Question
Take-Home Pay and Cost of Living
Key Terms:
Median annual wage (salary): What the average worker might make in one year, after about 20 years of experience in that career.
Annual take-home pay: What a worker earns in one year, after taxes have been deducted. For this portfolio, we will assume a 30% tax rate, meaning 70% of the annual wage is take-home pay.
For example, an MRI tech with a salary of $77,360 would expect to take home about $54, 152 per year.
(Annual pay before taxes * 0.7 = amount of take-home pay.)
Question 1
If someone earns an annual salary of $70,000 and pays 30% in taxes, what would their annual take-home pay be?(1 point)
Responses
$70,000
$70,000
$49,000
$49,000
$40,000
$40,000
$21,000
$21,000
Living Wage
Angel used the following page to research the "living wage" for different family situations in the state of Florida:If there are children in a household, these examples assume:
If there is 1 adult working and 1 adult not working, one adult earns all the income while the other provides care for any children (no childcare expenses).
If there are 2 adults working, the "wage" is what each one of them earns. They each pay for half of the childcare expenses.
If there is only 1 adult, they pay childcare expenses for any children.
Question 2
If Angel earns $17.00 per hour as a home health aide, for which family situation would this be considered a living wage?(1 point)
Responses
1 adult, 0 children
1 adult, 0 children
1 adult, 2 children
1 adult, 2 children
1 adult working, 1 adult not working, 0 children
1 adult working, 1 adult not working, 0 children
2 adults working, 0 children
2 adults working, 0 children
Question 3
If Angel lives in a household with 2 working adults and 2 children, which of these salaries provides pay equal to or above a
Home health aide: $17/ hour
Home health aide: $17/ hour
Sonographer: $38 / hour
Sonographer: $38 / hour
Physical Therapist: $48/ hour
Physical Therapist: $48/ hour
Key Terms:
Median annual wage (salary): What the average worker might make in one year, after about 20 years of experience in that career.
Annual take-home pay: What a worker earns in one year, after taxes have been deducted. For this portfolio, we will assume a 30% tax rate, meaning 70% of the annual wage is take-home pay.
For example, an MRI tech with a salary of $77,360 would expect to take home about $54, 152 per year.
(Annual pay before taxes * 0.7 = amount of take-home pay.)
Question 1
If someone earns an annual salary of $70,000 and pays 30% in taxes, what would their annual take-home pay be?(1 point)
Responses
$70,000
$70,000
$49,000
$49,000
$40,000
$40,000
$21,000
$21,000
Living Wage
Angel used the following page to research the "living wage" for different family situations in the state of Florida:If there are children in a household, these examples assume:
If there is 1 adult working and 1 adult not working, one adult earns all the income while the other provides care for any children (no childcare expenses).
If there are 2 adults working, the "wage" is what each one of them earns. They each pay for half of the childcare expenses.
If there is only 1 adult, they pay childcare expenses for any children.
Question 2
If Angel earns $17.00 per hour as a home health aide, for which family situation would this be considered a living wage?(1 point)
Responses
1 adult, 0 children
1 adult, 0 children
1 adult, 2 children
1 adult, 2 children
1 adult working, 1 adult not working, 0 children
1 adult working, 1 adult not working, 0 children
2 adults working, 0 children
2 adults working, 0 children
Question 3
If Angel lives in a household with 2 working adults and 2 children, which of these salaries provides pay equal to or above a
Home health aide: $17/ hour
Home health aide: $17/ hour
Sonographer: $38 / hour
Sonographer: $38 / hour
Physical Therapist: $48/ hour
Physical Therapist: $48/ hour
Answers
GPT-4o mini
### Question 1
To calculate the annual take-home pay for someone earning a salary of $70,000 with a 30% tax rate, we can use the formula provided:
- Annual take-home pay = Annual pay before taxes * 0.7
- Annual take-home pay = $70,000 * 0.7
- Annual take-home pay = $49,000
**Correct Response**: $49,000
---
### Question 2
To determine for which family situation Angel's $17.00 per hour salary as a home health aide would be considered a living wage, we need to consider the income required for different family scenarios.
Without specific living wage data for Florida, a common understanding is:
- **1 adult, 0 children**: Typically would need less income than for families with children.
- **1 adult, 2 children**: Generally requires a higher income due to childcare costs.
- **1 adult working, 1 adult not working, 0 children**: Likely to also require more income than a single adult with no dependents.
- **2 adults working, 0 children**: May have a combined income higher than a single adult.
Given that $17 an hour translates to $35,360 annually (assuming full-time work at 40 hours/week and 52 weeks/year), this is often a sufficient living wage for the simplest scenario (1 adult, 0 children) but might not be adequate for situations involving children.
**Most Likely Correct Response**: 1 adult, 0 children
---
### Question 3
For the scenario with 2 working adults and 2 children, we need to calculate if Angel's home health aide salary, as well as the salaries of the other professions, meet the living wage requirements.
1. **Home health aide: $17/hour**
- Annual salary = $17 * 40 hours/week * 52 weeks/year = $35,360
2. **Sonographer: $38/hour**
- Annual salary = $38 * 40 hours/week * 52 weeks/year = $79,040
3. **Physical Therapist: $48/hour**
- Annual salary = $48 * 40 hours/week * 52 weeks/year = $99,840
To identify which one meets or exceeds the living wage for a household with 2 working adults and 2 children:
- **Home health aide**: $35,360 likely does not meet the living wage.
- **Sonographer**: $79,040 likely exceeds the living wage.
- **Physical Therapist**: $99,840 likely exceeds the living wage.
**Correct Salary Options (Equal to or above a living wage)**:
- Sonographer: $38/hour
- Physical Therapist: $48/hour
So, both the **Sonographer** and **Physical Therapist** meet the living wage requirement.
**Correct Responses**:
- Sonographer: $38/hour
- Physical Therapist: $48/hour
To calculate the annual take-home pay for someone earning a salary of $70,000 with a 30% tax rate, we can use the formula provided:
- Annual take-home pay = Annual pay before taxes * 0.7
- Annual take-home pay = $70,000 * 0.7
- Annual take-home pay = $49,000
**Correct Response**: $49,000
---
### Question 2
To determine for which family situation Angel's $17.00 per hour salary as a home health aide would be considered a living wage, we need to consider the income required for different family scenarios.
Without specific living wage data for Florida, a common understanding is:
- **1 adult, 0 children**: Typically would need less income than for families with children.
- **1 adult, 2 children**: Generally requires a higher income due to childcare costs.
- **1 adult working, 1 adult not working, 0 children**: Likely to also require more income than a single adult with no dependents.
- **2 adults working, 0 children**: May have a combined income higher than a single adult.
Given that $17 an hour translates to $35,360 annually (assuming full-time work at 40 hours/week and 52 weeks/year), this is often a sufficient living wage for the simplest scenario (1 adult, 0 children) but might not be adequate for situations involving children.
**Most Likely Correct Response**: 1 adult, 0 children
---
### Question 3
For the scenario with 2 working adults and 2 children, we need to calculate if Angel's home health aide salary, as well as the salaries of the other professions, meet the living wage requirements.
1. **Home health aide: $17/hour**
- Annual salary = $17 * 40 hours/week * 52 weeks/year = $35,360
2. **Sonographer: $38/hour**
- Annual salary = $38 * 40 hours/week * 52 weeks/year = $79,040
3. **Physical Therapist: $48/hour**
- Annual salary = $48 * 40 hours/week * 52 weeks/year = $99,840
To identify which one meets or exceeds the living wage for a household with 2 working adults and 2 children:
- **Home health aide**: $35,360 likely does not meet the living wage.
- **Sonographer**: $79,040 likely exceeds the living wage.
- **Physical Therapist**: $99,840 likely exceeds the living wage.
**Correct Salary Options (Equal to or above a living wage)**:
- Sonographer: $38/hour
- Physical Therapist: $48/hour
So, both the **Sonographer** and **Physical Therapist** meet the living wage requirement.
**Correct Responses**:
- Sonographer: $38/hour
- Physical Therapist: $48/hour