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All the information are below. You just need to answer the questions Personal Budget Portfolio Fill in the Following Information: 1. Find your future job
All the information are below. You just need to answer the questions
Personal Budget Portfolio Fill in the Following Information: 1. Find your future job and by researching careers online. Go to http://www.marketplace.org/topics/sustainability/future-jobs-o-matic (you may also use https://secure.ruready.nd.gov/ instead or in addition) to find information about the career you want for this project. Answer the following questions: Identify the field and profession you have chosen Be sure to explain why (At least 3 sentences) I've chosen to be a lawyer. I've always wanted to be a lawyer since I was a little girl. Growth outlook for this occupation, e.g. excellent, fair, etc. (At least 3 sentences) Stable Growth is estimated to be 10% with 108 estimated annual jobs openings. Earning potential $107,190 Years of education and/or training required. 4 years for bsc, 3 years for law degree and 1+ years for training Job Title: Lawyer 2. Find an actual job in your chosen field by looking through online want ads in places where you might want to live. [In this space, copy and paste the advertisement for the job you found.] State Bar Core Values Name of City and State Where You Will Live: California 3. Record your gross and net income in the spaces provided before. Go to http://www1.salary.com/Entry-Level-Salaries.html to find the starting salary for the career you have chosen. Gross Income: Below, provide proof of average starting salary in your field. (Copy and paste the link, etc. where you got your information.) Net Income: Net income, or what is commonly referred to as take home pay, is figured by subtracting all of the deductions that will be taken out of your paycheck. Standard deductions include FICA (Social Security and Medicare), but may also include health insurance, personal retirement plans, union dues, just to name a few. Complete steps 4 through 6 by following the instructions provided in each step and by using gross income as the starting point when figuring each deduction. 4 - 6. Calculate how much you will pay in State taxes every year by using the web site link: https://smartasset.com/taxes/ - Click Income Tax Calculator - Put your gross income and location of where you will live (City, State) Amount of Federal Income Tax Withheld (Federal): Amount of Social Security and Medicare (FICA): Amount of State Income Tax Withheld (State and Local): Total: 7. Calculate 5% to 10% of gross for a personal retirement account. - You can select either option. % deducted: Amount of retirement deduction: ***You should subtract the sum of steps 4 through 7 from your gross income to calculate your net income (actual take-home pay). Write the net income under step 3 in the space provided. 8. Take your net income and divide it by 26 to find out how much you will have in your paycheck every 2 weeks. Take Home Pay: NOW YOU START PAYING BILLS! 9. Calculate how much money you will pay for healthcare insurance. Assume that your employer will not be providing coverage. Monthly Health Insurance Payment: $450 10. Calculate how much student debt you will have to pay per month. To do this you will first need to know how much debt the average student attending your university accumulates. Go to the University/College Website to find tuition and room and board or google cost of the University/College. Now go to the following link to calculate what the amortization schedule is for paying back your student debt in 10 years: http://www.amortizationtable.org/ Monthly Student Loan Payment: 11. Calculate how much student debt you will have using debt figures provided TODAY, and adjust for the actual year you will be graduating from college. Use the formula below to do this. A = P(1 + i)n Where: A = accumulated amount P = principal amount i = interest written as decimal n = number of years Example: If today's college debt per student at your university is $30,000, and that figure is expected to increase by 5% per year, and you won't be graduating until 5 years later, then you have to use those numbers in your calculations. A = $30,000 (1 + .05)5 A = $38,288.45 Your Projected Student Loan Debt Starting In : 12. You have to find an apartment. You will be renting on your own. Scour the adds for apartments in the city/town/village where you'll reside. [In this space, copy and paste the advertisement for the apartment you found.] Monthly rent: + monthly utilities 13. Purchase a car. Look through car adds on-line and find a car you can afford. [In this space, copy and paste the advertisement for the car you found.] You will have to finance this purchase and should expect to take out a 5-year (60 month) loan. Typically, you can expect to give 20% down on the purchase if you don't have established credit. Use the following link to help you figure out how much you will have to pay per month: http://www.bankrate.com/funnel/auto/?prods=73 Use the calculator tab to do the final calculations. Monthly Car Payment: 14. Purchase car insurance for your automobile. Calculate how much your monthly payments will be. Monthly Car Insurance Payment: 15. You need to get a phone plan and find a cable and Internet plan. Instead of cable you can purchase a streaming plan(s) [In this space, copy and paste proof of the plans you bought for your phone, Internet and cable.] Monthly Phone Payment: Monthly Cable (Streaming) Payment: Monthly Internet Payment: 16. Calculate your gas for the month. Calculate how much you will need to spend for gas each month and show your calculations below in the space provided. Consider the commute to and from work and any shopping trips you will have to make during the month. (There's a link to a mileage calculator on eboard.) Monthly Gas Bill: If you plan to commute to work because you live in a large city, calculate the expense of subway fees, bus fare, taxi, etc. List Alternate Form of Transportation: Monthly Cost: 17. Create an actual shopping list of groceries you will consume in one week. You will have to find real prices for everything and fill in the form below as proof of your expenses. Name of Grocery Store: Food Item Quantity Price Total Cost Weekly Grocery Bill: X 4 = 18. List 2 - 4 kinds of activities that you might engage in during the month that will cost money. Provide the cost for each activity. Activity: Cost: Activity: Cost: Activity: Cost: Activity: Cost: 19. Now that you have finished all of the calculations, create an accounting ledger to show monthly income and expenses. Date Description Deposit Withdrawal Balance How much is left after all expenses? 20. Are you able to do everything you want and in your means, while still saving? (At least 4 Sentences) 21. What did you have to change or sacrifice to make your budget balance? (At least 4 Sentences) 22. What were some areas that you were able to cut back and save? (At least 4 Sentences) 23. What is the most important/impactful concept you learned about economics? (About 3 Sentences) 24. You may complete this portion with a group. You will create a meme to showcase their understanding and opinion on a relevant economics issue. Number in the group = number of memes. Memes have to cover different economic concepts. Create a meaningful, appropriate, and funny meme(s) to help you learn and remember a specific economic term/concept in a fun and creative way. Humor is always appreciated, but is not necessary to score well on the assignment. Place your meme(s) here: Requirements In addition to completing and placing your meme, you will also be required to complete a brief write up (at least 4 sentences) explaining your meme. Your write up should include the following. Explain the economic concept you are seeking to illustrate with your meme Explain the meaning of your meme, including why you chose the image that you did and why you listed the text that you did Write Up(s)Step by Step Solution
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