Example Explanations Page - Pittsford Central School District
Name: Thom WelshCareer: Secondary Education TeacherCity: Rochester, NYStarting Salary:$ 48,000.00Federal Income Tax (single (.111)$5318.75Income Tax :(NYS)(.047)$2273.80Medicare Tax: (.0145)$ 696.00Social Security Tax :(.062)$ 2976.00Total Yearly Taxes:$ 11264.55Yearly Disposable Income:$36,735.45Total Disposable Income:$ 36,735.45/12 Monthly Disposable Income:$ 3061.28ExpensesDebitsBalanceSavings (5% of DI):-153.062908.222. Rent: (print out ad)-9101988.223. Utilities (20% of Rent):-1821816.224. Cell Phone& Data: -120.001696.225. Car Payment:-392.541303.686. Car Insurance (GEICO):-120.001183.687. Health Insurance:-40.001143.688. Food/Groceries:-280.00863.689. Gasoline: -130.00733.6810. Internet/Cable TV:-50.00683.6811. Entertainment:-60.00633.6812. Clothing and Shoes:-80.00543.6813. Gym Membership:-35.00508.6814. Student Loans:-339.00169.6815. Toiletries: -15.00154.6816. Car Maintenance and Repairs:-25.00129.6817. Laundry:-20.00109.6818. Hair Cuts-15.0094.6819. Gifts-40.0054.6820. Renters Insurance-18.0935.5921. Household Items-35.5922. Discover It Miles 0.00Balance0.00Example Explanations PageFederal Income Tax was calculated by visiting the recommended website and determining my tax rate by using “single status” with 1 withholding allowance. The State Tax rate was calculated by visiting the recommended website and determining my tax rate. I then applied the appropriate rate to my annual income. My tax rate was about 4.7%. The Social Security deductions were calculated through the information given. I used the given 6.2% rate and multiplied .062 x my annual income. The Medicare deductions were calculated through the information given. I used the given 1.45% rate and multiplied .0145 x my annual income. My disposable income was calculated by subtracting my total deductions from my salary.My monthly Budget was calculated by taking my 12 month disposable income and dividing it by 12. BillsSavings: For the project we had to save at least 5% of our disposable income which for me added up to about $153.06 a month. I plan on opening a 403b (401k for government employees) and putting 3% into that account annually and putting the remaining 2% in a savings account for emergencies. Rent: my rent is based on a two bedroom apartment in Brighton, NY. The apartment includes garbage pick-up, snow plowing, and water. I chose this location because it is close to work and close to the city. I have to sign a two year lease, but that is fine because I hope to be with this district for the rest of my life, an advertisement is attached.Utilities: my monthly utilities will be gas and electric. I figured this to about 15% of my rent. 910 X .15 = 136.50. Living in a place like Rochester with a variable climate I will have to expect higher than average gas bills in the winter months as I heat my apartment and higher electric bills in the summer as I use the central air unit to keep my apartment cool. Cell Phone: I must have a cell phone. I initially asked my parents what the total monthly bill is for our family plan, (four people) and divided it by four, but then I realized that this was misleading because there are discounts for 2nd and 3rd phones that do not apply to the main phone. I also know that I would need unlimited texting and internet use on my phone. After discussing it with my parents and looking at their bill I came to the $120.00/month amount.Car Payment: Living in Rochester I would need a car. Public transportation is available, but I would rather have the freedom to come and go without having to wait on the bus. When looking for a car I chose a used 2012 Honda CRV. They are reliable cars, and have all-wheel drive which is important in climates like Rochester. They are also good on gas. The car was for sale for 21400. I added sales tax 8% in NYS and my total came out to: $23112. I took my existing savings (10% of the vehicle price: $2311.20) to get my loan total: $20800.80 I used to calculate my monthly payment at 5% interest (minimum allowed for the project) The car I chose is reliable so I chose a 5 year or 60 month payment plan bringing my monthly bill to: $392.54. Car Insurance: I found an online quote from . The quote is hypothetical so I had to enter that I was 22 years old and a teacher in Rochester, NY, I had to make up an address and everything. It asked for my social security number, but I did not put it in. I even added a traffic ticket because my parents said it was realistic with my driving habits that I have at least one ticket or accident by the time I graduate college. My total for a sixth month premium was around $720.00 which ended up being around $120 a month. Other sites you could use are , and . I talked about policies with my parents and increased some of my coverage limits so that I would be covered if I was in an accident. Health Insurance: Teachers have great benefit packages, but because of the Affordable Care Act, I will be covered under my parents insurance until I turn 26. This will save me a substantial amount of money. I will still set aside $40.00 per month to cover prescription drugs, vitamins, and doctors’ visits. Food & Groceries: One of the best perks of staying in Western NY is the availability of Wegmans. Wegmans is a more expensive than some of the other local grocery stores, but I love fresh fruit and vegetables and Wegmans has the best. I hope I budgeted enough money towards groceries $280 dollars gives me about nine dollars a day to spend on food. I talked to my parents and they said that as long as I stay out of the prepared food section and focus on cooking my own food I should be okay. Luckily for me I love oatmeal, macaroni and cheese, and canned chili. Gasoline: Gas is expensive and will probably only be more expensive in the future. I plan on living close to my work and driving a car that is good on gas. The average driver drives between 12,000 and 20,000 miles a year. With my car getting 24 miles per gallon and assuming average usage (15000 miles) a year I will go through about 625 gallons a year. At $2.50 (market price) per gallon that gives me a budget of about $1562.50 a year in fuel expenses. That equates to about $130 per month.Internet and Cable Even though I will have an internet connection at work and on my cell phone, I will also need to have a high speed connection at home. Teachers have to be constantly updating lessons, keeping up with news, and updating grades online. I will probably go with Time Warner. I looked up the packages online and they started at 50.00.Entertainment: I love going to the movies and out with my friends. I also enjoy going to sporting events specifically Bills and Sabers games. I will definitely have to cut back on some of these things when I have to pay for them myself. With the $60 dollars a month budgeted towards entertainment, I gave myself enough for one sporting event or a movie a month. I guess I will have to entertain myself with some cheaper options like checking out the parks in the Rochester Area. This also includes any books, music, magazines or applications that I might purchase. Clothing & Shoes: Luckily, as a teacher I will not have to worry about spending a ton of money on expensive suits, but I will have to keep a professional wardrobe. I budgeted 80.00 a month for clothing and at first this seemed like a lot, but then when I factored in things like running shoes, boots, and winter jackets I realized that $80.00 was a realistic budget. Gym Membership: Having a place to work out, run, and play basketball is important to me. It will keep me healthy and save me money in the long run. I asked around and found that I could not afford my current YMCA pass, but found an LA fitness membership at $35.00 a month fit my budget. Student Loans: I dreaded including student loans in my budget, but to many people they are a reality. I had an honest talk with my parents and they said that they would help me by paying for my room, meals, and books, but the tuition was up to me. I looked up tuition costs at SUNY schools and they cost around 7,000 a year (x) four years (28,000). I also would need to pay for graduate school which for two years was estimated at 24,000. That brings the grand total for college to $52,000. I plugged this into the student loan calculator at 6.8% interest (the Federal Stafford Loan Rate). Next, I had to pick a payment plan ranging from 10,15,20,25 to 30 years. I chose a thirty year payment plan, putting my monthly payments at around $339 a month. Toiletries: I had to factor in paying for things like toilet paper, shampoo, razors, shaving cream, deodorant, body wash ext. I was surprised by how much some of this stuff cost. The razor blades my parents buy me cost about $30 a pack. I will probably be using a much cheaper plastic disposable razor. Maintenance and Repairs: I bought a car. That means that I have to save to be able to pay for normal wear and tear items including brakes, tires, and exhaust. I also must perform regular maintenance including oil changes, car washes, and tire rotations. Anything I do not spend in this account on a monthly basis will rollover to pay for emergency maintenance.Laundry: My apartment complex has laundry, but you have to pay to use the washer and the dryer. I also am factoring in that I will have to buy laundry soap, bleach, and fabric softener. My work cloths will probably have to be dry cleaned, which is very expensive. Dry cleaning one pair of pants costs $7 at the local dry cleaning store. This was an unexpected expense, but something I have to account for. Haircuts: This account includes getting my hair cut at least once every six weeks. I sometimes stretch out the time between haircuts and will try to keep up this trend to save a few dollars a year, but good stylists expect tips which add to the cost of maintenance. Gifts: I might have to get my mom the occasional card and my sisters want flowers for their birthdays. The holidays is where the majority of this money will be spent as I have a lot of extended relatives that expect gifts. There is not much budgeted for this expense, but hopefully I will not have to use it every month. Renters Insurance: My teacher said that this was a mandatory expense so I went to to get a quote. I signed up for $20,000 dollars’ worth of property insurance. This will cover my belongings from theft, vandalism, and fire. It seems reasonable at around $18.00 a month. Household Items: most of my household items are hand me downs including my silverware, cookware, furniture, decorations, appliances, electronics, lighting and dishes. This saves me a lot of money, but occasionally things break and need to be replaced. For example, my vacuum cleaner broke last week and I was able to pick up a used one, but it cost $15.00. Any extra money I get from gifts will be added to this account as well. Credit Card: Discover it Miles. I used to compare different credit cards that best fit my needs. Just starting out my credit is good, but not excellent. (as per the project directions) I was interested in a card with a low APR (Annual Percentage Rate) and no yearly fees. I was also interested in a card that could offer airline miles and hotel points. I did not budget for a vacation so if I do need to travel I will have to dip into my savings, so I would like to make it as economical as possible. The Discover It Miles card fits meets my requirements and has an APR of 0% for the first year. ................
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