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Budgeting and Income Projections. Ieyia and Larry Hartley of Columbus, Ohio have decided to start a family next year, so they are looking over their budget (illustrated in Table 3-5 as the "young married couple"). Leyia thinks that she can go on half-salary ($2,400 in- stead of S4,800 per month) in her job as a college text- book sales representative for about 18 months after the baby's birth; she will then return to full-time work. (a) Looking at the Hartley's current monthly budget, identify categories and amounts in their budget where they realistically might cut back $2,400. (Hint: Fed- eral and state taxes should drop about $600 a month (S7,200 annually) as their income drops.) (b) Assume that Leyia and Larry could be persuaded not to begin a family for another five years. What specific budgeting recommendations would you give them for handling (i) their fixed expenses and (ii) their variable expenses to prepare financially for an anticipated $2,400 loss of income for 18 months as well as the expenses for the new baby? (c) If the Hartley's gross income of $8,830 rises 3 per cent per year in the future, what will their income be after five years? (Hint: See Appendix A.1 or the Garman/Formue companion website. College Student Single Working Person Young Married Couple Married Couple with Two Young Children Married couple with Two College-Age Children $4,400 $8,000 1,600 80 $1,000 0 2 300 570 $1,872 $4,000 4,800 30 0 0 $8,830 $4,000 4,400 30 0 0 $8,430 0 0 $9,680 $ 0 0 0 700 0 0 0 0 0 0 Classifications INCOME Salary 1 Salary 2 Interest and dividends Student loan withdrawals Savings withdrawals Total Income EXPENSES Fixed Expenses 4011k) retirement savings IRA and Roth IRA contributions Savings automatically withheld Housing Health insurance State income taxes Life and disability insurance Homeowner/renter insurance Automobile insurance Vehicle loan payments Emergency savings Student loan payments Loans Credit card payment Federal income taxes Social Security taxes Real estate taxes Investments Total fixed expenses Variable expenses Other Savings Food Utilities Automobile gas, oil, maintenance Medical expenses Child Care Clothing Gifts and charitable contributions Personal allowances Education expenses Furnishings and appliances Personal care Entertainment Vacations Miscellaneous Total variable expenses Total Expenses $ 250 360 60 1,300 200 80 60 120 110 390 125 500 220 130 1080 670 300 135 $6,090 0 $ 380 0 0 1,200 500 60 90 140 180 400 200 300 120 0 850 640 390 100 S5,550 Sos. BB 1.888888888 Beteg 1.. 0 0 0 0 0 60 D 38933888888888888888888889R888 0 0 $ 760 130 0 180 40 0 500 230 360 10 D 20 10 80 0 0 100 20 20 600 240 300 110 600 90 80 350 0 50 30 300 60 50 $2,880 80 600 10 10 120 17 15 $1,112 51,872 80 400 o 0 130 80 300 150 200 $2,740 58,830 10 70 110 0 20 $1,060 54.420 58.430 Budgeting and Income Projections. Ieyia and Larry Hartley of Columbus, Ohio have decided to start a family next year, so they are looking over their budget (illustrated in Table 3-5 as the "young married couple"). Leyia thinks that she can go on half-salary ($2,400 in- stead of S4,800 per month) in her job as a college text- book sales representative for about 18 months after the baby's birth; she will then return to full-time work. (a) Looking at the Hartley's current monthly budget, identify categories and amounts in their budget where they realistically might cut back $2,400. (Hint: Fed- eral and state taxes should drop about $600 a month (S7,200 annually) as their income drops.) (b) Assume that Leyia and Larry could be persuaded not to begin a family for another five years. What specific budgeting recommendations would you give them for handling (i) their fixed expenses and (ii) their variable expenses to prepare financially for an anticipated $2,400 loss of income for 18 months as well as the expenses for the new baby? (c) If the Hartley's gross income of $8,830 rises 3 per cent per year in the future, what will their income be after five years? (Hint: See Appendix A.1 or the Garman/Formue companion website. College Student Single Working Person Young Married Couple Married Couple with Two Young Children Married couple with Two College-Age Children $4,400 $8,000 1,600 80 $1,000 0 2 300 570 $1,872 $4,000 4,800 30 0 0 $8,830 $4,000 4,400 30 0 0 $8,430 0 0 $9,680 $ 0 0 0 700 0 0 0 0 0 0 Classifications INCOME Salary 1 Salary 2 Interest and dividends Student loan withdrawals Savings withdrawals Total Income EXPENSES Fixed Expenses 4011k) retirement savings IRA and Roth IRA contributions Savings automatically withheld Housing Health insurance State income taxes Life and disability insurance Homeowner/renter insurance Automobile insurance Vehicle loan payments Emergency savings Student loan payments Loans Credit card payment Federal income taxes Social Security taxes Real estate taxes Investments Total fixed expenses Variable expenses Other Savings Food Utilities Automobile gas, oil, maintenance Medical expenses Child Care Clothing Gifts and charitable contributions Personal allowances Education expenses Furnishings and appliances Personal care Entertainment Vacations Miscellaneous Total variable expenses Total Expenses $ 250 360 60 1,300 200 80 60 120 110 390 125 500 220 130 1080 670 300 135 $6,090 0 $ 380 0 0 1,200 500 60 90 140 180 400 200 300 120 0 850 640 390 100 S5,550 Sos. BB 1.888888888 Beteg 1.. 0 0 0 0 0 60 D 38933888888888888888888889R888 0 0 $ 760 130 0 180 40 0 500 230 360 10 D 20 10 80 0 0 100 20 20 600 240 300 110 600 90 80 350 0 50 30 300 60 50 $2,880 80 600 10 10 120 17 15 $1,112 51,872 80 400 o 0 130 80 300 150 200 $2,740 58,830 10 70 110 0 20 $1,060 54.420 58.430