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Consumer Math Final Project Description

The purpose of this project is to give you a glimpse of how much money you may really have to spend based on a career of your choice. This will be a review of topics such as gross pay, net pay, taxes, debt, housing, cars, and budgeting. You will choose a career, research the average gross pay, and create a budget based on that gross pay.

Stipulations for this project are that you are single, have no children, you rent an apartment, and you live in Omaha.

Project broken down into parts:

Part 1:

Choose a career, and research what the median pay for this career at this site . Use that average pay to determine your federal and state taxes.

For federal taxes, go to this site .

For state taxes, go to this site .

You will figure your net pay after you pay taxes, and then state how much you will be saving every month. You are required to save 10% each month.

You will also determine how much of your monthly income will be spent on student loans. Your student loans are based on the level of education that is required for your chosen occupation.

If the job requires:

High school diploma=no student loan debt

Associates Degree=$100 per month

Bachelors Degree= $200 per month

Masters Degree= $300 per month

Doctorate Degree= $400 per month

After you have deducted taxes, savings, and student loans out of your monthly income, you are done with Part 1.

Part 2:

You will choose an apartment. Your apartment cannot be more than 25% of your monthly net income, which you found in Part 1. You can choose a one-bedroom or studio apartment if you plan on living alone. You may opt to have a roommate, but everyone HAS to have their own bedroom. It is ok to have extra rooms, just not too little. Use to find an apartment. See the "Part 2 Page" to see what criteria needs to be known about the apartment.

Part 3:

You will choose a vehicle. Your vehicle cannot cost you more per month than 10% of your monthly net income, which you found in Part 1. That 10% includes the price of monthly insuranc3e. Use to shop for your vehicle. You may choose a new or used car, but you must follow these guidelines:

new=no more than 60 month loan and $75 per month for insurance

used=no more than 30 month loan $40 per month for insurance

Use 5% for an interest rate and the month guidelines above to find your monthly payment using the calculator on the website

Fill out all information on the "Part 3" sheet.

Part 4:

You will create a Power Point. The Power Point will include information from all 3 parts (at least one slide per part). You will also have a title slide with your name and occupation on it. You will also have a slide that totals up all money made in month and how much you have left to spend after taxes, student loans, rent, and a car. A total of NO LESS THAN 5 slides, but more is ok. There needs to be a picture/pictures of your apartment and a picture of your car. You will be presenting this.

When you are finished, you will submit the Power Point in Mrs. Martin's homework folder (It is under Nielsen). Save the Power Point as “Your Name Project” into the correct hour’s folder.

Part 1 Document

Name:

Career Choice:

Level of required for chosen career:

Median Annual Gross Income:

Monthly Gross Income:

Annual Federal Tax Liability:

Monthly Federal Tax Liability:

Annual State Tax Liability:

Monthly State Tax Liability:

Monthly Gross Pay - Monthly Taxes= Monthly Net Pay:

Monthly Student Loan Payment (see criteria in the "Part 1" description):

Savings (10% of net income):

Spending money left over (Net pay - student loans and savings=spending money):

Part 2 Document

Amount you are allowed to spend on an apartment (25% of net pay):

Name of apartment complex:

Number of roommates:

Type of apartment:

Amenities:

Monthly rent of apartment you will pay (rate / # of residence=rent):

Actual percent spent on rent (rent/net income=percent):

Spending money from Part 1 - rent=spending money:

Part 3 Document

Amount you are allowed to spend on a vehicle (10% of your net income):

Year of Vehicle:

Make:

Model:

New or used:

Length of loan:

Monthly payment:

Actual percent of net income spent on vehicle (monthly payment / net income=percent):

Spending money left from Part 2 - car payment=spending money:

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