Budgeting Project 5-11

Budgeting Project - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total Fixed Expenses 2,674.33 32,092.01 Variable Expenses Gas 55.00

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INFLOWS: Monthly Annual Disposable Income 30,343.00 Salary 3,166.67 38,000.00 OUTFLOWS: Fixed Expenses: Taxable Savings/Investments (11%) 491.67 5,900.00 SS Taxes (6.2% of Gross Income) 196.33 2,356.00 Medicare (1.45%) 45.92 551.00 FWT (Effective Tax Rate = 12.5%) 395.83 4,750.00 Home Insurance 79.28 951.36 *$10,000 Content Coverage Property Tax 162.78 1,953.41 0.00 0.00 Electricity (included) 0.00 0.00 Telephone (N/A) 0.00 0.00 Cable/Internet/Cell (included) 0.00 0.00 Internet (Included) 0.00 0.00 Newspaper 4.68 56.16 Magazine Subscription (N/A) 0.00 0.00 Mortgage Payment 740.36 8,884.32 Auto Insurance 357.93 4,295.16 *100/300/50 Limits Health Insurance (Employee Responsible for $26.5 per mo.) 26.50 318.00 Life Insurance (See chart to the right) 0.00 0.00 Disablity Insurance ($2,090 monthly benefit - 66% of gross) 42.00 504.00 *See "Disability Rates" Worksheet 34.84 418.08 2090 6.22 74.64 Memberships 0.00 0.00 89.99 1,079.88
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Unformatted text preview: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total Fixed Expenses: 2,674.33 32,092.01 Variable Expenses: Gas 55.00 660.00 Groceries 85.00 1,020.00 Eating Out 10.00 120.00 Auto Maintenance 31.00 372.00 Tolls/Epass 9.00 108.00 Over-the-counter meds 15.00 180.00 Prescriptions ($15 Generic/$25 Brand) 7.00 84.00 Entertainment 4.00 48.00 Personal Grooming 12.00 144.00 Haircuts 12.00 144.00 Stamps 7.25 87.00 New Checks 2.08 25.00 Vacation/Travel 45.00 540.00 New Clothing 35.00 420.00 Dry Cleaning 13.00 156.00 Pictures/Film/etc. 3.25 39.00 Charitable Tithes/Donations 5.00 60.00 Gifts for Family 15.00 180.00 Gifts for Friends 7.00 84.00 Christmas/Seasonal 33.75 405.00 Equipment/Furniture Fund 65.50 786.00 Necessities (Batteries, etc.) 15.25 183.00 Miscellaneous 5.19 62.28 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total Variable Expenses: 492.27 5,907.28 TOTAL EXPENSES: 3,166.61 37,999.29 NET INCOME 0.06 0.71 <1...
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This note was uploaded on 07/29/2011 for the course ECON 101 taught by Professor Smith during the Spring '10 term at Baltimore City.

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Budgeting Project - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total Fixed Expenses 2,674.33 32,092.01 Variable Expenses Gas 55.00

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