Small assignment: Family

Small assignment: Family

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.)Links to an external site.)

4. Should the minimum wage be indexed in your opinion – why/why not? Please explain your reasoning.