Develop a budget for the fictitious Brown family and Create a chart of the family budget

Mr. Brown is a city worker earning $16.54 per hour for a 40 hour week, 52 weeks per year. He also earns overtime at the standard overtime rate. This year he worked 500 hours overtime. He also earns a yearly bonus of $2000 for his satisfactory performance evaluation. What as his total combined income?

Mrs. Brown is a social worker with a salary of $26000 per year. She also works 10 hours per week part-time on weekends at a retail store in the mall an hourly rate of $7.50 and a commission of 10% of sales. Her yearly sales were $25,000. What is her total combined income?

Joe, their teenage son, works 20 hours per week part-time earning $6.50 per hour. Joe has a responsibility to pay for his own student class dues of $10 per semester, his own entertainment, and his own clothes and personal items. Create a projected budget for Joe that includes a detailed list of possible expenditures.

Sandy, their pre-teen daughter, is too young to work, but receives and allowance of $10 per week for completing her chores at home. Create a typical budget for a pre-teen using her allowance as income.

Their house mortgage payment is $992 monthly.

Maintenance for the home averages $200 monthly.

The family lives in an area with mass transportation available.

Family medical insurance is available through Mr. Brown's employer for $150 per month. There are routine co-payments for each visit to the doctor. The Brown family was fortunate that no family member was ill, but each member of the family had a health check-up with a co-pay of $35.00 for each visit. Mr. Brown has a monthly prescription with a co-pay of $15.00.

The family's income tax rate is 25%.

Mrs. Brown's hourly rate (her part-time work) is put into savings, which earns 10 % interest compounded annually. How much will be in the account at the end of one year?

The family owes $5000 on credit card accounts with an annual interest rate of 12%, which is 1% monthly. The required minimum monthly payment is $75.00. How long will it take to repay the balance if the minimum amount is paid? How much must they pay each month to pay off the balance in 5 years?

***Hint: Locate a credit card calculator online to configure this amount. Provide the link to the calculator that you used.

Mr. and Mrs. Brown need to save 5% of their net income for retirement. Include this in your chart.

Identify fixed and variable expenses for the Brown family.