In this portfolio, you will calculate your income, expenses, and savings for two months. Be sure to read each question carefully and show all of your work and calculations for each question in order to receive credit. You will receive no credit for any question that work is not shown.

You are paid $15.75/hr. You work 40 hr/wk. Your deductions are FICA (7.65%), Federal tax withholding (10.75%), and state tax withholding (7.5%)

Expense	Amount
Rent (monthly)	$795.00
Telephone (monthly)	$85.34
Groceries (weekly)	$79.00
Clothing (monthly with job related)	$106.00
Water & Electric (monthly)	$103.87
Weekly Dinner & Movie	$45.00

2) Using the chart above, calculate your total discretionary expenses for one month. Show your work for how you find your total in the space below.

3) During the first month, how much money can you put towards savings? Show your work.

4) 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? Assume that you are still working your normal 40 hours at your regular rate and then adding 20 additional hours at the increased rate. Also assume that your fixed and discretionary expenses stay the same. Show your work for how you find your answer below.

5) How much could you put towards savings each month if you eliminated your discretionary expenses each month? Show your work for how you find your answer in the space below and put your total savings for each month in the space provided.