What should be the average of living wages 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

Answer 1

To determine the average living wage required for two adults working full-time to support their family's basic needs, we first need to define what those basic needs are in terms of annual income. Living wages vary significantly based on location, family size, and specific expenses, but in the U.S., the MIT Living Wage Calculator is commonly used to estimate these amounts.

As of my last knowledge update in October 2023, the approximate living wage for a family of four (two adults and two children) in the United States can range from around $50,000 to over $100,000 per year, depending on the state and specific county. For this example, let’s hypothetically say the combined living wage needed for both adults is $70,000 per year.

Since both parents work full-time, we can divide the total required living wage by 2 to find the average living wage for each adult.

1. Total Living Wage for Family: $70,000
2. Number of Adults: 2
3. Average Living Wage per Adult = Total Living Wage / Number of Adults = $70,000 / 2 = $35,000

This means that each adult would need to earn an average of $35,000 per year to meet the living wage requirement for their family.

Hourly Wage Calculation: To convert the annual income to an hourly wage:

1. Total Hours Worked Per Year: 40 hours/week * 52 weeks/year = 2,080 hours
2. Hourly Living Wage = Average Living Wage per Adult / Total Hours Worked Per Year = $35,000 / 2,080 hours ≈ $16.83 per hour.

Thus, the average living wage needed per adult working full-time (assuming both are working) would be approximately $16.83 per hour, rounded to the nearest hundredth. This number will vary based on local cost of living standards and family-specific needs.

Answer 2

Wrong

Answer 3

I apologize for any confusion. Let's clarify how to calculate the average living wage for two adults working full-time to support their family’s basic needs.

Steps to Calculate Average Living Wage

1. Define Total Annual Income Requirement: This varies by location and family size. For example, let's assume the living wage required for a family of four might be estimated at around $65,000 (this is a hypothetical average; actual numbers vary widely).

2. Determine Income Per Adult:

   • If the total living wage is $65,000, you would divide this by the number of adults (2) to get the average living wage per adult.

   \[ \text{Average Living Wage per Adult} = \frac{\text{Total Living Wage}}{\text{Number of Adults}} \] \[ \text{Average Living Wage per Adult} = \frac{65,000}{2} = 32,500 \]

3. Hourly Wage Calculation: To find the hourly wage:

   • Calculate the number of hours both adults work per year. For full-time work, it’s typically:

   \[ \text{Total Hours Worked Per Year} = 40 \text{ hours/week} \times 52 \text{ weeks/year} = 2,080 \text{ hours} \]

   • Then, compute the hourly wage as follows:

   \[ \text{Hourly Living Wage} = \frac{\text{Average Living Wage per Adult}}{\text{Total Hours Worked Per Year}} \] \[ \text{Hourly Living Wage} = \frac{32,500}{2,080} \approx 15.63 \]

Summary:

• Total Living Wage for Family: $65,000 (hypothetical)
• Average Living Wage per Adult: $32,500
• Hourly Living Wage per Adult: Approximately $15.63 per hour

If you provide the specific living wage number or region you have in mind, I can give a more accurate calculation. Thank you for your understanding, and I'm here to assist with any corrections or additional information you need!