These are called tax brackets. You pay taxes depending on how much money you earn. Circle...
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These are called tax brackets. You pay taxes depending on how much money you earn. Circle the tax bracket that applies to the career field you have chosen. 10% $0-8,375 15% $8,375-34,000 25% $34,000-82,400 28% $82,400-171,850 33% $171,850-373,650 35% $373,650 + 6. Calculate your monthly expenses: Housing - Add your 7. rent/mortgage expense and insurance expense from Question # 3 and put it here. If you are married - divide by 2. Include a link to a home with the matching rent/mortgage ( Zillow) 8. Utilities - These are approximate expenses for electricity, water/sewer, and natural gas. Apartment - $150 Townhouse - $170 House- $225 Mansion-$500 If you are married - divide by 2. 9. Transportation- Add your car payment and insurance expense from Question # 4 and put it here. Include a link to Cost for each category $879.00 $386.00 $150.00 $243.00 $148.00 your car. 10. Car Maintenance- $50.00 11. Telephone- National average is $114.00 $114.00. Total Expenses/Month $1265.00 $150.00 $391.00 $50.00 $114.00 18. 12. Food- Minimum of 11% of your disposable income per week. Your disposable income is the money left over after all of your bills are paid. Multiply that number by how many people are in your household 13. Clothing- Multiply .05 times your disposable income. Multiply that by how many people you have in your household 14. Health and Medical -In NC, your monthly average medical insurance reduction is $191.00 per individual 15. Savings and Investments - Plan to put some money aside each month in a savings account or to go towards a college fund for your children. 16. Entertainment/Recreation- How much money will you spend on television, movies, wifi? Minimum of $60.00 for just wifi 17. Miscellaneous -You need to make sure you have money to cover grooming expenses, pets, gifts that you may need to buy, etc. This category is optional. $191.00 $1000.00 $60.00 OPTIONAL 19. Do you have enough money? Highlight One: Yes Total Expenses/ Month = No $191.00 $1000.00 $60.00 OPTIONAL Name Ana Delia Otero Personal Budget It is necessary to work with a "budget" on a monthly basis to ensure that you are making enough money to cover your monthly expenses and living within your means. Let's get started! 1. What type of house best fits your needs? APARTMENT ted rent/mortgage? $879 What is the estimated insurance cost? $386 3. Date: December 7, 2022, 2. Total Your Housing Payment (Rent or Mortgage + Insurance: $1265.00 What type of vehicle best fits your needs? MINIVAN TRUCK $82,400 Salary $82,400 Salary What is the $59,328 Spendable Income 4. Total Car Payment (Monthly Payment + Insurance)l: $391.00 5. Using the scale below, calculate the amount of taxes you will pay each year: What is the estimated monthly payment? $243.00 What is the estimated nsurance cost monthly? $148.00 X /12 11 TOWNHOUSE HOUSE 28 Percentage of Taxes $23072 SEDAN Total Taxes Paid $4944 Monthly Income SPORTS CAR $23072 Total Taxes Paid $59,328 Spendable Income These are called tax brackets. You pay taxes depending on how much money you earn. Circle the tax bracket that applies to the career field you have chosen. 10% $0-8,375 15% $8,375-34,000 25% $34,000-82,400 28% $82,400-171,850 33% $171,850-373,650 35% $373,650 + 6. Calculate your monthly expenses: Housing - Add your 7. rent/mortgage expense and insurance expense from Question # 3 and put it here. If you are married - divide by 2. Include a link to a home with the matching rent/mortgage ( Zillow) 8. Utilities - These are approximate expenses for electricity, water/sewer, and natural gas. Apartment - $150 Townhouse - $170 House- $225 Mansion-$500 If you are married - divide by 2. 9. Transportation- Add your car payment and insurance expense from Question # 4 and put it here. Include a link to Cost for each category $879.00 $386.00 $150.00 $243.00 $148.00 your car. 10. Car Maintenance- $50.00 11. Telephone- National average is $114.00 $114.00. Total Expenses/Month $1265.00 $150.00 $391.00 $50.00 $114.00 18. 12. Food- Minimum of 11% of your disposable income per week. Your disposable income is the money left over after all of your bills are paid. Multiply that number by how many people are in your household 13. Clothing- Multiply .05 times your disposable income. Multiply that by how many people you have in your household 14. Health and Medical -In NC, your monthly average medical insurance reduction is $191.00 per individual 15. Savings and Investments - Plan to put some money aside each month in a savings account or to go towards a college fund for your children. 16. Entertainment/Recreation- How much money will you spend on television, movies, wifi? Minimum of $60.00 for just wifi 17. Miscellaneous -You need to make sure you have money to cover grooming expenses, pets, gifts that you may need to buy, etc. This category is optional. $191.00 $1000.00 $60.00 OPTIONAL 19. Do you have enough money? Highlight One: Yes Total Expenses/ Month = No $191.00 $1000.00 $60.00 OPTIONAL Name Ana Delia Otero Personal Budget It is necessary to work with a "budget" on a monthly basis to ensure that you are making enough money to cover your monthly expenses and living within your means. Let's get started! 1. What type of house best fits your needs? APARTMENT ted rent/mortgage? $879 What is the estimated insurance cost? $386 3. Date: December 7, 2022, 2. Total Your Housing Payment (Rent or Mortgage + Insurance: $1265.00 What type of vehicle best fits your needs? MINIVAN TRUCK $82,400 Salary $82,400 Salary What is the $59,328 Spendable Income 4. Total Car Payment (Monthly Payment + Insurance)l: $391.00 5. Using the scale below, calculate the amount of taxes you will pay each year: What is the estimated monthly payment? $243.00 What is the estimated nsurance cost monthly? $148.00 X /12 11 TOWNHOUSE HOUSE 28 Percentage of Taxes $23072 SEDAN Total Taxes Paid $4944 Monthly Income SPORTS CAR $23072 Total Taxes Paid $59,328 Spendable Income
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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