Trish+White

=Picture Practice= =Budget Table=

(Note: You can only view the spreadsheet here. You must enter data from your actual Google Doc spreadsheet.) media type="custom" key="23110638" align="left"

=Getting a Job=

= =





=Taxes=


 * ~ Name of Tax ||~  ||~ Calculation of tax for the year (provide a complete formula for each tax's calculation) ||~   ||~ **Dollar amount of tax** ||~   ||~   ||~   ||
 * < **Social Security** ||  ||< 6.2% ||   || 2,604.992 ||<   ||
 * < **Medicare** ||<  ||< 1.45% ||   || 609.232 ||
 * < **Federal income tax** ||<  ||<   ||   || 6,444 ||
 * < **PA income tax** ||<  ||< 3.07% ||   || 1,228.4912 ||
 * <  ||<   ||> **Total for //year//:** ||   || 10,885 ||
 * ||  || **Total for //each month//:** ||   || 907.083333 ||

=Retirement Savings=
 * [[image:consumereconomicsbudget/Retirement_Savings_Rates.jpeg caption="Retirement_Savings_Rates.jpeg"]] ||
 * Image source: Kiplinger's Personal Finance, Feb. 2010 ||

Your responses here:
 * ||= **Dollar amount or rate** * ||
 * **__//Gross//__ //__monthly__// income -** ||  ||
 * **Retirement savings rate (as a percentage)** || 15% ||
 * **Dollar amount of retirement savings per month (gross monthly *rate = Dollar amount of retirement savings per month).** * || 525.20 ||
 * **Calculate how much money you will have at retirement at age 70 if you invest your budgeted amount at __ 6% __ yield. Use the compound interest spreadsheet calculator to do this. Assume your starting age is 22. You will need to calculate your annual contribution (principal) by multiplying your monthly retirement savings (above) by 12.** || 1,823,395 ||
 * **Calculate how much money you will have at retirement at age 70 if you invest your budgeted amount at __8%__ yield. Use the compound interest spreadsheet calculator to do this. Assume your starting age is 22. You will need to calculate your annual contribution (principal) by multiplying your monthly retirement savings (above) by 12.** || 3,609,598 ||
 * **Respond to these questions in a few well written sentences:**
 * **Why did you select the retirement savings rate that you did?**
 * **What are the opportunity costs for your choice?** *
 * **Why did you select the retirement savings rate that you did?**
 * **What are the opportunity costs for your choice?** *

(1). I selected the retirement savings rate because I don't want to be working for the rest of my life. When I'm old and 70 and I break something I don't want to be worrying about going to work.

(2). If I don't spend 525 on my retirement I could be doing things with friends, going on vacations or using that money to pay for other bills. ||

=Housing= 1 bathroom 605ft² ||  || 1st Month Rent + 1.5 Month Security Deposit ||  ||
 * Issue || Answers/responses: ||
 * Maximum rent (take home pay * 30%) * || 753.30 ||  ||
 * Monthly rent for your apartment/house: || $750 deposit $1125 ||  ||
 * Location || 777 West State Street Trenton, NJ 08618 ||  ||
 * Amenities (i.e. number of bedrooms, baths, and size in square feet) || 1 bedroom
 * Selling features (What makes this a great apartment?) || * • Heat, Hot Water, Central A/C INCLUDED
 * • 24-Hour Doorman with Video Surveillance
 * • Private Balconies with Panoramic Views.
 * • Dishwashers
 * • Garage Parking Available
 * • Public Transportation at Front Door
 * • Large Laundry Facility
 * • Download an application online!
 * • Onsite Resident Superintendent
 * • Hardwood Oak Flooring
 * • Panoramic Balcony Views!
 * • Close to Schools and Hospital ||  ||
 * Possible downsides || no pets ||  ||
 * Parking || **Gated Parking is $25.00/mo.** ||  ||
 * Included utilities || Water, Electric ,Heat ||  ||   ||
 * Security deposit requirement || yes
 * Restrictions on pets? || no ||  ||
 * Length of lease || 1 year ||



=Transportation=


 * **Expense** || **Calculation** || **Dollar cost** ||
 * **Payment** || (From the Cars.com online calculator) || $212.30 ||
 * **Maintenance** || (Three levels of monthly maintenance based on car cost. See instructions above.) || $75 ||
 * **Gas** || (1000 / 21) * $3.00 || $142.85 ||
 * || **Monthly total** || $427.15 ||

=2007 Ford Escape XLT - $7,995 = Dealer: Bergey's Chevrolet, Inc. Call: 866-677-1673  Live Chat:

[|Send to Phone] [|Save Ad] | [|View Saved] ( 0 )



=Insurance=



(to be entered on budget spreadsheet): || $282.42 ||
 * = **<span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px;">Total Insurance Costs for Car, Rental, and Health Insurances ** ||
 * > <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">Car Insurance: monthly premium (website quote divided by six months): ||> $162 ||
 * > <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">Renter's Insurance monthly premium: || $20.42 ||
 * > <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">Health Insurance monthly premium: || $100 ||
 * > <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">**Total** monthly cost for insurance premiums


 * Utilities **


 * **Utility** || **Calculation** || **Monthly Dollar Cost** ||
 * **Electric** || Online calculator (PDF uploaded to wiki) || $75.64 ||
 * **Water** || $25 per month (if not included in rent) || $ included ||
 * **Sewer** || $25 per month (if not included in rent) || $ included ||
 * **Trash removal** || $15 per month (if not included in rent) || $25 ||
 * || **Monthly total:** || $100.64 ||

=Communications=
 * **Service** || **Stand alone or bundled with another?** || **Cost** ||
 * **Cell** || $69.99 ||  ||
 * **Land line** || $29.99 ||  ||
 * **TV** || $14.25 ||
 * **Internet** || $34.99 ||
 * || **Total monthly cost:** || $149.22 ||


 * Food and Household Items **



= = =Questionnaire and Video=
 * Miscellaneous **
 * Cooking Classes. **