Description
Small assignment: Family
Minimum 1 page double spaced
There is a federal minimum wage, but states in the US can decide to have the rate higher than the minimum within their state.
Research and respond to the following questions:
1. What is the federal minimum wage in the US (give a definition) and how much is it? Are there any exceptions to how much people can be paid … if so, what are they? What is the current status of the federal minimum wage?
2. In terms of actual buying power, how does today’s minimum wage compare with that of 1968?
3. Calculate the annual income for a family of five with two adults and three children based on the standard federal minimum wage, both adults working full-time (40 hours per week with two weeks unpaid vacation). How does this compare with the government’s poverty guidelines for 2019? (https://aspe.hhs.gov/poverty-guidelines (Links to an external site.))
4. Should the minimum wage be indexed in your opinion - why/why not? Please explain your reasoning.
Explanation & Answer
Attached.
Running head: MINIMUM WAGE
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Minimum Wage
Student’s Name
Institutional Affiliation
MINIMUM WAGE
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Minimum Wage
Minimum wage is the minimum amount of remuneration required to pay employees by
the employer for the work done during a particular period. The purpose of enacting minimum
wage by the U.S labor was aimed to protect the exploitation of employees by their employer
(Bell, & Machin, 2018). The minimum wage in the U.S is $7.25 per hour. The amount which
people are paid depends on the prevailing inflation rate, and it is adjusted depending on the
in...