adult in a family with 3 children has a job in Construction & Extraction while another currently is unemployed and is making the decision about whether to go back to work in Food Preparation & Serving Related