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C2 ASSESSMENT: PART INSTRUCTIONS: Please read carefully and make sure you understand before you start writing down numbers. The budget is expected to be well organized (follow structure) and clean. James has worked full time as an entry-level web designer earning his certification. He earns $48,000,00 a year and rents an apartment by himself. He has a credit card, which he used to purchase furniture, with a balance of $3,235. Unfortunately, to celebrate his first job, James also financed a new car - which cost $28,000. His payments are $554 for a term of five years. James has wealth insurance and disability insurance through his employer, which cost him $185 a month. He also contributes 4% of his gross income to his 401(K). James' fix monthly expenses include: - Rent: $1,200 - Insurance (renter's and ID theft): $25 - Insurance (health and disability): \$185 - Retirement/401(K): \$157 - Car insurance: \$120 - Utilities: $100 - Cell phone: $85 - Satellite TV: $80 - Credit car (minimum payment): $150 Note: At 17% interest, it will take 26 months to pay off this credit card debt. - Car payment: $554 James' budget should include giving and saving. It could also include spending categories like the following: food, gas, discretionary and personal expenses. 1. What is the gross annual income: $ 2. Net monthly income: $ Deduct 20% of the income for payroll taxes (gross income .80 ) = net income)