Question

You are paid $11.75/hr. You work 40 hr/wk. Your deductions are FICA (7.65%), Federal tax withholding (10.75%), and state tax withholding (7.5%)

Answer 1

Rent (monthly)
$657.00
Telephone (monthly)
$56.34
Groceries (weekly)
$56.00
Clothing (monthly with ½ job related)
$106.00
Water & Electric (monthly)
$98.87
Weekly Dinner & Movie
$40.00

Answer 2

1.Assuming you budget a month as 4 weeks, how much is your total realized income, fixed expenses, and discretionary expenses.
2.If you are able to work 20 hours of overtime the next month and are paid 1.5 times your regular rate, how does this change your budget for that month?
3.How much can you put towards savings each month if you eliminated your discretionary expenses?

Answer 3

When grocery shopping weekly, break the monthly grocery budget total down into ... This includes mortgage/rent, utilities, food/groceries, ...