Federal minimum wage is $7.25. If you work 40 hours a week for 52 weeks your annual gross income is $15,080. Your net pay (take home) would be approximately $12,060.
Here are some average expenses that most people are faced with to live:
Rent: $1356 per year for 2010. This equates to $16,252 per year. (http://www.rentjungle.com/)
Cost of Owning and Operating an Automobile per 15,000 miles (2008): $8487 (www.bts.gov/publications/national_transportation_statistics/html/table_03_14.html)
Food: For a family of four the annual average cost is between $11,752 and $13,988.
For a single female between the ages of 19 and 50 the average annual cost is $3432.
For a single male between the ages of 19 and 50 the average annual cost is $4004. (www.census.gov/compendia/statab/2010/tables/10s0716.pdf)
Utilities: The average annual cost of utilities is $3168. (http://www.whitefenceindex.com/)
Medical: $8160 per person per year. (www.cbsnews/stories/2009/02/24/health/main4824163.shtml)
Total expenses for a year is approximately $40,000. That is about $770 per week or $19.25 per hour. Minimum wage is just 37.7% of the national average to live in America today.
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