The Cost of Living:Charleston, South Carolina<br />Adventures of the <br />Typical Medical Residents:<br />Michelle Michel...
Location<br />Charleston, South Carolina<br />
Total Income: Initial and Post-Tax<br />Michelle<br />Occupation: Medical Resident<br />Initial Income: $45,000<br />FICA:...
Savings<br />Michelle<br />(20% of adjusted income)<br />$7,065.50<br />Saving’s account at Bank of America: $5,000.00<br ...
Remaining Income<br />Michelle<br />$34,427.50 - $7,065.50 (Savings) = $27,362.50<br />Hye Hyun<br />$31,077.00 - $3180.00...
Housing<br />2235 Ashley Crossing  Drive<br />City: Charleston (7.4 miles from Medical University of South Carolina)<br />...
Housing Costs<br />Rent Term: 13 months<br />Deposit: $87.50<br />Living Cost: $11,580 annually<br />Renter’s Insurance co...
Housing Amenities<br /><ul><li>Dishwasher
Garbage disposal
All electric kitchen
Carpeted flooring
Walk – in closet
Clubhouse
Business Center
Car care center
Private Health Club
Tennis and Volleyball courts</li></li></ul><li>Remaining Income<br />Michelle<br />$34,427.50<br />($87.50/2) = $43.75 dep...
Healthcare BlueCross BlueShield of SC<br />Michelle<br />$1,800 annually<br />$150/month/per person<br />Personal Blue Sec...
Remaining Income<br />Michelle<br />$28,565.50 - $1800 (Healthcare) = $26,765.50<br />Hye Hyun<br />$25,171.25 - $1800 (He...
Transportation<br />Lease for 4 years: $2138.28 per person/year <br />Car Lease: Toyota Prius $356.38/month<br />Car Insur...
Remaining Income<br />Michelle<br />$26, 765.50 - $2138.28 (lease payment) – $419.04 (insurance) - $450.58 (gas) =<br />  ...
Utilities(Calculated on Annual Basis, Shared Cost)<br />Electricity: $401.29<br />Water: $256.08<br />Gas: $239.88<br />Ph...
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Ap econ final proj.

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Ap econ final proj.

  1. 1. The Cost of Living:Charleston, South Carolina<br />Adventures of the <br />Typical Medical Residents:<br />Michelle Michelson & Hye Hyun Bahng<br />
  2. 2. Location<br />Charleston, South Carolina<br />
  3. 3. Total Income: Initial and Post-Tax<br />Michelle<br />Occupation: Medical Resident<br />Initial Income: $45,000<br />FICA: $3442.50<br />Post-Tax: $37,870.00<br />Total: $34,427.50<br />Hye Hyun<br />Occupation: Medical Resident<br />Initial Income: $40,000<br />FICA: $3060.00<br />Post-Tax: $34,137.00<br />Total: $31,077.00<br />
  4. 4. Savings<br />Michelle<br />(20% of adjusted income)<br />$7,065.50<br />Saving’s account at Bank of America: $5,000.00<br />Checking account at Bank of America: $2,065.50<br />Hye Hyun<br />(10% of adjusted income)<br />$3180.00<br />Saving’s account at Bank of America: $2100.00<br />Checking account at Bank of America: $1087.70<br />
  5. 5. Remaining Income<br />Michelle<br />$34,427.50 - $7,065.50 (Savings) = $27,362.50<br />Hye Hyun<br />$31,077.00 - $3180.00(Savings) = $27,897.00<br />
  6. 6. Housing<br />2235 Ashley Crossing Drive<br />City: Charleston (7.4 miles from Medical University of South Carolina)<br />Zip Code: 29414<br />
  7. 7. Housing Costs<br />Rent Term: 13 months<br />Deposit: $87.50<br />Living Cost: $11,580 annually<br />Renter’s Insurance cost: $144 annually<br />Size: 937 square feet<br />2 bedrooms<br />2 baths<br />
  8. 8. Housing Amenities<br /><ul><li>Dishwasher
  9. 9. Garbage disposal
  10. 10. All electric kitchen
  11. 11. Carpeted flooring
  12. 12. Walk – in closet
  13. 13. Clubhouse
  14. 14. Business Center
  15. 15. Car care center
  16. 16. Private Health Club
  17. 17. Tennis and Volleyball courts</li></li></ul><li>Remaining Income<br />Michelle<br />$34,427.50<br />($87.50/2) = $43.75 deposit<br />($11,580/2) =$5,790 annual cost<br />($144/2) = $72 annual cost for renter’s insurance<br />$28, 565.50 Remaining Income after calculated housing costs<br />Hye Hyun<br />$31,077.00<br />($87.50/2) = $43.75 deposit<br />($11,580/2) =$5,790 annual cost<br />($144/2) = $72 annual cost for renter’s insurance<br />$25,171.25 Remaining Income after calculated housing costs<br />
  18. 18. Healthcare BlueCross BlueShield of SC<br />Michelle<br />$1,800 annually<br />$150/month/per person<br />Personal Blue Secure SE BlueCross BlueShield Plan<br />High deductible health plan ($5,250)<br />Co-pay - $40 primary care physician<br />50% Coinsurance for in-network services<br />Individual coverage<br />Hye Hyun<br />$1,800 annually<br />$150/month/per person<br />Personal Blue Secure SE BlueCross BlueShield Plan<br />High deductible health plan ($5,250)<br />Co-pay – $40 primary care physician<br />50% Coinsurance for in-network services<br />Individual coverage<br />
  19. 19. Remaining Income<br />Michelle<br />$28,565.50 - $1800 (Healthcare) = $26,765.50<br />Hye Hyun<br />$25,171.25 - $1800 (Healthcare) = $23,371.25<br />
  20. 20. Transportation<br />Lease for 4 years: $2138.28 per person/year <br />Car Lease: Toyota Prius $356.38/month<br />Car Insurance: Geico, $838.08 annually, <br />$69.84 on a monthly basis<br />Price of Gas Per Gallon: $3.466<br />Roughly estimated 5 gallon usage: $17.33/week<br />$450.58 a year for gas per person<br />
  21. 21. Remaining Income<br />Michelle<br />$26, 765.50 - $2138.28 (lease payment) – $419.04 (insurance) - $450.58 (gas) =<br /> $23, 757.60<br />Hye Hyun<br />$23,371.25 - $2,138.28 (lease payment) – $419.04 (insurance) - $450.58 (gas) =<br /> $20, 363.35<br />
  22. 22. Utilities(Calculated on Annual Basis, Shared Cost)<br />Electricity: $401.29<br />Water: $256.08<br />Gas: $239.88<br />Phone: $1,200<br />Internet: $840<br />
  23. 23. Remaining Income<br />Michelle<br />$23, 757.60 - $200.65 (electricity) - $128.04 (water) - $119.94 (gas) - $600.00 (phone) - $420.00 (internet) =<br /> $22, 288.97<br />Hye Hyun<br />$20, 363.35- $200.65(electricity) - $128.04 (water) - $119.94 (gas) - $600.00 (phone) - $420.00 (internet) =<br /> $18,894.72<br />
  24. 24. Food/Furniture<br />Michelle<br />Food: $7,000/year<br />Household Furniture: $500 (split cost)<br />TV: $119.50 (Sharp 22" LC22SB27UT Widescreen LCD HDTV, split the cost)<br />Household Supplies: $300<br />Hye Hyun<br />Food: $8,000/year<br />Household Furniture: $500 (split cost)<br />TV: $119.50 (Sharp 22" LC22SB27UT Widescreen LCD HDTV, split the cost)<br />Household Supplies: $300<br />
  25. 25. Remaining Income<br />Michelle<br /> $22,288.97 - $7,000 (food) - $500 (furniture) -$119.50 (TV) - $300 (household supplies) = $14,369.47 <br />Hye Hyun<br />$18,894.72 - $8,000 - (food) - $500 (furniture) -$119.50 (TV) - $300 (household supplies) = $9,975.22<br />
  26. 26. Extracurricular Activities<br />Michelle<br />Clothes: $5,000<br />Electronics: $500<br />Travel, Vacation: $4,000<br />Musicals/Concerts/Movies: $1,000<br />Hye Hyun<br />Clothes: $3,500<br />Electronics: $500<br />Travel, Vacation: $4,000<br />Musicals/Concerts/Movies: $1,000<br />
  27. 27. Remaining Income<br />Michelle<br />$14,369.47 - $5,000 (clothing) - $500 (electronics) - $4,000 (travel) - $1,000 (concerts/movies) = $3,869.37<br />Hye Hyun<br /><ul><li>$9,975.22 - $3,500(clothing) - $500 (electronics) - $4,000 (travel) - $1,000 (concerts/ movies) = $975.22</li></li></ul><li>Remaining Income in Sum<br />Michelle<br />Savings: $7,065.50<br />Housing Costs: $5,905.75<br />Healthcare: $1,800<br />Transportation:$3007.90<br />Utilities: $1,468.63<br />Food/Furniture: $7,919.50<br />Extracurricular Activities: $10, 500.1<br />TOTAL REMAINING INCOME: $3,869.37<br />Hye Hyun<br />Savings: $3,180.00<br />Housing Costs: $5,905.75<br />Healthcare: $1,800<br />Transportation:$3007.90<br />Utilities: $1,468.63<br />Food/Furniture: $8,919.50<br />Extracurricular Activities: $9,000.00<br /><ul><li>TOTAL REMAINING INCOME: $975.22</li></li></ul><li>Bibliography<br />"2010 Tax Table." Web. 1 June 2011. <http://www.irs.gov/pub/irs-pdf/i1040tt.pdf>.<br />Area, Metro. "Average Prices By State - South Carolina Gas Prices." South Carolina Gas Prices - Find Cheap Gas Prices in South Carolina. Web. 08 June 2011. <http://www.southcarolinagasprices.com/Prices_nationally.aspx>.<br />"Custserv_rates_schedule." Charleston Water System - Charleston, SC. Web. 02 June 2011. <http://www.charlestoncpw.com/custserv_rates_schedule.htm>.<br />"Individual Income Tax." Welcome to the South Carolina Department of Revenue. SC Department of Revenue. Web. 02 June 2011. <http://www.sctax.org/NR/exeres/AE2BB3A9-DBC3-4885-B116-B23887B4DF01.htm>.<br />Management, Greystar. "Charleston SC Apartments for Rent - Amenities - Ashley Crossing." Charleston South Carolina Apartments - Home - Ashley Crossing. 2000. Web. 01 June 2011. <http://www.ashleycrossing.com/8/Charleston-SC-Apartments-for-Rent/>.<br />
  28. 28. Bibliography (continued)<br />Size, Screen. "Small Flat Screen TV - Hotel and Resort Travel Deals." Nextag - Compare Prices Before You Buy. Web. 08 June 2011. <http://www.nextag.com/small-flat-screen-tv/products-html>.<br />"South Carolina Electric and Gas Company." Web. 1 June 2011. <http://www.sceg.com/NR/rdonlyres/7E39B8E5-B278-4489-B8F0-FD754D65F962/0/Rate1.pdf>.<br />"This Is My Plan." BlueCross. Blue Cross. Web. 03 June 2011. <http://southcarolinablues.com/UserFiles/scblues/Documents/Visitors/Personal_Blue_Secure_brochure.pdf>.<br />"Toyota Prius Lease Calculator." New Cars, Used Cars For Sale, Car Prices & Reviews at Automotive.com. Toyota, 2011. Web. 08 June 2011. <http://www.automotive.com/default.aspx?BGUCNavSection=pricing>.<br />
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