exer 5-1 - Car payments 225 2,700 Furniture payments 80 960...

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Exercise 5-1 Personal Budgeting Monthly Annually Salary $3,042 $36,500 Less withholdings: Federal income taxes (20%) 608 7,300 State taxes (7.15%) 218 2,610 FICA taxes (7.65%) 233 (1,059) 2,792 (12,702) Available income after required tax withholdings 1,983 23,798 Discretionary withholdings: United Way (2%) 61 730 Credit union savings (5%) 152 (213) 1,825 (2,555) 1,770 21,243 Fixed Expenses:
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Unformatted text preview: Car payments 225 2,700 Furniture payments 80 960 Rent expense 410 4,920 Loan payments 100 (815) 1,200 (9,780) Net disposable income 955 11,463 Other expenses: Food 250 3,000 Clothing 100 1,200 Entertainment 125 1,500 Utilities 80 960 Insurance 30 360 Gas and maintenance - car 180 2,160 Miscellaneous 200 (965) 2,400 (11,580) Net deficit $(10) $(117)...
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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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