Federal Minimum Wage Increase in US
The US Government is Giving Away $1400.
The Federal government of the United States is boosting the Federal minimum wage. The wage is rising from $6.55 an hour to $7.25 an hour. That is a big $0.70 per hour raise. After the rise, that is a big $1400 a year increase, before taxes that is.
While over the years, the minimum wage has increased by dollars rather than cents, it is still unimaginable to think a family can survive on a minimum wage salary alone.
Facts and Figures That Will Amaze You
One person working 40 hours a week and 52 weeks a year will earn $15080.00.
Two people working 40 hours a week and 52 weeks a year will earn $30160.00.
Both of those are before state and federal taxes, social security, medicare, health insurance, dental insurance and other deductions are taken out of the gross check amount. For craps and giggles, let us say $10000.00 a year is taken out of the two checks.
That leaves just $20160.00 to spend on living expenses.
If rent is $750 a month, that takes away $9000.00 a year. We are down to $11160.00.
If the couple spends $50 a week on food, that takes another $2400.00 out of the check amounts. We are now down to $8760.00.
With no television and no telephone, the couple will still need water and electric. We will figure $200.00 a month for these utilities and any other utility based bills. That kills another $2400.00. That income is now a measly $6360.00 a year.
Car insurance is required in every state in the United States. For two cars, liability only, we can figure $100.00 a month (and that is low). After that $1200.00 is gone, the couple has $5160.00 left.
$5160.00 per year is a high estimate of what will be left and that only leaves $99.00 a week for soap, shampoo, clothes detergent, gas and possibly a new pair of socks. I guess we are not getting a Christmas gift this year.
The Federal government of the United States is boosting the Federal minimum wage. The wage is rising from $6.55 an hour to $7.25 an hour. That is a big $0.70 per hour raise. After the rise, that is a big $1400 a year increase, before taxes that is.
While over the years, the minimum wage has increased by dollars rather than cents, it is still unimaginable to think a family can survive on a minimum wage salary alone.
Facts and Figures That Will Amaze You
One person working 40 hours a week and 52 weeks a year will earn $15080.00.
Two people working 40 hours a week and 52 weeks a year will earn $30160.00.
Both of those are before state and federal taxes, social security, medicare, health insurance, dental insurance and other deductions are taken out of the gross check amount. For craps and giggles, let us say $10000.00 a year is taken out of the two checks.
That leaves just $20160.00 to spend on living expenses.
If rent is $750 a month, that takes away $9000.00 a year. We are down to $11160.00.
If the couple spends $50 a week on food, that takes another $2400.00 out of the check amounts. We are now down to $8760.00.
With no television and no telephone, the couple will still need water and electric. We will figure $200.00 a month for these utilities and any other utility based bills. That kills another $2400.00. That income is now a measly $6360.00 a year.
Car insurance is required in every state in the United States. For two cars, liability only, we can figure $100.00 a month (and that is low). After that $1200.00 is gone, the couple has $5160.00 left.
$5160.00 per year is a high estimate of what will be left and that only leaves $99.00 a week for soap, shampoo, clothes detergent, gas and possibly a new pair of socks. I guess we are not getting a Christmas gift this year.
