The Robinson family includes 2 children and 2 parents who are both working full-time (2,080 hours per work year). Their total annual basic needs budget is $95,477 excluding taxes. On average, what hourly wage should each parent earn in order to remain within their budget?(1 point)

Answer 1

To determine the hourly wage each parent should earn to remain within the Robinson family's annual basic needs budget, we can follow these steps:

1. Calculate Total Working Hours for Both Parents: Each parent works a full-time schedule of 2,080 hours per year. Since there are 2 parents:

   \[ \text{Total hours worked by both parents} = 2 \times 2,080 = 4,160 \text{ hours} \]

2. Determine Total Annual Budget: The total annual basic needs budget is $95,477.

3. Calculate Required Hourly Wage: To find the hourly wage needed to meet this budget, we divide the total budget by the total hours worked:

   \[ \text{Hourly wage} = \frac{\text{Total annual budget}}{\text{Total hours worked}} = \frac{95,477}{4,160} \]

   Calculating this gives:

   \[ \text{Hourly wage} = \frac{95,477}{4,160} \approx 22.95 \]

Therefore, each parent should earn approximately $22.95 per hour to remain within their budget.