How_far_does_your_paycheck_ go

How_far_does_your_paycheck_ go - $ 7/mo Food(including...

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How far does your paycheck go? Annual Salary: $38,000 $3,166.67 monthly salary Deductions from paycheck: Federal income taxes (12.54%) $397/mo State Income taxes (4.33%) $137/mo Social security taxes (FICA, Medicare @ 7.65%) $243/mo Living expenses: Rent $650/mo Utilities (water, sewer, electricity, gas [heat]) $175/mo Cell phone $ 75/mo Internet access $ 50/mo Cable/satellite TV $ 50/mo Car payment † $484/mo Car insurance $ 75/mo Student loan ‡ $299/mo Renter’s insurance $ 20/mo Term life insurance $ 20/mo Health/hospitalization/medical insurance $370/mo Dental insurance $ 20/mo Vision insurance
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Unformatted text preview: $ 7/mo Food (including eating out at restaurants) $400/mo Clothing $ 75/mo Automobile repairs $ 25/mo SUBTOTAL $3,572/mo EXPENSES EXCEED INCOME BY MORE THAN $400 PER MONTH! NOTE: Does not include expenses for credit card payments, money invested into a retirement account, child support payment obligations, etc! NOTE: Some employers will contribute to insurance coverages and retirement savings plans. NOTE: Social security tax burden will be nearly doubled for self-employed persons. † purchase price of $25,000 at 6% interest for 5 years ‡ student loans of $28,174 at 5% interest for 10 years...
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