According to the Seton Hall Career Center, graduates of the Stillman School of Business earned an average salary of $49,100 per year their first year after graduation. Assume that is the salary that you will earn following graduation. (If you think you will make a different amount, feel free to use that amount instead to complete the assignment.) Answer all of the following questions based on the lifestyle that you expect to be able to live the year after you graduate. Create your own excel spread sheet or use Mint.com to help you answer the following questions. Attach your spreadsheet and/or Mint.com printout.

1. What will your monthly income be before taxes?
2. Tax schedules and instructions for calculation are attached. What will your yearly tax bill be?
3. What will your monthly income be after taxes?
4. List and estimate your essential (regularly recurring) expenses per month? This includes but is not limited to rent, health insurance (Seton Hall employee insurance options are attached to help you estimate health insurance costs), student loan payments, car payment, car insurance, gas, electric bill, cable bill, phone bill, groceries, contact lenses, etc.
5. Discretionary income is net income after taxes minus recurring expenses. What will your discretionary income per month be?
6. Spending of discretionary income includes all expenses that you do not need to spend to survive. This includes but is not limited to gym, tanning, laundry, hair care, mani/pedi, car wash, movies, dinner and drinks with friends, coffee, snacks, clothing, video games, pizza, cigarettes, gifts, vacations, etc. List and estimate your expected discretionary purchases per month?
7. What proportion of your monthly discretionary income do you plan to save for future investments (buying a house, buying a car, retirement, etc)?
8. How much discretionary income to you plan to save per year?