Zak and Kim are twins in high school, both having started new jobs. Their parents have asked each of them to create a budget that will cover their expenses (as shown below) and allow for 15% of gross income to be put into an RESP, and 5% of net income to go towards a technology fund to buy a new laptop when they start University. Zak and Kim are in Grade 10 and are planning to start University in the January term, so they have 24 months to save for University. Chanig Create and justify a monthly Budget based on the information given. How much will they have in each account in 24 months assuming their jobs stay the same? Will they have enough money to purchase a new laptop for University? Will they have extra savings? WORK PROFILES FOR EACH TWIN: Zak Kim 20 hr/wk at McDuffy's Fast Food restaurant Minimum wage plus $0.50/hr Eligible for a $1/hr raise every 6 months Paid twice a month (assume 4 weeks per month) Takes every August off for a family holiday 15 hr/wk delivering newspapers Minimum wage plus $0.25/paper she delivers Delivers 30 papers / hour Paid at the end of the month (assume 4 weeks per month) $200 bonus annually (in December) Takes every August off for a family holiday Assume minimum wage for BC for Sept 2019 was $14.50 The following is a list of possible expenses (these are not deductible for income tax): Lunch (at school); Restaurant meals; Clothing; Cell Phone; Movies/Entertainment; Gifts; Magazine or App Subscriptions; Transportation; other. You choose which expenses Zak and Kim have and how much you want to put aside each month for those expenses. Be Realistic. You must have a minimum of 4 monthly expenses. Write a detailed account of how much each twin will have after 24 months. Be specific, demonstrate your understanding and clearly communicate your projected budget - you can include graphs, charts, tables, spreadsheets, etc.! The following are mandatory deductions on a typical income: 1. CPP deductions are 5% (calculated on total annual gross income; maximum of $2748.90 deducted) 2. Employment Insurance (El) deductions are 2% (calculated on total annual gross income; maximum of $860.22 deducted) 3. Graduated Income Tax deductions are as follows: For annual Income: i. On the first $9,000, no income tax is paid, ii. On the first $9,000 to $25,000, 8% of the gross income is deducted, iii. On the first $25,000 to $50,000, 12% of the gross income is deducted, iv. On the first $50,000 to $100,000, 15% of the gross income is deducted, v. And on the rest of the income, 20% of that gross income is deducted. Work Area: January 2019 - June 2019 Zak: Kim: Weekly Monthly 6 mo period Weekly Monthly 6 mo period Gross Salary: Net Income: Other expenses: Technology Fund: June 2019 - December 2019 Zak: Kim: Weekly Monthly 6 mo period Weekly Monthly 6 mo period Gross Salary: Net Income: Other expenses: Technology Fund: