Chapter 18 assignment - Name: Aaron New ACC 240 (Section...

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Name: Aaron New ACC 240 (Section 33858): Chpater 18 assignment Date: September 26, 2010 E 18-15 a) Monthly budget Monthly Annually Salary $4,500 $54,000 Income taxes $1,125.00 FICA taxes $344.25 Available funds after taxes $3,030.75 Fixed expenses ski boat payment (5-years) 425 Condominium rent 600 Car 350 Insurance expense 150 Other Expenses Food expense 250 Clothing expense 125 Entertainment expense 250 Gas and other car expense 200 Utilities expense 130 Monthly budget $3,949.25 b) Savings $550.75 Months needed to reach savings of $20,000 36.3 months Therefore, he will need to save 37 months before he can have 20,000 dollars in saving. P 18-26 1) Annually budget Taxes Federal, State and FICA $19,250.00 IRA $1,750.00 Fixed Expenses Rent $500.00 $6,000.00 Car payment $210.00 $2,520.00 Insurance $75.00 $900.00 Other expenses Utilities $80.00 $960.00 Gas and maintaince-automobile $130.00 $1,560.00 Food $175.00 $2,100.00 Entertainment $170.00 $2,040.00 Clothing $50.00 $600.00 Long-term savings for retirement
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This note was uploaded on 10/16/2011 for the course ACC 240 taught by Professor Sidneyford during the Fall '10 term at Chandler-Gilbert Community College.

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