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