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