Minimum Salary Analysis

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This sort of comment is the type that really angers me most in debates surrounding minimum wage. I was not really doing all that much and so I figured I'd sit down and do the math for myself and for anyone else who hasn’t. These numbers assume previously owning all assets (car, phone, cooking tools, bed, clothing for all weather, I think you get the point) already renting and having initiated all contracts (so no security deposit, increased drive mileage for moving, phone plan activation, Internet installation and activation, again, I think you get the point). I think that we accepted that working 40 hours a week, 52 weeks a year is the goal. One thing to point out, your math is wrong. It works out to higher pay though. Your calculation I assume went: $8.75/hour *40 hours *4 weeks *12 months = $16,800/year I did this at the beginning as well. The error is that not every month has 4 complete weeks. The way to fix that discrepancy: $8.75/hour * 40 hours/week*52 weeks/year =$18,200/year Let's both acknowledge that this kind of perfect attendance doesn't happen due to illness, emergencies, holidays etc. After taxes (Federal 15% and Maryland 4.75% of income less $3,000) your take home pay is $1,235 per month if we exclude change which I intend to do for the rest of this post. Admittedly I neglected to include the $7.50 a month in taxes that is…show more content…
Subsidized health insurance, lowest tier, least benefits: $120/m. Car insurance based on mine which is quite low by comparison to others in my same demographic: $70/m. Total: $190/m. This is another place where I need to do an annual rather than a monthly cost analysis. Say you get sick as most people do each year. You need a doctor's note. With my insurance which I assure you is not of the incredibly unsupported tier above, that's $40. I think I've been twice this year. That's $80 per year and if you need a prescription for those visits, that would be another $25. So that's $105
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