Econ

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Econ

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

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