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> keep in mind that at the current United States minimum wage ($7.25 as of this writing), it would take upwards of working 6-14 hours just to pay for tax filing
by adventured 3y ago
> keep in mind that at the current United States minimum wage ($7.25 as of this writing), it would take upwards of working 6-14 hours just to pay for tax filing
Relatively few people in the US earn the Federal minimum wage. It's less than 1/2 of 1% of the labor force. It's a very poor reference for anything in terms of personal finance comparisons.
You can walk into a CVS or Walgreens and earn $15 / hr as the minimum scanning barcodes with zero experience, zero job history, as a teenager. You'll get heavily subsidized health insurance, dental, vision, and PTO.
On top of that, the majority of US states have a higher minimum wage than the Federal.
If you're still earning the Federal minimum wage at this point, it's almost always by choice (if you don't want to work for Costco, Walmart, Target, CVS, Walgreens, et al.).
- mmanfrin 3y ago> It's less than 1/2 of 1% of the labor force. So it's only millions of people.
- lolinder 3y agoAccording to BLS, 141k workers earned exactly minimum wage in 2022, with another 882k earning a base rate under minimum wage [0]. The latter category, though, isn't the complete picture, because tips and commissions would tend to push compensation up over minimum wage as a rule. Of the 141k, 53k are teenagers, so that leaves 88k full adults (age 20+) making minimum wage. That's not nothing, but it represents 0.1% of those paid an hourly rate and 0.06% of the workforce as a whole. [0] https://www.bls.gov/opub/reports/minimum-wage/2022/home.htm https://www.bls.gov/opub/reports/minimum-wage/2022/home.htm
- refurb 3y agoNope. 167,929,000 * 0.5% = 839,645