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  • 1. Living on our own
    Kayla Parsons and Lena Park
  • 2. Taxes
    Kayla
    $60,000 in gross income
    - $3390 in FICA
    - $11,188 in federal tax
    Disposable income: $45,422
    Lena
    $40,000 in gross income
    - $2260 in FICA
    - $4183 in federal tax
    Disposable income: $33,554
  • 3. Housing
    Deposit: $100 (minimum)
    Monthly Rent: 980
    Community Fee: 85
    Special: Look-n-Lease get $300 off first month and lease for 12 months
    first month: $382.50months 2-12: $532.50 / person
    Total cost for one year: $6240 / person + $50 deposit =$6290/person
  • 4. Healthcare
    Cheapest premium which does not include pregnancy
    $93/ month = $1116 / year
  • 5. Transportation
    Kayla
    Used 2008 Mazda 6
    Total cost (includes gas and insurance) = $17538
    Lena
    Used 2009 Mazda 3
    Total cost (includes gas and insurance) = $14418
  • 6. Utilities
    Apartment comes with trash, internet, and cable
    Other utilities are gas, water, electricity, and cell phones (no home phone)
    TOTAL ANNUAL UTILITY COST: $2099.70 ($2100) EACH
  • 7. Food
    Food may be over estimated
    However, it’s better to have food than to starve.
    Eating out $100 / week
    Groceries $100 / week
    Estimate $450 / month = $5400 / year / person
  • 8. Calculations
    Kayla
    DI = 45422
    - 6290 (rent)
    - 1116 (health insurance)
    - 4500 (food)
    - 17538 (car and insurance)
    - 2100 (utility)
    TOTAL LEFT: $13,878
    Lena
    DI = 33554
    - 6290 (rent)
    - 1116 (health insurance)
    - 4500 (food)
    - 14418 (car and insurance)
    - 2100 (utility)
    TOTAL LEFT: $6245
    NOW how much will be saved?
  • 9. Savings
    Kayla
    50% of money left over after paying all the necessities will be saved.
    $13, 878 left
    SAVE $6939
    Lena
    50% of money left over after paying all the necessities will be saved.
    $6245 left
    SAVE $3122.50
  • 10. Extracurricular
    Fortunately, we have a top notch pool and gym included in our apartment. Therefore, no need to waste money on gym membership!!
    We’re going to spend the other 50% that was not saved on extracurricular activities.
    $6939 for Kayla and $3122.50 for Lena
  • 11. Works Cited
    To preserve MLA format, works cited is in the WIKI