Minimum Wage
As of 2008, the federal minimum wage in the United States is
$6.55 per hour, although many states have rates higher than this: California
($8.00), Illinois ($7.75), Massachusetts ($8.00) and New York ($7.15).
Tax Rates
|
Marginal Tax Rate
|
Single
|
Married Filing Jointly or Widow(er)
|
Married Filing Separately
|
Head of Household
|
|
10%
|
$0 -
$8,350
|
$0 -
$16,700
|
$0 -
$8,350
|
$0 -
$11,950
|
|
15%
|
$8,351 -
$33,950
|
$16,701 -
$67, 900
|
$8,351 -
$33,950
|
$11,951 -
$45,500
|
|
25%
|
$33,951 -
$82,250
|
$67,901 -
$137,050
|
$33,951 -
$68,525
|
$45,501 -
$117,450
|
|
28%
|
$82,251 -
$171,550
|
$137,051 -
$208,850
|
$68,525 -
$104,425
|
$117,451 -
$190,200
|
|
33%
|
$171,551 -
$372,950
|
$208,851 -
$372,950
|
$104,426 -
$186,475
|
$190,201 -
$372,950
|
|
35%
|
$372,951+
|
$372,951+
|
$186,476+
|
$372,951+
|
Table from data at http://www.irs.gov/pub/irs-drop/rp-08-66.pdf
You can take personal exemptions for $3,650 per person.
Cost of Basics
-
Movie Ticket $7.00
- Pint of Beer $4.50
- McDonald's Big Mac $3.57
- Gallon of Gas $1.95
- Gap Jeans $60
- Bottle of Water $1.50
- Subway ticket $2.00