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, that adult pays 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 living wage?(2 points)
Responses
Home health aide: $17/ hour
Home health aide: $17/ hour
Sonographer: $38 / hour
Sonographer: $38 / hour
Physical Therapist: $48/ hour
Physical Therapist: $48/ hour
Skip to navigation
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, that adult pays 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 living wage?(2 points)
Responses
Home health aide: $17/ hour
Home health aide: $17/ hour
Sonographer: $38 / hour
Sonographer: $38 / hour
Physical Therapist: $48/ hour
Physical Therapist: $48/ hour
Skip to navigation
Answers
GPT-4o mini
Let's break down each question based on the information provided.
**Question 1:**
If someone earns an annual salary of $70,000 and pays 30% in taxes, to find their annual take-home pay, we would calculate it as follows:
\[
\text{Take-home pay} = \text{Annual salary} \times (1 - \text{tax rate})
\]
\[
\text{Take-home pay} = 70,000 \times (1 - 0.30) = 70,000 \times 0.70 = 49,000
\]
So, the correct response is **$49,000**.
---
**Question 2:**
To determine if $17.00 per hour is considered a living wage, we would need to compare that wage to the living wage thresholds for different family situations.
Calculating the annual salary based on $17.00 per hour:
\[
\text{Annual salary} = 17 \text{ dollars/hour} \times 40 \text{ hours/week} \times 52 \text{ weeks/year} = 17 \times 2080 = 35,360
\]
Next, we consider which family situation would classify $35,360 as a living wage. Commonly, single adults without children earn less than the living wage threshold because they do not incur childcare costs. As such, $17/hour would likely be adequate for:
- **1 adult, 0 children**, as they have no childcare expenses to consider.
Therefore, the appropriate response is **1 adult, 0 children**.
---
**Question 3:**
For Angel living in a household with 2 working adults and 2 children, we need to check which of the provided salaries would meet or exceed a living wage.
Given the previously calculated salary of $35,360 per year for Angel as a home health aide at $17/hour, we check the other two options:
1. **Sonographer: $38/hour**
\[
\text{Annual salary} = 38 \times 40 \times 52 = 38 \times 2080 = 79,040
\]
2. **Physical Therapist: $48/hour**
\[
\text{Annual salary} = 48 \times 40 \times 52 = 48 \times 2080 = 99,840
\]
Both the sonographer and the physical therapist earn significantly more than the living wage threshold.
Thus, the salaries that provide pay equal to or above a living wage for the household with 2 working adults and 2 children are:
- **Sonographer: $38/hour**
- **Physical Therapist: $48/hour**
Therefore, the answers to Question 3 are **Sonographer: $38/hour** and **Physical Therapist: $48/hour**.
**Question 1:**
If someone earns an annual salary of $70,000 and pays 30% in taxes, to find their annual take-home pay, we would calculate it as follows:
\[
\text{Take-home pay} = \text{Annual salary} \times (1 - \text{tax rate})
\]
\[
\text{Take-home pay} = 70,000 \times (1 - 0.30) = 70,000 \times 0.70 = 49,000
\]
So, the correct response is **$49,000**.
---
**Question 2:**
To determine if $17.00 per hour is considered a living wage, we would need to compare that wage to the living wage thresholds for different family situations.
Calculating the annual salary based on $17.00 per hour:
\[
\text{Annual salary} = 17 \text{ dollars/hour} \times 40 \text{ hours/week} \times 52 \text{ weeks/year} = 17 \times 2080 = 35,360
\]
Next, we consider which family situation would classify $35,360 as a living wage. Commonly, single adults without children earn less than the living wage threshold because they do not incur childcare costs. As such, $17/hour would likely be adequate for:
- **1 adult, 0 children**, as they have no childcare expenses to consider.
Therefore, the appropriate response is **1 adult, 0 children**.
---
**Question 3:**
For Angel living in a household with 2 working adults and 2 children, we need to check which of the provided salaries would meet or exceed a living wage.
Given the previously calculated salary of $35,360 per year for Angel as a home health aide at $17/hour, we check the other two options:
1. **Sonographer: $38/hour**
\[
\text{Annual salary} = 38 \times 40 \times 52 = 38 \times 2080 = 79,040
\]
2. **Physical Therapist: $48/hour**
\[
\text{Annual salary} = 48 \times 40 \times 52 = 48 \times 2080 = 99,840
\]
Both the sonographer and the physical therapist earn significantly more than the living wage threshold.
Thus, the salaries that provide pay equal to or above a living wage for the household with 2 working adults and 2 children are:
- **Sonographer: $38/hour**
- **Physical Therapist: $48/hour**
Therefore, the answers to Question 3 are **Sonographer: $38/hour** and **Physical Therapist: $48/hour**.