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timer Asked: Apr 29th, 2020

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For the final project for this class, you will set up a budget that will allow you to live the type of life you would like based on the career path you have chosen. You will have flexibility in the way you design your project. There will be specific skills that you learned this semester that will be required in this project. It will be up to you to create a creative, well-organized, aesthetically pleasing workbook. The majority of the project will consist of an Excel workbook. You will also include a PowerPoint presentation that highlights information included in your Excel workbook. Occupation Information A recommended approach to this worksheet might be to gather all the information and add it to each cell. After you have all your information decide how to best present your information. Move information around in order to present your information in an organized, meaningful way.

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CSCI 110-D1 Enterprise Business Applications Final Project – Spring 2020 For the final project for this class, you will set up a budget that will allow you to live the type of life you would like based on the career path you have chosen. You will have flexibility in the way you design your project. There will be specific skills that you learned this semester that will be required in this project. It will be up to you to create a creative, well-organized, aesthetically pleasing workbook. The majority of the project will consist of an Excel workbook. You will also include a PowerPoint presentation that highlights information included in your Excel workbook. Occupation Information A recommended approach to this worksheet might be to gather all the information and add it to each cell. After you have all your information decide how to best present your information. Move information around in order to present your information in an organized, meaningful way. 1. Using the U.S. Government’s Occupational Outlook Handbook (http://www.bls.gov/ooh), find an occupation that you are interested in or that relates to your major. List this career choice on the first worksheet of your workbook. Name the tab for this and all worksheets you add. 2. Include a web link to the location on the OOH website that describes the occupation. There is a summary sheet for each occupation. 3. Find the median yearly income for your occupation and list it. You will use this as your annual salary. List three additional facts about this occupation. 4. Using the following information create a Federal Withholding Tax table on a NEW tab. 5. Select your status (Unmarried, Married, or Head of Household). List this status on your worksheet. 6. Create a Nested IF statement on this worksheet to return the taxation rate based on your status and the median income for your occupation. For example, if you are married and the median yearly income of your occupation is $99,000 what is your tax rate? 7. Create a reference to the returned percentage. More specifically, include a cell that will list the returned percentage from the IF statement. 8. Decide what state you want to live in. List it in a cell. 9. Go to go to https://www.tax-brackets.org and locate the state you will live in. On the same worksheet that you created the Federal Withholding Tax table, add the State Withholding table (Example below). 10. Based in your salary (use the Tax Bracket column) and status, create a nested IF statement that returns the correct tax rate. For example, if you are single with an income of $55,000 what is your tax rate? 11. Create a reference to this percentage (See Step 7). 12. Format and label both tables using bold, underline, etc. or select a theme. Your choice. 13. Create a formula to calculate your net income as follows: Salary (Use the median salary you found in step 3. MINUS Salary*federal tax rate MINUS Salary*state tax rate MINUS Social Security and Medicare calculated as follows: Social Security - 6.2% on the first $128,700 of wages (maximum tax is $7,960.80 [6.2% of $128,400]) Medicare tax - 1.45% on the first $200,000 of wages ($250,000 for joint returns; $125,000 for married taxpayers filing a separate return) = Net Income 14. NAME the cells containing the elements of the formula in Step 13 and use these NAMES when creating the formula. 15. Create a formula to divide your net income by 12. This will provide you with the money you have to spend (or save!) every month. This is your monthly disposable income. Creating a Budget 16. Begin a new worksheet that will contain your budget. 17. Include your disposable monthly income. 18. The budget will represent ONE MONTH only and should include housing, utilities, food, transportation, clothing/personal items, medical care, entertainment, credit card expenses, loans, miscellaneous expenses, and savings. If a category has multiple sub-categories make sure you list them all. For example, utilities may include electricity, gas, water, etc. You may have more than credit card. Don’t forget school loans if you have them. Transportation might include a car payment and insurance or public transportation. When calculating your budget, keep these things in mind: • • Fixed expenses are those expenses that do not change from month to month. Variable costs are those costs that change from month to month. Since this project only asks for a budget for one month this will not come into play. Calculate Expenses as follows: • • • • • • • • • • Housing expenses will be the largest portion of your budget. Experts recommend spending no more than 25 to 30 percent of your budget on housing expenses. Utilities include things like gas, electricity, telephone, cell phone, cable or satellite television, water, etc. Gas and electricity may already be included in your rent if you choose to rent an apartment or house. If that is the case, include a line for that utility and indicate it is include. Add $0 for the monthly expense. You should budget 5 to 10 percent of your net income for utilities each month. Food should be between 8-10% of your budget. Transportation costs should be 10 to 15 percent of your monthly budget. In addition to clothing, personal items include things like toiletries, laundry, haircuts, etc. Personal/clothing items will run about 2-10% of your monthly income. Medical care may include health insurance premiums and will vary depending on your circumstances. For this assignment, you will assume that premiums for individual coverage averaged $221 per month while premiums for family plans averaged $633 per month and include that in your budget. Health insurance premiums may be included with your salary (if so, you are fortunate!). If so add a line for insurance anyway and add $0 as you may have done for utilities. Entertainment must be included in your budget because realistically, you are not going to sit at home, you will go out and spend money on yourself and possibly your friends. Credit cards/loans. Hopefully you don’t have too many of these. If you don’t, treat as you did other $0 items. The miscellaneous category will include out-of-pocket expenses, convenience items, incidental home expenses, vacations, etc. Savings is an important thing to include. To create a balanced budget, subtract your monthly expenses from your monthly net income. Include this amount as your savings. If your expenses exceed your income you will need to “tweak” your expenses. • Include a line for your total monthly expenses 19. For your last step, compare your disposable monthly income (Step 17) to your total monthly expenses. PowerPoint Create a PowerPoint that includes information from your Excel workbook. The PowerPoint should include slides. 1. A title slide that includes your name, course number, and semester. 2. A slide that includes information on your chosen occupation (Excel Step 3). 3. A slide that includes the expenses from Step 13. Only include the main category (e.g. Utilities), as including all sub-categories (e.g. gas, water) will be too busy. 4. A slide with a pie chart with each slice representing a main category. 5. A slide of your choosing! Surprise me. CSCI 110-D1 Final Project Name: Career Information 1. Career chosen and identified in worksheet 2. Website address cited 3. Median income and additional facts Design and presentation Occupation Total Taxes (Include formulas in cells) 4. Create Federal Withholding Tax table on a new worksheet 5. List marital status 6. Nested IF statement (federal tax) 7. List federal tax withholding tax 8. List state 9. Create State Withholding Tax table 10. Nested IF statement (state tax) 11. List state tax withholding tax 12. Format both tables 13. Net income formula 14. Name cells in net income formula 15. Monthly disposable income formula Design and presentation Taxes Total Budget (Remember sub-categories) 16. New worksheet for budget 17. List monthly disposable income 18. Housing expenses listed - Utilities expenses listed - Food expenses listed - Transportation expenses listed - Clothing/Personal expenses listed - Medical Care expenses listed - Entertainment expenses listed - Credit Card expenses listed - Miscellaneous expenses listed - Savings listed - Total expenses listed 19. Compare disposable income and monthly expenses Design and presentation Budget Total Possible Points 2 2 2 3 9 4 1 5 2 1 4 5 2 4 6 2 2 3 41 1 1 2 2 2 2 2 2 2 2 2 2 2 2 4 30 Points Awarded Comments CSCI 110-D1 Final Project PowerPoint 1. Title slide 2. Occupation slide 3. Expenses slide 4. Pie chart slide 5. Original slide Design and presentation PowerPoint Total Total Points Grade Overall Comments: 4 8 8 8 8 4 40 120 ...
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