Hi! these is the work that has to be done, I appreciate detailed and explained steps and work:) I added the original copy of the work as well, it will be easier to follow the two added documents to answer this question. Thank you so much!!!!

Zak and Kim are twins in high school, both having started new jobs. Their parents have asked each ofthemto create a budget that will cover their expenses (as shown below) and allow for15% 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 Kimare inGrade 10 andare planning to start University in the January term, so theyhave 24months to save for University.

Create andjustifya 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

20hr/wkatMcDuffy'sFast Food restaurant

15hr/wkdelivering newspapers

Minimum wage plus $0.50/hr

Minimum wageplus $0.25/paper she delivers

Eligible for a $1/hrraise every 6 months

Paid twice a month (assume 4 weeks per month)

Takes every August offfor afamily holiday

Delivers30papers / hour

Paid at the end of the month (assume 4 weeks per month)

$200 bonus annually(in December)

Takes every August offfor afamily 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 expensesZak and Kimhave 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 understandingand clearly communicate your projected budget - you can include graphs, charts, tables, spreadsheets, etc.!

The following aremandatorydeductions on a typical income:

1. CPP deductions are
2. 5%
3. (calculated on totalannualgrossincome;maximumof $2748.90 deducted)
4. Employment Insurance (EI) deductions are
5. 2%
6. (calculated on totalannualgrossincome;maximumof $860.22 deducted)
7. GraduatedIncome Tax deductions are as follows:

For annual Income:

1. On the first$9,000,no income tax is paid,
2. On the first$9,000to$25,000,8%of the gross income is deducted,
3. On the first$25,000to$50,000,12%of the gross income is deducted,
4. On the first$50,000to$100,000,15%of the gross income is deducted,
5. And on the rest of the income,20%of that gross income is deducted.

**Note thatRESP's can be deducted from taxable income before income tax is calculated.Page Break

Work Area:January2019 -June2019

Zak:

Kim:

Weekly

Monthly

6mo.period

Weekly

Monthly

6mo.period

Gross Salary:

$300.00

$1200.00

$7200.00

Net Income:

Other expenses:

Technology Fund:

June2019-December2019

Zak:

Kim:

Weekly

Monthly

6moperiod

Weekly

Monthly

6moperiod

Gross Salary:

Net Income:

Other expenses:

Technology Fund:

Working Area for Annual Income2019

Zak

Kim

AnnualGross Salary:

RESP:

EI:

CPP:

TableIncome:

Income Tax:

Net Income:

Page Break

Work Area:January 2020 - June 2020

Zak:

Kim:

Weekly

Monthly

6moperiod

Weekly

Monthly

6moperiod

Gross Salary:

Net Income:

Other expenses:

Technology Fund:

June2020-December2020

Zak:

Kim:

Weekly

Monthly

6moperiod

Weekly

Monthly

6moperiod

Gross Salary:

Net Income:

Other expenses:

Technology Fund:

Working Area for Annual Income2020

Zak

Kim

AnnualGross Salary:

RESP:

EI:

CPP:

TableIncome:

Income Tax:

Net Income:

MonthlyBudget:

Budget Items

Zak

Kim

Conclusions/ Assumptions / Justifications: