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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Posted on Aug 27, 2024

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