This document provides budget information for two individuals, Joseph Chin and William Jiang, living in San Jose, California. It details their incomes, taxes, savings amounts, housing costs at an apartment in San Jose, transportation expenses, healthcare costs, utilities, food budgets, and extracurricular activity costs. The document analyzes whether each individual's total estimated expenses exceed their disposable incomes and what remaining amounts they have left over at the end of the budget planning process.

1. San Jose William Jiang, Joseph Chin Period 5

2. Total Income and Taxation Joseph Chin Occupation: Biological Engineer Initial Income: $55,000 Federal Income Tax: $7600 State Income Tax: $2510 Social security tax: $3410 Medicare Tax: $797.5 Total FICA: $4207.5 Total Taxes: $14,317.50 Disposable Income: $55,000-$14,317.50= $40,682.50

3. William Jiang Financial Analyst Initial Income: $60,000 Federal income tax: $8850 State Income Tax: $2987 Social Security Tax: $3720 Medicare Tax: $870 Total FICA: $4590 Total taxes: $16,427 Disposable Income: $60,000-$16,427= $43,573

4. Saving Joseph Chin 20% of disposable income$8136.50$6000 will go into a CD with Ally Bank1.2% APY, 12 month rate $2136.50 will go into a checking account also with Ally Bank William Jiang 10% of disposable income$4,400$3000 will go into a CD with Ally Bank1.2% APY, 12 month rate $1,400 will go into a checking account also with Ally Bank

5. Remaining Income Joseph Chin William Jiang $40,682.50 - $8,136.50 = $32,546 $43,573 - $4,400 = $39,173 Headquartered in San Jose

6. Housing One Year Lease Del Coronado Apartments5255 Camden Avenue San Jose, CA 951242 bed, 2 bath1020 sq. ft. 2 parking spaces $1495 per month$1495 x 12 = $17940 Rent per person = $8970Deposit: $650 Deposit per person: $325 Apartment Pool

7. Housing (cont.) Renter's Insurance Cost: $200 annually Per Person: $100 Total Cost of housing annually per person:$8970 + $325+$100 = $9420 Where We will Live

8. Remaining Income Joseph $32,546 - $9,420 = $23,126 William $39,173 - $9,420 = $29,753 All based in Silicon Valley

9. Healthcare Joseph Chin William Jiang Blue Shield Vital Shield Plus 900 Generic Rx Type: PPOCost $107 per monthDeductible: $900Out of pocket maximum: $3900$30 for first 4 visits per member per year, then $0 after out-of-pocket maximum Individual planThus $30 x 4 = $120$107 x 12 = $1284$120 + $1284 = $1404 $1404 annually Anthem Blue Cross of California: ClearProtectionPlus 1000 Type: PPOCost: $88 a month$1000 deductible40% coinsuranceindividual planWith 40% co-pay, I would have to add $400for doctor visits and examinations $1,456 annually

10. Remaining Income Joseph William $23,126 - $1,404 = $21,722 $29,753 - $1,456 = $28,297

11. Transportation Joseph Chin Public Transportation The VTA is operated by the Santa Clara Valley Transportation Authority. Bus and light rail routes penetrate almost every major street and intersection in San Jose. Annual Pass: $770 Public Light Rail in San Jose

12. William Jiang Car Lease 2011 Mazda 3Initial fee: $1773$179/month, $2,148 per year.36 month leaseTaxes and Fees: $200Car Maintenance: $500 Gas prices per gallon in San Jose ($3.85)7,000 miles of driving in 1 year25 mpg280 gallons in 1 yearGas Costs annually: $1,078 Insurance:State Farm Auto InsuranceStandard CoverageFor Mazda 3 model: $190 per month, $2280 annually Total Cost of William Jiang's Transportation Per Year$1773+$2148+$700+$1078+$2280=$7,979 Mazda3 4 Door

13. Remaining Income Joseph William $21,722 - $770 = $20,952 $28,297 - $7,979 = $20,318

14. Utilities Shared Costs Comcast Internet and Cable Cable: $40High Speed Internet: $30$70 per month$840 annually Electricity and Gas$45 per month$540 annually Water$16.93 per month$203.16 annually Shared Costs: ($840+$540+$203.16)/2 = $791.58

15. Remaining Income Joseph William $20,952 - $791.58 = $20,160.42 $20,318 - $791.58 = $19,526.42

16. Food Joseph Chin William Jiang The cost of food as estimated by the USDA is $345.6 per month or $345.6 x 12 = $4147.2 Eat out a moderate amount and buy high quality groceries for home So food: $10000 Furniture $500 House hold supplies $400 TV Dynex™ - 40" Class / 1080p / 60Hz / LCD HDTV$500 Eat home cooked meals during the weekdays and eat out on the weekends Roughly $120 a week, $6,240 a year Household Supplies: $300

17. Remaining Income Joseph William $20,160.42 - $10,000 (Food) - $500 (Furniture) - $400 (Household Supplies) - $500 (T.V.) = $8,760.42 $19,526.42 - $6,240 (Food) - $300 (Household Supplies) = $12,986.42

18. Extracurricular Activities Joseph Chin William Jiang Clothes: $1200 Video games: $600 Magazine Subscriptions $60 Books for reading $300 Money for holiday gifts for family and friends $500 Miscellaneous spending $500 Golf: $9,500 Video Games: $120 Phone: iPhone 4 $200AT&T Data Plan:$25/month, $300 a yearTotal Phone Costs: $500

19. Extracurricular Activities (cont.) Joseph Chin William Jiang iPhoneCost of phone $200Cost of data plan = $90 per monthannual cost $90 x 12 = $1080$200 + $1080 = $1280 iPadCost of iPad64 GB: $829.00Cost of data plan10GB Plan $80 per month$80 x 12 = $960Total cost of iPad$829 + $960 = $1789 Total Extracurricular activity spending $6229 24 Hour FitnessOne year limited term$300 Movie Theaters: $200 Golf Digest Magazine Subscription: $15 Clothes: $500 Holiday Gifts: $300 Miscellaneous Spending: $500 Total Extracurricular Costs: $11,935

20. Remaining Income Joseph William $8760.42 - $6,229 = $2,531.42 $12,986.42 - $11,935 = $1,051.42

21. The End Joseph Final William Final Savings: $8,136.50 Housing Costs: $9,420 Healthcare: $1,404 Transportation: $770 Utilities: $791.58 Food/Supplies: $11,400 Extracurricular Activities: $6,229 Remaining Income: $2,531.42 Savings: $4,400 Housing Costs: $9,420 Healthcare: $1,456 Transportation: $7,979 Utilities: $791.58 Food/Supplies: $6,540 Extracurricular Activities: $11,935 Remaining Income: $1,051.42

22. Joseph’s Analysis My total spending is $38151.08This $2531.42 less than my disposable income (assuming that none of the money will be spend on unlisted). Even then, I still would have at least $1750 left over.I already knew that I would not need that much money before starting on this project since I do not spend that much. For example, I do not watch movies in the movie theater since normally I cannot hear what is going on nor do I do much exercise beyond walking. This goes hand in with my usage of public transportation. I will get my exercise by walking to where ever the public transportation will not go to directly, rather than get a gym membership. Most of the time spent on this project was finding ways to spend my money and to find housing. Things that I added to spend my money are the iPad and iPhone. I could have said that I would continue to use my old laptop from college. Personally, I do not need that much money to spend since I do not go out that much and I would prefer to play video games or surf the internet rather than take a vacation elsewhere. This is why I did not try to budget in a car or vacation and why I decided on using an iPhone and iPad to take care of my internet surfing.

23. William’s Analysis Total spending: $42521.58 This is $1051.42 less than my disposable income, and the amount I thought I would probably have left when I first started the project. I was lucky to draw the $60,000 because of my spending on golf. Golf is about 1/4 of my disposable income, which is a huge chunk on my budget. I found that researching the information and calculating all the costs were painstaking because almost every detail has to be included in various costs. But I know doing this project will only benefit me in the future, when I really need to budget. $1000 left over is not much at all. If I have a girlfriend, I am pretty sure this extra would be wiped off. A few more doctor visits and rounds of golf would also negate the extra left. I would most likely keep my college computer and T.V., so that is why I did not factor these costs. But most likely extraneous fees and costs are hidden somewhere that are unable to be calculated through internet only. Finally I am not a vacation person because I feel that every time I am on the golf course, I am on vacation. Overall I found out a lot about San Jose, more so than I could have imagined before I began the project.

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