Take the minimum wage of New York State and Missouri. Using 40 hours a week with
ID: 1213382 • Letter: T
Question
Take the minimum wage of New York State and Missouri. Using 40 hours a week with two weeks off on holidays calculate a gross annual salary at the current minimum rate (40 hours a week and 52 weeks) and at 15 dollars an hour. Show your math. Take 10% off the annual wages for social security medicaid etc. Find a cost of living calculator on the internet. What are the two wages (Minimum and 15.00$) in Missouri worth in Orlando Florida and Boise Idaho? What are the wage differences for the two wages in NY when compared to the cost of living scale in Orlando and Boise? Use an excel column to show your answers. What can you comment on how would you advise a presidential candidate on addressing the minimum wage
Explanation / Answer
Gross annual salary = Number of hours × weeks × Rate per hour
= 40 × 52 × $15
= $31,200 (Answer)
Social security deduction = Gross annual salary × 10%
= $31,200 × 0.10
= $3,120 (Answer)
Net annual salary = Gross annual salary × (1 – 0.10)
= $31,200 × 0.90
= $28,080
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