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4078605-670560There will be six homework assignments throughout the project. You must complete three of the six!4000020000There will be six homework assignments throughout the project. You must complete three of the six!-523875-409575Due on May 25th00Due on May 25thPersonal Finance ProjectAll information should be typed in a word document in the outline format with all the necessary attachments. IncomeOccupationList job, income, education, and location of job. TaxesComplete sample W-4 and attach.Identify net pay with all taxes taken pute how much will be taken out in other taxes.FICA (Social Security and Medicare) will take 7.65% of each paycheck.Using tax withholding scales, figure out how much you will withhold each pay check for federal taxes. Show work.Student Loans (about 5%)Create payment plan if you have loans from higher education. a 5, 10, or 20 year loanGraduate school interest rate is 5.3% Bachelor’s or below interest rate is 3.8%BankingChecking Account (Include Citations)Type of checking accountOnline servicesOverdraft protectionInterest/dividendsLimits on withdrawals/transfersSavings account (Include Citations)Type of savings accountOnline servicesInterestLimits on withdrawals/transfersCredit Cards (Include Citations)Type of credit cardOnline servicesInterestPerks/rewardsComplete a sample application from a bank and attach. Housing (about 25%)List essential features to housing and roommates.Desires in housing for example, “must have washer and dryer in apartment” or “nearby parking.”List roommates by first and last name.Housing choice (Include Citations)List price of rent and location.List advertisement and layout.Can be in the form of a link to rental website. Utilities (about 5%)List price of water and electric.Water: person uses 3000 gallons of water a monthElectric: Average person uses 800 KWH per monthTransportation: Vehicle, Bike, or Bus Route VehicleList make/model, year, miles per gallon, gallons per tank, and price. (Include Citations)Estimate the monthly cost of leasing or buying. (About 10%)If buying use an auto loan calculator.Auto Loan Calculator: List prices of a gallon of gas near your residence or work. (about 5%)(Include Citations) Calculate how much gas would be used given your gallons per tank and three fill ups over the course of one month.(Price of gas per gallon * gallons per tank)3 = Cost of gas per monthBike (Include Citations)List cost and features of bike.Print a map to illustrate route to work, a grocery store, and two sources of entertainment from your housing.Calculate how many miles you will travel to and from work each day. Bus Route (Include Citations)List bus routes and indicate on a map the routes to work, the grocery store, and two sources of entertainment. List cost of daily route or cost of pass to and from work every day. Insurance (about 10%)Buy an individual Health Insurance planList what kind of insurance chosen and the type of coverage and monthly cost. (Include Citations)Use 1995 as birth year when filing for quotes. May use other sites or companies. United Healthcare: BlueCross and BlueShield: : : (must chose a young adult plan and only suggested for those who are military dependents)Term Life InsuranceList the name of the insurance company, coverage listed, and the monthly cost. (Include Citations)Use 1995 as a birth year when filing for quotes. May use other sites or companies. Choose a 10, 15, or 20 year plan with coverage up to $250,000.Geico Quote Comparison: Farm: : Provide the names of two beneficiaries and their relation. Vehicle Insurance (Only if you have a car)List the name of the insurance company, coverage listed on the vehicle, and the monthly cost. (Include Citations)Use 1995 as a birth year when filing for quotes. May use other sites or companies. Liberty Mutual: : : Cell Phone/Telephone (Must have one, may have both)(about 10%)List monthly cost and service of landline telephone. (Include Citations)and/orList the company, monthly cost, and information regarding minutes, texts, and data for your cell phone plan. (Include Citations)List the monthly cost of cable and/or internet, company, and features of service. (Include Citations)Retirement and Investments (about 10%)Calculate an estimate of Social Security you can withdraw in December of 2060. your birthdate with the year 1994 as the birth year (you must be 21 for them to calculate)For the section “Enter Earnings in the Current Year” input your salary, and then input 2016 as the “Year” and your yearly salary again next to “Earnings.” Estimate in today’s dollars. List what kind of asset you will invest in and how much each month.Examples: stocks, bonds, mutual funds, etc. Using interest rates or average earnings on these investments, project how much money these assets will be worth in December of 2060. (Include Citations)Food/Clothing/Entertainment (about 20%)Pick and identify cost of all of the following products you will need to buy. (Coupons may be used and additional products may be purchased) 1 Deodorant1 Shampoo and/or Conditioner1 Body wash1 Toothbrush1 Toothpaste1 Over the counter medication (ibuprofen, Tylenol, Claritin, etc.)1 Box of garbage bags1 Box of pasta10 vegetables10 Fruit5 snacks1 Gallon of milk10 meats1 Box of cereal1 Dozen eggs1 Loaf of breadList the price, location, and name of the apparel you will be purchasing. (Coupons may be used and additional products may be purchased)T-shirtPants/skirtsSocksList the price, location, and name of two sources of entertainment. (Coupons may be used and additional products may be purchased) (Netflix and other streaming sites may count as ONE source of entertainment)Balanced Budget SheetAttach the estimated budget.Attach the actual budget. Personal Finance ReflectionReflection Format:2 pages for Economics and Financial Literacy3 pages for Economics and Financial Literacy HonorsDoubled-spaced12 point New Times Roman font1” marginsAnswer the following questions in your reflection and use specific examples when applicable (at least two):What were your primary goals when making consumption decisions with the money given?Which section of this unit was the most eye-opening for you?What would you like to know more about?What has going through this budget project with a fixed income and education level taught you?Feel free to include anything else in your reflection that is relevant. DUE DATE: This must be turned in with your personal finance project on May 25th. Rubric for ReflectionCriteriaSuperior (25 points)Target (20 points)Below Target (15 points)Poor (10 points)Depth of ReflectionResponse demonstrates an in-depth reflection on the concepts presented in the unit. Clear, detailed examples are provided, as applicable. Response demonstrates a general reflection on the concepts presented in the unit. Appropriate examples are provided, as applicable.Response demonstrates a minimal reflection on concepts presented in the unit. Examples, when applicable, are not provided or are irrelevant to the assignment.Response demonstrates a lack of reflection on the concepts presented in the unit. Examples, when applicable, are not provided.Required ComponentsResponse includes all components and meets or exceeds all requirements indicated in the instructions. Each question or part of the assignment is addressed thoroughly. Response includes all components and meets all requirements indicated in the instructions. Each question or part of the assignment is addressed.Response is missing some components and/or does not fully meet the requirements indicated in the instructions. Some questions or parts of the assignment are not addressed. Response excludes essential components and/or does not address the requirements indicated in the instructions. Grammarand SpellingWriting is clear, concise, and well organized with excellent sentence/paragraph construction. Thoughts are expressed in a coherent and logical manner. There are no more than three spelling, grammar, or syntax errors per page of writing.Writing is mostly clear, concise, and well organized with good sentence/paragraph construction. Thoughts are expressed in a coherent and logical manner. There are no more than five spelling, grammar, or syntax errors per page of writing.Writing is unclear and/or disorganized. Thoughts are not expressed in a logical manner. There are more than five spelling, grammar, or syntax errors per page of writing.Writing is unclear and disorganized. Thoughts ramble and make little sense. There are numerous spelling, grammar, or syntax errors throughout the response.FormatHas met or exceeded the page length for the paper, and the paper has the correct font, size, margins, and spacing. Has met the page length for the paper and only has one of the following incorrect the font, size, margins, or spacing.Has met the page length for the paper and has two of the following incorrect font, size, margins, or spacing.Has not met the page length for the paper or has two or more incorrect font, size, margins, or spacing. ................
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