Question
Net Income Worksheet: Gross Income Category Monthly Amount Wages, Salary, Bonuses $2160 Net Income Worksheet: Taxes Withheld and Paycheck Deductions Category Monthly Amount Federal Income
| Net Income Worksheet: Gross Income | |
| Category | Monthly Amount |
| Wages, Salary, Bonuses | $2160 |
| Net Income Worksheet: Taxes Withheld and Paycheck Deductions | |
| Category | Monthly Amount |
| Federal Income Tax | $122 |
| State and Local Income Tax | 46 |
| Social Security and Medicare Tax | 146 |
| Employer Health Insurance Premium | 104 |
| Net Income Worksheet: TOTAL | |
| Category | Monthly Amount |
| (Subtract taxes and deductions from gross income) | $1742 |
| Expenses Worksheet | |||
| Category | Monthly Budget Amount | Monthly Actual Amount | Difference |
| Telephone/Data Plan | $400 | $360 | $40 |
| Groceries | 200 | 75 | 125 |
| Restaurants / Fast Food | 100 | 30 | 70 |
| Car Insurance | 60 | 60 | 0 |
| Gasoline | 90 | 75 | 15 |
| Credit Card Payment | 30 | 0 | 30 |
| Tuition | 150 | 150 | 0 |
| Subscriptions and Dues | 30 | 25 | 5 |
| Vacations / Travel | 100 | 0 | 100 |
| Toiletries / Cosmetics | 20 | 20 | 0 |
| Retirement Accounts | 200 | 200 | 0 |
| Savings / Emergency Savings | 100 | 100 | 0 |
| Expenses Worksheet: TOTAL EXPENSES | |||
| Category | Monthly Budget Amount | Monthly Actual Amount | Difference |
| $1480 | $1095 | $385 | |
| Monthly Surplus or Shortage | |
| Total Monthly Income: | $1742 |
| Total Monthly Expenses: | $1095 |
| Total Monthly Surplus or Shortage (Income Minus Expenses): | $647 |
- Prepare a Cost-Volume-Profit (CVP) income statement, using the sample table below to impute your computation, to show all monthly items: Hours worked in the month=120, hourly wage=$18
- Total income breakdown wages by hourly rate and total monthly hours to be worked.
- Total variable costs/expenses list or itemize all individual variable costs to equal total.
- Total contribution margin show calculations
- Sales/income ratio show calculations (always 100%)
- Variable cost ratio show calculations
- Contribution margin ratio show calculations
- Total fixed costs list or itemize all individual fixed costs to equal total.
- Net Income/Loss This should match the Surplus/Shortage of your personal budget
| TOTAL IN DOLLARS | UNIT | PERCENTAGE | |
| Income (monthly total hours worked) | = monthly total hours worked x hourly rate | = hourly rate | 100% |
| Variable costs (itemize these one by one that equal the total) | = Total variable costs or expenses | = total variable costs/total hours worked | = Unit variable cost/hourly rate |
| Contribution Margin | = Total income Total variable costs | = unit income unit var. costs | = unit contribution margin/hourly rate |
| Fixed costs (itemize these one by one that equal the total) | = Total fixed costs or expenses | NONE | NONE |
| Net Income or Loss | = Contribution Margin total fixed costs | NONE | NONE |
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