Prepare a personal budget. If you are committed to a particular field, use the Internet (or other reliable information) to estimate your starting salary. Use the results of projects 2 and 3 to help estimate your retirement account expenses and your mortgage (or rent) expenses. If necessary, refer to "2021 Spring - Math 154 Project 6 Personal Budget Example" on Canvas. 1. Estimate your annual income. a. Wages b. Other c. Total $45,000 $0 $45,000 2. Determine your expenses. a. Taxes (see reverse side) 1. Federal income 020 2. Federal Social Security and Medicare* 3. State income b. Retirement / Rainy Day Fund c. Rent / Mortgage d. Food e. Clothing f. Transportation g. Utilities h. Insurance i. Health j. Recreation k. Charities 1. Other m. Total 000 000 70006 *-6.2% for Social Security and 1.45% for Medicare of your total (gross) income Math 154 Project 6 (15 points) Section 4.A John Scalea Name Due: 2021 April 26 Page 2 Federal Income Tax for Unmarried Taxpayers The following piece-wise function summarizes the tax levied by the United States government on the adjusted gross income earned by unmarried taxpayers in 2020. 0.10x if x 9,900 990.00 +0.12(x - 9,900) if 9,900 < x 622,050 T = 29,208.00 +0.24(x - 171,050) 66,540.00 +0.32(x - 326,600) *976:ab M Virginia Income Tax The following piece-wise function summarizes the tax levied on the adjusted gross income earned by unmarried taxpayers by the Virginia government. 0.02x if x 3,000 60 +0.03(x - 3,000) if 3,000 < x 17,000