Question

PLEASE ANSWER I ONLY HAVE ONE DAY TILL ITS DUE

State the minimum monthly income and hourly wage per worker needed to cover monthly expenses for the family you used in part a. Then, explain how to calculate the hourly wage based on the monthly income and state the hourly wage. Assume that each full-time worker works four 40-hour work weeks per month, and each part-time worker works two 40-hour weeks per month. (10 points) please explain well

Answer 1

According to your chart, it costs $6241 per month to have two kids.

Split this evenly amongst the two parents to get 6241/2 = 3120.50

Each parent needs to make $3,120.50 per month.

There are about 4 weeks to a month, which means the weekly pay needs to be 3,120.5/4 = 780.125 which rounds to 780.13

Each parent needs to earn $780.13 per week.

Then divide this over 40 to get 780.13/40 = 19.50325 which rounds up to 19.51

The hourly wage per parent must be $19.51

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Another approach:

1 week = 40 hours of work

4 weeks = 4*40 = 160 hours of work

1 month = 4 weeks (approximate)

1 month = 160 hours of work

Each parent needs to make $3,120.50 per month, so each wage needs to be 3120.50/160 = 19.503125 which rounds up to 19.51

Side note: The above calculations are for full-time workers. If you go for part-time, then you'll need to double the wage since part-time workers work half as often compared to full-time. Either that or the parent would have to get 2 jobs (at most a total of 4 jobs combined from both parents)