- individual income ($54,000/year = $27/hour) | Basic Need | Annual Cost (Individual) | Hours Worked Weekly | What This Means | | ------------------------------- | ------------------------ | ------------------- | ------------------------------------------------- | | Federal Income Tax | $6,480 | 4.6 hours | First half day of each week goes to federal taxes | | State/Local Tax | $2,700 | 1.9 hours | Quarter day for state/local government | | FICA (Social Security/Medicare) | $4,131 | 2.9 hours | Nearly half a day for social programs | | Housing | $15,600 | 11 hours | Almost three days of work just for shelter | | Food | $4,800 | 3.4 hours | Half a day's work for food | | Transportation | $6,000 | 4.3 hours | Half a day to get to/from work | | Healthcare | $4,000 | 2.8 hours | Quarter day for basic health coverage | | Basic Insurance | $2,400 | 1.7 hours | Quarter day for basic protections | | Basic Utilities | $2,400 | 1.7 hours | Quarter day for power/water | | Phone/Internet | $1,800 | 1.3 hours | Two hours for basic connectivity | | Clothing | $1,200 | 0.9 hours | About an hour for basic clothing | | Emergency Fund | $2,700 | 1.9 hours | Quarter day for unexpected costs | | **Total** | **$54,211** | **38.4 hours** | **Nearly full work week for basics** |