Life

1 / 20
About This Presentation
Title:

Life

Description:

You can bargain shop/thrift shop/discount store/consignment sale/ebay etc Savings You need to put aside 10% of your net income for a rainy day – PowerPoint PPT presentation

Number of Views:7
Avg rating:3.0/5.0
Slides: 21
Provided by: PauldingS86

less

Transcript and Presenter's Notes

Title: Life


1
Lifes a Beach
  •  

2
Unlessit isnt
3
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

4
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

5
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).

6
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)

7
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
8
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

9
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

10
Optional expenses
  • Trash pickup 13.50 per mo
  • Internet expense 30.00 per mo

11
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

12
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

13
Medical Insurance
  • Medical (no vision or dental)
  • Family 178.00
  • Medical, vision, dental
  • Family 345.00
  • Gym membership (optional)
  • 32.00 per person

14
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

15
Debt Payments
  • The luckor unluck of the draw

16
Entertainment Expense
  • The luckor unluck of the draw

17
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)

18
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

19
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

20
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
Write a Comment
User Comments (0)