To determine the hourly wage required to meet a family’s basic needs, we need to first calculate the total monthly expenses and then convert that into an hourly wage based on a full-time work schedule.
Step 1: Calculate Total Monthly Expenses
Add up all the monthly expenses:
- Food and groceries: $821.33
- Medical: $751.33
- Housing: $1,324.17
- Transportation: $1,251.00
- Monthly taxes: $882.58
- Other necessities: $745.67
Total Monthly Expenses:
\[ \text{Total} = 821.33 + 751.33 + 1324.17 + 1251.00 + 882.58 + 745.67 \]
\[ \text{Total} = 5,776.08 \]
Step 2: Calculate Required Hourly Wage
Assuming full-time work is typically 40 hours per week, calculate the total hours worked in a month:
\[ \text{Total Hours per Month} = 40 \text{ hours/week} \times 4.33 \text{ weeks/month} \approx 173.2 \text{ hours/month} \]
To find the required hourly wage (W), use the formula:
\[ \text{Wage} = \frac{\text{Total Monthly Expenses}}{\text{Total Hours per Month}} \]
Thus,
\[ \text{Wage} = \frac{5,776.08}{173.2} \approx 33.34 \]
Conclusion
The required hourly wage to meet the family's basic needs is approximately $33.34.