The Cost of Living in Minneapolis<br />Wayne Lin & Hasan Siddiqui <br />Period 1<br />M<br />I<br />N<br />N<br />E<br />A...
Bio<br />Hasan Siddiqui<br />Wayne Lin<br /><ul><li>Occupation: Attorney
Salary: $45,000
Occupation: Attorney
Salary: $45,000</li></li></ul><li>Taxation<br />Because both of us have the same income, we owe the same amount in taxes…<...
Wayne’s Savings<br />Money After Taxes and FICA: $32,981.50Net Income Per Month: $2,748.46Monthly Saving: $500Total Saving...
Hasan’s Savings<br />	Money After Taxes and FICA: $32,981.50Net Income Per Month: $2,748.46Monthly Saving: $250Total Savin...
Housing<br />We will be sharing an apartment in Minneapolis and sharing the cost of rent equally.Apartment Description: 2 ...
Healthcare<br />Purchasing a plan from United Health Care in Minneapolis, Minnesotta.Deductable: $3,000Monthly Cost: $100/...
Transportation<br />The public transportation system in Minneapolis is quite efficient so we will not be needing a car.In ...
Utilities, Part 1<br />We will each be paying half of the total costs of utilities.<br />Price of Electricity in Minneapol...
Utilities, Part 2 <br />Average Monthly Cost of T-Mobile Cellphone Plan: $20/monthTotal Cost of T-Mobile Cellphone Plan: $...
Food, Part 1<br />Each of us will be budgeting food expenses by wisely mixing groceries and at-home cooking with eating ou...
Food, Part 2<br />Meal by Meal BreakdownBreakfast: Cup of Coffee, tea, or orange juiceBowl of Cereal, Oatmeal, or eggsLunc...
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Cost of living powerpoint

  1. 1. The Cost of Living in Minneapolis<br />Wayne Lin & Hasan Siddiqui <br />Period 1<br />M<br />I<br />N<br />N<br />E<br />A<br />P<br />O<br />S<br />I<br />L<br />A Lin and Siddiqui Production<br />
  2. 2. Bio<br />Hasan Siddiqui<br />Wayne Lin<br /><ul><li>Occupation: Attorney
  3. 3. Salary: $45,000
  4. 4. Occupation: Attorney
  5. 5. Salary: $45,000</li></li></ul><li>Taxation<br />Because both of us have the same income, we owe the same amount in taxes…<br />Initial Income: $45,000<br />After Federal Taxes: 36,087.50<br />FICA: 3,106<br />After FICA: 32,981.50<br />NO STATE INCOME TAXES IN MINNESOTA <br />
  6. 6. Wayne’s Savings<br />Money After Taxes and FICA: $32,981.50Net Income Per Month: $2,748.46Monthly Saving: $500Total Savings per Year: $6,000Bank of America Savings Account: $2,000APY: 0.15Chase Checking Account: $4,000 <br />
  7. 7. Hasan’s Savings<br /> Money After Taxes and FICA: $32,981.50Net Income Per Month: $2,748.46Monthly Saving: $250Total Savings per Year: $3,000Bank of America Savings Account: $1,000APY: 0.15Chase Checking Account: $2,000 <br />
  8. 8. Housing<br />We will be sharing an apartment in Minneapolis and sharing the cost of rent equally.Apartment Description: 2 Bed, 2 Bath, 1000 Square Feet, furnished Adrress: 111 83rd Ave. NE Fridley, MN 55432Total Cost of Renting: $1,000/month with a $250 initial deposit (down payment).Hasan:Initial Deposit Payment: $250/2 = $125 Down PaymentRent Cost Per Month: $1,000/2 = $500/MonthTotal Rent Cost Per Year: $500/Month * 12 = $6,000/year ($6,125 for first year because of down payment)Wayne:Initial Deposit Payment: $250/2 = $125 Down PaymentRent Cost Per Month: $1,000/2 = $500/MonthTotal Rent Cost Per Year: $500/Month * 12 = $6,000/year ($6,125 for first year because of down payment) <br />
  9. 9. Healthcare<br />Purchasing a plan from United Health Care in Minneapolis, Minnesotta.Deductable: $3,000Monthly Cost: $100/monthTotal Yearly Cost for 1st Year: $3,000 + $100/month * 12 = $4,200Total Yearly Cost after 1st Year: $100/month * 12 = $1,200THERE IS NO COPAY FOR THIS INDIVIDUAL PLAN!! <br />
  10. 10. Transportation<br />The public transportation system in Minneapolis is quite efficient so we will not be needing a car.In Minneapolis it costs $150/month (5 dollars a day) for the Metro per person.A bus pass in Minneapolis costs $20/month per person.Metro Cost: $150/monthYearly Metro Cost: $150/month * 12 = $1,800/yearBus Cost: $20/monthYearly Bus Cost: $20/moth * 12 = $240/yearTotal Monthly Transportation Cost: $150/month + $20/month = $170/monthTotal Yearly Transportation Cost: $1,800/year + $240/year = $2,040/year<br />
  11. 11. Utilities, Part 1<br />We will each be paying half of the total costs of utilities.<br />Price of Electricity in Minneapolis: 4.5 cents/kWhApproximate kWh to be utilized: 769.23 kWhMonthly Electricity Cost: 769.23*.045 = $35/MonthTotal Electricity Cost Per Year: $50/Month * 12 = $600/yearAverage Monthly Water Cost in Minneapolis: $40/MonthTotal Water Cost Per Year: $60/Month * 12 = $720/yearAverage Monthly Gas Cost In Minneapolis: $20/MonthTotal Cost of Gas: $20/Month * 12 = $240/year<br />
  12. 12. Utilities, Part 2 <br />Average Monthly Cost of T-Mobile Cellphone Plan: $20/monthTotal Cost of T-Mobile Cellphone Plan: $20 * 12 = $240/yearAverage Monthly Cost of Internet Plan: $15/MonthTotal Yearly Cost of Internet Plan: $15/Month * 12 = $180/year.Total Monthly Cost of Utilities: $35/Month + $40/Month + $20/Month + $20/Month + $15/Month = $130/Month.Total Yearly Cost of Utilities: $130/Month * 12 = $1,560/year<br />Hasan:Monthly Utilities Cost: $130/2 = $65/MonthYearly Utilities Cost: $1,560/2 = $780/yearWayne:Monthly Utilities Cost: $130/2 = $65/MonthYearly Utilities Cost: $1,560/2 = $780/year <br />
  13. 13. Food, Part 1<br />Each of us will be budgeting food expenses by wisely mixing groceries and at-home cooking with eating out.Hasan:Total Monthly Cost: $400/month Groceries + $120/month Eating Out = $520/monthTotal Yearly Cost: $520/month * 12 = $6,240/yearWayne:Total Monthly Cost: $400/month Groceries + $120/month Eating Out = $520/monthTotal Yearly Cost: $520/month * 12 = $6,240/year<br />
  14. 14. Food, Part 2<br />Meal by Meal BreakdownBreakfast: Cup of Coffee, tea, or orange juiceBowl of Cereal, Oatmeal, or eggsLunch: Sack Lunch: Piece of Fruit, Sandwich, CookieEat Outside: $10 Maximum Meal Per Person. So $20 TotalDinner: Hamburger (Freshly Grilled), Pizza (homemade), PastaEat Outside: $15 Maximum Meal Per Person. So $30 TotalBudget for Eating Outside is not the same as the Budget for Groceries. Eating outside is more costly, as evidenced by the approximate meal prices for lunch and dinner.We can either eat outside six times for lunch, 8 times for dinner, or 6 times for lunch and 4 times for dinner <br />
  15. 15. Extra Curriculars <br />Hasan:Monthly Cost of Clothing Shopping: $300Monthly Cost of Basketball Games (one per month): $100Monthly Cost of Electronics (shared with Hasan): $600/2 = $300Monthly Cost of Theater Movies: $33Monthly Cost of Concerts: (we will only go to one a month): $100Monthly Money Spent: $883/monthTotal Yearly Cost: $883/month * 12 = $10,596<br />Wayne:Monthly Cost of Clothing Shopping: $200Monthly Cost of Electronics (shared with Hasan): $600/2 = $300<br />Monthly Cost of Theater Movies: $33<br />Monthly Cost of Concerts: (we will only go to on<br />e a month) $100<br />Monthly Money Spent: $633/monthTotal Yearly Cost: $633/month * 12 = $7,596<br />The figures listed here come from our extracurricular interests and the respective amounts of money we had remaining after we paid the cost of all other previously mentioned obligations. <br />
  16. 16. Works Cited<br />Works Cited <br />"Cell Phone Plan Prices." T-Mobile. T-Mobile Corporation, 08 June 2011. Web. 08 June 2011. <http://www.t-mobile.com/>. <br />"Consumer Price Index Minneapolis-St. Paul, MN-WI CPI." U.S. Bureau of Labor Statistics. U.S. Deapartment of Labor, 2 Feb. 2011. Web. 08 June 2011. <http://www.bls.gov/ro5/cpimpls.htm>. <br />"Heating a Home in Minneapolis - Heating a Home in St. Paul - Heating Costs in Minneapolis and St. Paul." Minneapolis / St. Paul - Guide to Minneapolis and St. Paul, Minnesota. About.com. Web. 08 June 2011. <http://minneapolis.about.com/od/househome/a/heating.htm>. <br />"Metro Minneapolis." Home - Metro Transit. Minneapolis Transportation Agency. Web. 08 June 2011. <http://www.metrotransit.org/>. <br />"Minnesotta Health Information." Minnesota Health Information. 10 Mar. 2011. Web. 08 June 2011. <http://www.minnesotahealthinfo.org/>. <br />"Springfield Apartments." Apartments.com. Belgrade Property Services, 25 May 2011. Web. 6 June 2011. <http://www.apartments.com/cvcommunity.aspx?page=cvcommunity&view=1&property=104559.6&SearchCriteria=3OqW1zUgyCXACV06ujH0o0pFa1UYbzAfEOaN5EHWmzdeaLhCGut2eY-%7cAGzoQqal3ltRGQdFzg14Cb6gH30spQa4THW1D0t8cdN68bgmpKhTc3uBh9GJPNcjghVE0-%7cKEmAishVYfGxoWrAyrVGbGerpwgCr6ERZ1KwFQMoMjzSaTMKwp60CcrbGU1MaiUlLVl&prvpg=8&sid=49116dae-8680-42e5-9c65-bd6d37d79925&productId=BA2110&Hidebackresults=T#Amenities>. <br />

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