1) After you worked for a year, you received a 10% raise, and your health insurance increased...

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Question:

1) After you worked for a year, you received a 10% raise, and your health insurance increased to $300 a month. Now you want to now put 5% away for retirement. What is your new yearly gross income, your monthly gross income, monthly taxes, monthly insurance, monthly retirement and your new net income per month?

10% Raise Gives you a New Yearly Income -

New Monthly Gross Income -

New Monthly Taxes -

New Monthly Insurance -

New Monthly Retirement -

New Monthly Net Income -

2) Continuing from number 1, you decided to support your favorite charity by donating $50 a month. What percentage of your new net income is this?

3.) Continuing from number 1, you decide to take some dance lessons for fun, but want to spend no more than 2% of your monthly budget (monthly net income) on the dance lessons. How much can you afford to spend?

4.) How much money do you have left at the end of the month assuming your rent, car payment, food budgets did not increase and you are giving to your charity and paying for dance lessons; how much do you have left for your personal use?

5) The company that you worked for is being forced to take 4% of your salary a month and put in a Retirement Savings Plan tax free (you will not pay taxes on this 4% - this amount will be taken off the top leaving a new amount as your monthly gross, etc). You still want to keep putting 5% away for retirement as you originally planned. What does your monthly budget look like now? The amount of housing allowance, food and car payment has not changed but the percentage has. Don't forget you are still paying for dance lessons.