John's gross annual income is $84660 and he pays taxes at a rate of 22%. Julie's gross annual income is $151900 and she pays taxes at a rate of 30%. They spend $2501 per month on their mortgage and other debts, $1082 on groceries and $1164 at the various restaurants that they like to eat at. The cost of car payments, fuel and maintenance per month is $2995, while their entertainment and personal expense budget typically comes in at $628 and $741 respectively. They save $3602 to their RRSPs every month and have monthly miscellaneous expenses of $638. Question: What is the family's current cash surplus/deficit at the end of each month?

Answer rating: 100% (QA)

To calculate the familys current cash surplus or deficit at the end of each month we need to subtrac... View the full answer