Life

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Lifes a Beach

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Unlessit isnt
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Calculating Federal State Taxes

• How much do you make a year?This is your gross
  income Ex 45,000
• Divide it by 12 monthsThis is your gross monthly
  income 3750
• Multiply your gross monthly income by your
  federal tax bracket, then subtract this amount
  from your gross monthly income.
• 3750 25 937.50
• 3750- 937.50 2812.50
• Multiply your gross monthly income by your state
  tax bracket, then subtract this amount from your
  gross monthly income.
• 3750 6 225.00
• 3750- 937.50 2812.50 (after Fed. Taxes)
• 2812.50 - 225.00 2587.50

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Example

• Income 100,000
• Wages bonus 8333.33 per month
• Fed income tax 2083.33 per month
• State income tax 499.99 per month
• Social security 1274.99 per month
• Income tax subtotal 3858.31
• Spendable income 4475.02

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Calculating Social Security

• Multiply your gross monthly income by Social
  Security and Medicare expenses, then subtract
  this amount from your gross monthly income.
• 3750 15.3 573.75
• 2587.50 (after Fed State taxes have been
  deducted) - 573.75 2013.75
• Complete the same process for your spouseadd
  them together and that is your NET monthly income
  (take home pay).

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Property Taxes

• For the purposes of this exercise, everyone that
  owns a home will calculate property taxes in the
  following way(we will assume that the tax
  assessors are giving you a break!)
• Purchase price of the home ex. 225,000
• Multiple by estimated value 80
• 225,000 80 180,000
• 180,000 (est. value) 2 3,600 (this is the
  amount that you will pay for property taxes)

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Homeowners auto insurance
Type I Type II Type III
Basis coverage---the min. amount the law requires Moderate coverageyou will be provided for in the event that nothing major happens to you Best coverageGrandmas nightgownyou are covered for EVERYTHING!!
1 value of car house insurance rates divide by 12 to get the monthly rate 2 value of car house insurance rates divide by 12 to get the monthly rate 3 value of car house insurance rates divide by 12 to get the monthly rate
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Home repairs/HOA dues etc

• This is optionalbut if you dont pay them
  forward you may, or may not suffer for it later
• Calculate 200.00

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Utilitiesnot an exact science

• Electric Calculate 1 of your house purchase
  price to determine your electric rate
• Natural gas Calculate 1 of your house purchase
  price to determine your electric rate
• Water/sewer family of 4 75.00 per mo
• family of 3 65.00
• family of 2 55.00
• Telephone landline only (basic) 20.00
• Telephone 2 cell phones (basic) 85.00
• Telephone landline 2 cell (basic) 100.00
• Telephone landline 2 cell (deluxe) 200.00
• Telephone landline 4 cell (deluxe) 300.00

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Optional expenses

• Trash pickup 13.50 per mo
• Internet expense 30.00 per mo

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Food

• Groceries
• Family of 4 (small kids) 350.00 per mo
• Diapers formula (babies-2 years) add 150.00
• Family of 4 (big kids/teens) 600.00 per mo
• Family of 3 300-350
• Family of 2 250.00
• Eating out
• Lunch 200.00 (fast food for 2 adults)
• Lunch 430.00 (sit down meals for 2 adults)
• Lunch for school aged 30.00 per child
• Snacks
• 1 coke 1 snack per day for 4 individuals
  40.00 per week

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What are you going to do about childcare?

• School aged kids (ages 6-11) ASP 6 per day per
  child
• Childcare (Basic) 250.00 per week
• Childcare (PrimRose) 500.00 per week

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Medical Insurance

• Medical (no vision or dental)
• Family 178.00
• Medical, vision, dental
• Family 345.00
• Gym membership (optional)
• 32.00 per person

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Transportation expenses

• Gas
• 3.70 per gallon
• Oil
• 13.00 per car per mo
• Auto expenses/maintenance
• 50.00
• Tolls/bus/subway etc
• (If you live in Fla or work off of 400you will
  need to pay for toll roads)
• 25.00 per month
• (If you work in downtown Atlanta, or another
  major city, you will need to pay for parking
  expenses)
• 250.00 per month

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Debt Payments

• The luckor unluck of the draw

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Entertainment Expense

• The luckor unluck of the draw

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Pet expenses

• Big dogs--40.00 per dog per week (food)
• Big dogs100 vet expense per dog per month
• Little dogs--10 per dog per week (food)
• Little dogs--50 per dog per month (vet/grooming)
• Rabbits, guinea pigs, hamsters, ferrets, random
  farm animals 40.00 per month (food bedding)
• Cats--10 per cat per week (food)
• Cats--50 per cat per month (vet)
• Fish--5 per month
• Horse--300.00 per month (500.00 food board)

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Clothing

• You can expect to spend approximately 50 per
  person per month (min.) clothing expenseif you
  buy new from a department store.
• You can bargain shop/thrift shop/discount
  store/consignment sale/ebay etc

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Savings

• You need to put aside 10 of your net income for
  a rainy day
• You can choose to contribute to a 401K, college
  fund for your kids and an emergency fund
• Emergency fund is estimated at putting aside 3-6
  months of monthly income away in case of
  Emergency

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Miscellaneous expenses

• Wal-Mart/Target/K-Mart/Best Buythe STUFF of
  life
• 50 per person per month
• Gifts/donations (church tithes 10)
• Optional expenses..up to youremember Carnegie
  Those with great wealth have great
  responsibility
• Groominghair/makeup etc
• 15.00 per person per month