Question
Creating a Hypothetical Budget Portfolio Activity Expense Amount Rent (monthly) $657.00 Telephone (monthly) $56.34 Groceries (weekly) $56.00 Clothing (monthly with job related) $106.00 Water &
Creating a Hypothetical Budget Portfolio Activity
Expense | Amount |
Rent (monthly) | $657.00 |
Telephone (monthly) | $56.34 |
Groceries (weekly) | $56.00 |
Clothing (monthly with job related) | $106.00 |
Water & Electric (monthly) | $98.87 |
Weekly Dinner & Movie | $40.00 |
You are paid $11.75/hr. You work 40 hr/wk. Your deductions are FICA (7.65%), Federal tax withholding (10.75%), and state tax withholding (7.5%)
- Assuming you budget a month as 4 weeks, how much is your total realized income, fixed expenses, and discretionary expenses.
- If you are able to work 20 hours of overtime the next month and are paid 1.5 times your regular rate, how does this change your budget for that month?
- How much can you put towards savings each month if you eliminated your discretionary expenses?
Be sure to include in your response:
- A detailed budget showing income and expenses for the two different months.
- Answers to the original questions.
- An explanation for how you calculated the first 40 hours of income and then the additional 20 hours of overtime.
Month 1
Realized Income: | Amount |
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Total Income |
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Expense (Fixed): | Amount |
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Total Expenses (Fixed) |
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Expense (Discretionary): |
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Total Expenses (Discretionary) |
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Total Expenses (Fixed & Discretionary): |
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Month 2
Realized Income: | Amount |
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Total Income |
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Expense (Fixed): | Amount |
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Total Expenses (Fixed) |
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Expense (Discretionary): |
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Total Expenses (Discretionary) |
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Total Expenses (Fixed & Discretionary): |
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