Personal Budgeting Jennifer Swartz works as an interior decorator for Modern Fashion Corporation. Her annual salary is $36,500. Of that amount, 20% is withheld for federal income taxes, 7.15% for state taxes, 7.65% for FICA taxes, and 2% as a contribution to the United Way. Another 5% is deposited directly into a company credit union for savings. Jennifer has four monthly payments:

$225 for her car, $80 for furniture, $410 for rent, and $100 to repay college loans.

Jennifer’s other monthly expenses are approximately:

Prepare both a monthly budget and an annual budget for Jennifer that identifies gross salary, net take-home pay, net disposable income, and net surplus or deficit.

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Food expense Clothing expense Entertainment expense Utilities expense.. Insurance expense Gas and maintenance expenses on car Miscellaneous expenses Total $250 100 125 80 30 180 200 $965