The situation described in number 1 will be used for all of the problems.

1.) You applied for your dream job and just found out you got it. Your contract states that you will be making $36,000 a year. To budget your expenses, you figure out that your tax rate is 15%, your insurances will be $250 a month, and you want to put 4% away for your retirement. What is your monthly gross income per month, monthly taxes, monthly insurance, monthly retirement and net income (after deducting taxes, insurance and retirement) each month?

5.) Continuing from number 4, you decided to support your favorite charity by donating $50 a month. What percentage of your new net income is this? % New Net Income Given to Charity -

6.) Continuing from number 4, you decide to take some dance lessons for fun, but want to spend no more than 2% of your monthly budget (monthly net income) on the dance lessons. How much can you afford to spend?Allowable Amount for Dance Lessons (round to the dollar) -

7.) How much money do you have left at the end of the month assuming your rent, car payment, food budgets, did not increase and you are giving to your charity and paying for dance lessons; how much to you have left for your personal use?

8.) The company that you worked for is being forced to take 4% of your salary a month and put in a Retirement Savings Plan tax free (you will not pay taxes on this 4% - this amount will be taken off the top leaving a new amount as your monthly gross, etc). You still want to keep putting 5% away for retirement as you originally planned. What does your monthly budget look like now? The amount of housing allowance, food and car payment has not changed but the percentage has. Dont forget you are still paying for dance lessons.

Monthly Gross - % Net Income for Housing Allowance -

Monthly Taxes - % Net Income spent for Food -

Monthly Insurance - % Net Income spent for Car Payment -

Monthly Retirement - % Net Income spent for charity -

Monthly Net Income - Monthly Net Income for Personal Use -