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Homework answers / question archive / and net income? Gross is before they take out taxes or deductions for health insurance, etc
and net income? Gross is before they take out taxes or deductions for health insurance, etc... And net is the amount that you actually get paid. So using gross income isn't the whole picture because that is bigger than the total amount that the family actually gets in real life).
Let's pretend you are a single parent with two kids (so you have a family of three). Get a calculator and answer the following questions:
1. The federal minimum wage is $7.25'. Let's say you make the federal minimum wage. You work full-time (40 hours a week) at minimum wage. And you work 52 weeks out of the year. What is your gross annual income? Answer: $
2. Are you above or below the federal poverty line for a family of 3? Answer:
3. Now let's say you live in CT. Our minimum wage is higher at $10.104. Again, you work full-time, all year (40 hrs/wk, 52 weeks/yr). What is your gross annual income? Answer: $.
Answer:
Gross annual income when minimum wage is 7.5
= Per hour wage * 40 * no of weeks
= 7.25 * 40 * 52
= $15080 is gross annual income if minimum wage is $7.5
Step-by-step explanation
Poverty line for family of three:
Poverty line for family of 3 is $21330
It means you are below poverty line
Gross annual income when minimum wage is 10.10
= Per hour wage * 40 * no of weeks
= 10.10 * 40 * 52
= $21008 is gross annual income if minimum wage is $7.5
