The average living wage of both adults should be $25.67 per hour (rounded to the nearest hundredth) to support their family's basic needs and save 10% of their income.
The monthly basic needs budget for a three-child family with two working adults in Fort Worth, Texas is:
Item Cost
Food and groceries $999.92
Child care $2,103.67
Medical $733.75
Housing $1,728.08
Transportation $1,358.67
Monthly taxes $429.42
Other basic necessities$721.25
Total $8,074.76
To find the average living wage of both adults to support their family's basic needs, we can follow these steps:
Calculate the total annual basic needs: Multiply the monthly total by 12: $8,074.76/month * 12 months/year = $96,897.12/year
Calculate the total annual income needed: This is the total basic needs plus any additional expenses or savings goals the family may have. Let's assume they want to save 10% of their income for savings: $96,897.12/year + (10% * $96,897.12/year) = $106,586.83/year
Calculate the total number of working hours per year: Assume each parent works 40 hours per week for 52 weeks: 40 hours/week * 2 parents * 52 weeks/year = 4,160 hours/year
Calculate the average living wage per hour: Divide the total annual income needed by the total number of working hours: $106,586.83/year / 4,160 hours/year = $25.67/hour
Therefore, the average living wage of both adults should be $25.67 per hour (rounded to the nearest hundredth) to support their family's basic needs and save 10% of their income.
The question probable may be:
The table shows the monthly basic needs budget for a three-child family with two working adults in Fort Worth, Texas. What should be the average of living wage of both adults so they can support their family's basic needs? Assume both parents work full time (40 hours per week). Round to the nearest hundredth.