To calculate the average living wages for both adults to support their family's basic needs, we first need to find the total monthly expenses from the given budget:
- Calculate total monthly expenses:
\[ \text{Total Expenses} = \text{Food and Groceries} + \text{Child Care} + \text{Medical} + \text{Housing} + \text{Transportation} + \text{Monthly Taxes} + \text{Other Basic Necessities} \]
\[ \text{Total Expenses} = 637.08 + 701.25 + 725.58 + 1324.17 + 1059.03 + 872.75 + 512.50 \]
Calculating this step by step:
- \( 637.08 + 701.25 = 1338.33 \)
- \( 1338.33 + 725.58 = 2063.91 \)
- \( 2063.91 + 1324.17 = 3388.08 \)
- \( 3388.08 + 1059.03 = 4447.11 \)
- \( 4447.11 + 872.75 = 5323.86 \)
- \( 5323.86 + 512.50 = 5836.36 \)
So, the total monthly expenses is $5836.36.
- Calculate the total monthly income needed from both adults.
Since there are 2 working adults, we'll denote their total monthly income as \( I \) which must meet the total monthly expenses:
\[ I = \text{Total Expenses} = 5836.36 \]
- Calculate the average monthly income needed for each adult.
The average monthly income for each adult \( A \) is given by:
\[ A = \frac{I}{2} = \frac{5836.36}{2} = 2918.18 \]
- Convert the monthly wages into hourly wages.
To find the hourly wage, we assume each adult works full-time (40 hours per week) and approximately 4.33 weeks in a month:
\[ \text{Hours worked per month} = 40 , \text{hours/week} \times 4.33 , \text{weeks/month} \approx 173.2 , \text{hours/month} \]
Thus, the average hourly wage needed for each adult \( H \) is:
\[ H = \frac{A}{\text{Hours worked per month}} = \frac{2918.18}{173.2} \approx 16.87 \]
- Final Average Living Wage for Both Adults:
Thus, the average living wage of both adults is approximately:
$2918.18 (monthly for each adult).
So the answer is $2918.18.
1 answer