Question: In this assignment you will be creating a monthly budget for yourself based on your new salary, $50,000. Part One: Research and input all of

In this assignment you will be creating a monthly budget for yourself based on your new salary, $50,000. Part One: Research and input all of the following expenses on your budget handout. Some expenses you will need to research and some of the budget information is given. First, calculate your TAKE HOME/NET PAY: Firstly, you will deduct your 401K contributions. You must contribute 3%. Next you will calculate your FICA and federal income tax from your salary, - You will use a federal income worksheet first \& then a separate worksheet to deduct your FICA taxes. Next you will calculate your state tax. - If you plan to live in NYC there is also a city tax! Then, deduct $150/ month for health insurance, dental insurance and any other employee sponsored fund or insurance. You now have your monthly net income What will your expenses be? Do not give me dollar values only the expense item name. In this assignment you will be creating a monthly budget for yourself based on your new salary, $50,000. Part One: Research and input all of the following expenses on your budget handout. Some expenses you will need to research and some of the budget information is given. First, calculate your TAKE HOME/NET PAY: Firstly, you will deduct your 401K contributions. You must contribute 3%. Next you will calculate your FICA and federal income tax from your salary, - You will use a federal income worksheet first \& then a separate worksheet to deduct your FICA taxes. Next you will calculate your state tax. - If you plan to live in NYC there is also a city tax! Then, deduct $150/ month for health insurance, dental insurance and any other employee sponsored fund or insurance. You now have your monthly net income What will your expenses be? Do not give me dollar values only the expense item name

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Being a good neighbor is about more than just being there when things go completely wrong. Its also about being there for all of lifes moments when things go perfectly right. With a passion for...

Please help me complete the assignment. My selected career is Dermatologist. Submission & Rubric Description Imagine that you just got a job in one of the career fields that you previously...

COLLEGE BUDGET Regan works part time at the city hospital and earns around $600 per month. Scholarships cover most of her nursing school tuition, but she has one small loan to cover the remaining...

You have recently been hired as an accountant with at an annual gross salary of $40,000. Assuming a 30% factor for Federal taxes, Social Security and Medicare deductions, and other deductions, your...

Would you please solve the below questions? Thanks! 3 points eElo-ok Hint Print References Mc Graw Hill Wingate Company, a wholesale distributor of electronic equipment, has been experiencing losses...

Would like your help. Need help with study guides. Thanks. FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E22-32 Requirements 1. Prepare a budgeted income statement with columns for 1,300 units,...

Part one :Identify the following( Just state them) Independent and dependent variables Population of interest Study sample Data-gathering instruments Brief Critical Analysis Summary Major findings...

Assessment 1 - Context This assessment requires that you play the role of the project manager of a team assigned to develop a new product. You will be preparing for 2 separate meetings with the...

A new client approaches you, seeking help with creating a monthly budget. She is a single female, 2 5 years old, who lives alone. Her goals are as follows: Save for a future purchase of a $ 5 0 0 , 0...

Hi this is a managerial accounting assignment. Below ill attach pictures( because i dont know how to upload the excel sheet) of the part one of the assignment that i already did and need to get part...

Answers - Part One Target Withdrawal Rate Budget Answers - Part Two & Three Accessibility: Good to go 2 7 C Rain SearchFor the first part, you will use the following assumptions: You are 3 0 years...

Excel Samudera is a small warehouse that operates in Kota Kinabalu with plans to establish a huge distribution center for frozen foods in Sabah. The company would sell directly to groceries and...

Sunshine Bakery, Inc. has been authorized to issue 300,000 shares of $8 par value common stock and 3,000 shares of 14 percent, cumulative, preferred stock with a par value of $12. Prepare the entries...

According to "Decoding: Banks - Episode 6 , " all countries use the same model of financial regulation. Question 4 options: 1 ) True 2 ) False

10) For a bond that pays cash interest (i.e., not a zero coupon bond), YTM is (a) always equal to the coupon rate (b) always equal to the current yield (c) is always less than the coupon rate (d) can...

You hired Kane Lawn Service to install lawn sprinklers and landscape the area surrounding your office building. For this work, Kane estimated the cost would be $12,000; you agreed to pay this...

Your student business organization has been contacted by Claudias, a clothing boutique, for help in promoting a Valentines Day sale. Claudias would like your organization to sell coupons for $5...

You and your siblings planned a party for your parents 25th wedding anniversary on October 12. As part of this celebration, you made a oral agreement with The Emotions to play live music for four...