In this budget scenario, use $15

Question

per hour as the current wage for 40
hour work weeks.

Hint: There are 52
weeks in a year, and 12
months in a year.

1. What is the gross yearly income?

2. What is the gross monthly income using this pay rate?

Answer 1

To calculate the gross yearly and monthly income based on a wage of $15 per hour for a 40-hour work week, you can follow these steps:

1. Gross Yearly Income: \[ \text{Gross Yearly Income} = \text{Hourly Wage} \times \text{Hours per Week} \times \text{Weeks per Year} \] \[ \text{Gross Yearly Income} = 15 \text{ dollars/hour} \times 40 \text{ hours/week} \times 52 \text{ weeks/year} \] \[ \text{Gross Yearly Income} = 15 \times 40 \times 52 = 31,200 \text{ dollars/year} \]

2. Gross Monthly Income: To find the monthly income, you can divide the yearly income by the number of months in a year (12): \[ \text{Gross Monthly Income} = \frac{\text{Gross Yearly Income}}{12} \] \[ \text{Gross Monthly Income} = \frac{31,200}{12} = 2,600 \text{ dollars/month} \]

In summary:

1. Gross Yearly Income: $31,200
2. Gross Monthly Income: $2,600