Make a Balance Sheet and Income Statement with the Data Below

Jack and Jill met while in college and got married February 2020.

Jack graduated in May 2018 and Jill graduated in May 2019. Jack is age 25 and employed in Health Care earning $65,000 yearly. Jill, age 23, landed a similar job in Health Care and she too earns $65,000 yearly (although at a different employer).

Jack & Jill currently live in an apartment and pay rent of $2,400/month. They also pay $450 monthly for groceries..$2,500 yearly for car insurance.$525 monthly car expenses.$250 monthly for the utilities (includes heat, electricity and cable/WiFi).$75 monthly cell phones$125 monthly gym memberships.$1,500 yearly total on their personal care.$1,200 monthly fun money..$2,500 yearly on clothes. Her medical/dental insurance through her employer costs $250 per month and covers both of them.

Jack still has $12,000 left on his college loans at 5% with a monthly payment of $225. Jill has $18,000 remaining on her college loans at 5% and she has been aggressively paying down at a rate of $550 per month.

Both drive recent model cars (2017 and 2016 model years) and both cars are paid for; Kelly blue book estimates theyre worth $18,000 and $15,000 respectively.

Jack & Jill have $3,500 in their combined checking account and another $10,000 in their combined savings account. In addition, Jill has another $18,000 in her own savings account and Jack has another $16,000 in his own savings account.

Neither one has enrolled in their employers 403b plans even though both employers offer a 3% match. Both employers benefit plan provide one X pay in group term life insurance at no cost. Jills benefits also include group short disability insurance at 100% of pay for 26 weeks and long term disability insurance at 60% of pay at no charge. Jacks group disability insurance provides 50% of pay at no charge with no differentiation between short & long term disability.

Remember to include: 5% MA income tax, 0.75% MA DFML tax, 7.65% social security & medicare tax, 20% federal income tax, and a $25,100 deduction for filing jointly as a married couple