This document summarizes the monthly budgets for two roommates, Michael and Daniel, who live together in Chicago. It outlines their individual incomes, taxes, rent costs for their apartment, transportation expenses, utilities, health insurance, food costs, entertainment budgets, and savings. By the end, it calculates that Michael will have $18.02 left over each month after expenses while Daniel will have $17.37 remaining. It also includes brief reflections from each roommate on their budgets and finances.

1. CHICAGO Mike Joens Daniel Brown Per. 5

2. Mike: AccountantIncome: $40,000FICA: 7.65% = $3,060State Income Tax: 5% = $2,000Federal Tax = $4172.50Total Tax: $9,237Taxes Per Month: $769.75/monthDisposable Income: $30,763 = $2,563.58/month Daniel: Real estate agent Income: $45,000 FICA: 7.65% = $3,442.50 State Income Tax: 5% = $2250 Federal Tax = $5,037.50 Total Taxes: $10,730 Taxes Per Month: $894.17/month Disposable Income: $34,270 = $2,855.83/month

3. Apartment $1050 / monthChicago, IL 60660 5900 Kenmore Apartments DESCRIPTION:1100 sq ft,provides 2 Beds & 1 Bath in Chicago Walking distance to beach, red line and bus #151 and 156 (15 minutes to downtown), grocery stores (Dominick's/Jewel Osco), pharmacy, Broadway Bank, coffee shops, European food stores, walk to Lake

4. Transportation Busses: Chicago Transit Authority30-day pass: $86total for 1 year: $1032 route #151 and route #156 circle the area and go downtown.For shorter trips, Daniel will also buy a bike from craigslist for $150 from his savings and pay it off with $12.50/month For shorter trips, Michael will also buy a bike from craigslist for $135 from his savings and will pay it off $11.25/month

6. $29.00/month each

7. Electricity (& heating): $200/month average

8. Cell Phones: $40/month for Michael, $90/month Daniel

9. Water Bill: $35/month

12. Entertainment Going to the movies, music, concerts, dates, clubs, etc: $200/month for Daniel, $150/month for Michael Random Buying: toys and other things: $50/month each

13. Summary Michael:Gross Income: $40,000 = $3,333.33/month Tax: $9,237 = $769.75/month15% savings: $333.33/monthRent: $525/monthBus: $86/monthBike: $11.25/monthGym: $29/monthFood: $600/monthElectricity and Heating: $100/monthWater: $17.50/monthCell phone: $40/monthRenter's Insurance: $26.83Health Insurance: $256.63Clothes: $100/monthRandom Buying: $50/monthEntertainment: $150/monthsatellite TV: $17.50/monthInternet: $22.50/monthLaundry Money: $20/monthCleaning Service: $160/month = $ 18.02 left over Daniel:Gross Income: $45,000 = $3,750/month Tax: $10,730 = $894.17/month15% saving: $525/monthRent: $525/monthBus: $86/monthBike: $12.50/monthGym: $29/monthFood: $600/monthElectricity and Heating: $100/monthWater: $17.50/monthcell phone: $90/monthRenter's Insurance: $26.83/monthhealth Insurance: $256.63clothes $100/monthRandom Buying: $50/monthEntertainment: $200/monthsatellite TV: $17.50/monthInternet: $22.50/monthLaundry Money: $20/monthCleaning Service: $160/month = $17.37/month left over

14. Analysis Daniel I realized how things that I take for granted, such as insurance, actually cost a lot of money each month. Also I see how $45,000 a year is enough for myself to live an enjoyable life style but if I had a wife or kids it would be hard to get by on that salary alone. Michael This project helped me realize how many taxes and utility bills are each month that my parents are currently paying. I only ever think about the cost of items such as food and entertainment but never consider the taxes and utility bills that account for over half my income.

15. Works Cited "5900 Kenmore Apartments in Chicago, IL." Apartments for Rent & Homes for Rent - Rent.com® Apartment Finder. Web. 08 June 2011. <http://www.rent.com/rentals/illinois/chicago-and-vicinity/chicago/edgewater-glen/5900-kenmore-apartments/595037/>. "Average Cost of Heating Home - Utility Bills (Chicago: Houses, Neighborhood) - City-Data Forum." Stats about All US Cities. Web. 08 June 2011. <http://www.city-data.com/forum/chicago-suburbs/538900-average-cost-heating-home-utility-bills.html>. Individual Health Insurance Plans to Fit Your Healthcare Needs. Web. 08 June 2011. <http://www.humana-one.com/default.aspx>. Message, Text (sms). "List of CTA Bus Timetables." Chicago Transit Authority | Cta | 1-888-YOUR-CTA. Web. 08 June 2011. <http://www.transitchicago.com/travel_information/bus_schedules.aspx>. "State Taxes : Illinois." State Taxes: Free State Tax Help, Forms, Questions and Answers. Web. 08 June 2011. <http://www.statetaxcentral.com/Illinois/>. "What's FICA Again?" Business, Financial, Personal Finance News - CNNMoney. 08 Feb. 2007. Web. 08 June 2011. <http://money.cnn.com/magazines/moneymag/money101/lesson18/index4.htm>.