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Practice: You Do the Math

Practice: You Do the Math

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3.2.4 PracticeYou Do the Math
Practice Assignment
U.S. and Global Economics (S3855100)
Anayeli Cancino
Points possible: 30
Date: ____________

 

The table below shows the annual income and hourly wage associated with two benchmark income levels. Use this information to help you answer the question below.
Hourly Wage Annual Income
2012 U.S. federal poverty line for a family of four $11.78 $23,550
2012 U.S. median household income $25.69 $51,371

Data sources: U.S. Department of Health and Human Services and the U.S. Census Bureau

For each of the professions in the left column, calculate the annual pay based on full-time, year-round employment consisting of 2,000 hours a year (40 hours per week for 50 weeks per year). Record your calculations under “Annual income” in the table. Then, find the difference between each annual wage figure and a) the poverty threshold and b) the median household income. If the difference is a negative number, record it as such. (30 points)
Hourly wage Annual income Difference between annual wage and federal poverty line Difference between annual wage and median household income
Federal minimum wage $7.25
California’s minimum wage $8.00
Marketing managers $55.65
Police officers $27.40
Child-care workers $9.38
Data source: U.S. Bureau of Labor Statistics

 

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