yearly gross and net income, Math Project Help

Anonymous
timer Asked: Jun 23rd, 2016
account_balance_wallet $10

Question description

Assignment Directions: 

a. Develop a budget  for the fictitious Brown family. 

b. Create a chart of the family budget. 

Include the following: 

  • yearly gross and net income
  • banking, housing, transportation, savings, insurance, transportation, and leisure activities
  • additional expenses you identify as ordinary and necessary that are not listed in the narrative
  • identify fixed and variable expenses
  • cited resources to just  additional ordinary and necessary expenses you identified

You have the following information:

  • Mr. Brown is a city worker earning $16.54 per hour for a 40 hour week, 52 weeks per year.  He also earns overtime at the standard overtime rate.  This year he worked 500 hours overtime.  He also earns a yearly bonus of $2000 for his satisfactory performance evaluation. What as his total combined income?
  • Mrs. Brown is a social worker with a salary of $26000 per year.  She also works 10 hours per week part-time on weekends at a retail store in the mall an hourly rate of $7.50 and a commission of 10% of sales.  Her yearly sales were $25,000. What is her total combined income?
  • Joe, their teenage son, works 20 hours per week part-time earning $6.50 per hour.  Joe has a responsibility to pay for his own student class dues of $10 per semester, his own entertainment, and his own clothes and personal items.  Create a projected budget for Joe that includes a detailed list of possible expenditures.
  • Sandy, their pre-teen daughter, is too young to work, but receives and allowance of $10 per week for completing her chores at home. Create a typical budget for a pre-teen using her allowance as income.
  • Their house mortgage payment is $992 monthly. 
  • Maintenance for the home averages $200 monthly.
  • The family lives in an area with mass transportation available.
  • Family medical insurance is available through Mr. Brown's employer for $150 per month. There are routine co-payments for each visit to the doctor. The Brown family was fortunate that no family member was ill, but each member of the family had a health check-up with a co-pay of $35.00 for each visit. Mr. Brown has a monthly prescription with a co-pay of $15.00.
  • The family's income tax rate is 25%.
  • Mrs. Brown's hourly rate (her part-time work) is put into savings, which earns 10 % interest compounded annually.  How much will be in the account at the end of one year?
  • The family owes $5000 on credit card accounts with an annual interest rate of 12%, which is 1% monthly.  The required minimum monthly payment is $75.00.  How long will it take to repay the balance if the minimum amount is paid?  How much must they pay each month to pay off the balance in 5 years? 

***Hint: Locate a credit card calculator online to configure this amount. Provide the link to the calculator that you used.

  • Mr. and Mrs. Brown need to save 5% of their net income for retirement.  Include this in your chart.
  • Identify fixed and variable expenses for the Brown family. 

*Remember, after you calculate expenses from the information provided and include additional expenses you identify as ordinary and necessary, you must create a chart of the family budget.You may create your project in a word document, a chart, a brochure, or a PowerPoint. For other expenses that you identify as necessary, use local research information (e.g., local sale advertisemens or flyers, etc.) to determine the expenses. Explain and/or cite the sources you used to calculate the additional expenses you identify as ordinary and necessary. Be specific in your explanations and citations. 

*The grades for Senior Capstone Math and Senior Capstone Science will be averaged for a final grade.


Tutor Answer

writerelitepool
School: New York University

Surname 1
Name
Professor
Course
Date
Budgeting
Q1. Mr. Brown total combined annual income= $37403.2
Q2. Mrs. Brown total combined annual income= $32400
Q3. Joe’s projected annual budget
Item Description

Amount

Annual income

$6760

Annual expenditure
1. Semester fees

$20

2. Entertainment

$1000

3. Clothes

$1000

4. Personal items

$3000

Total annual expenses

($5020)

Balance

$6760-$5020=$1740

Q4. Sandy’s proposed annual budget

Item Description

A...

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Anonymous
Only issue was the guy's response time which was a bit long, which made me a bit anxious. Reached out to the help desk and they helped me out, turns out the tutors aren't all from US which meant there was a time difference. No issues on the quality.

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