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Earn a Living: Explore Your Income
Explore your Income
(600 points)
Name _________________________

Due Date: ______________________


Earn a Living Home Page

buy a house

buy a car

So, you’ve chosen your house and your car, now let’s investigate that yearly income of $40,000 – your gross annual income - just a little more....

  1. Let’s say that you work 50 weeks per year and you take the other two weeks as an UNPAID vacation. You work 40 hour weeks. How much will you make per hour if your annual income is to be $40,000? _______________
  2. Taxes and Social Security payments are taken out before you get your check. They are approximately 1/3 of your gross pay. Calculate an approximate amount of your wages that get taken out for taxes. (1/3 x gross pay of $40,000)
  3. Amount Withheld for Taxes/Soc. Sec. = ________________

  4. What would be your monthly Net pay or Take-home pay? Subtract your withholding amount (#21) from your gross pay ($40,000) and then divide by 12 (to get amount for each month).
  5. Net Monthly Pay = ____________________

  6. After making your monthly mortgage payment for your house (problem #10) and your monthly loan payment for your car (problem #18) – the ones that you picked out- how much of your net pay will you have left for food, clothing, gas, vacations, furniture, insurance, etc. each month?
  7. (monthly net income – mortgage payment – car payment) = ______________________

    Now let’s look at the present and put things in perspective…..

  8. Do you have a job now? (circle one) YES NO
  9. If you have a job now, complete the following questions.... based on what you are currently making per hour. If you do NOT currently have a job, use $8 per hour to complete the following.

  10. If you currently have a job, where do you work?
     __________________________________(leave this blank if you are unemployed)
  11. How much do you make per hour?____________________________ (enter $8 per hour if you are currently unemployed)
  12. If you worked at this job for 40 hours per week and 50 weeks per year, what would be your annual income (before taxes)?
  13. Gross annual income = _______________________________

  14. Take your answer from problem 25 and divide it by 12 to find your monthly gross income.
  15. Monthly GROSS (before taxes) income = ________________________

  16. IF you calculated the amount of money that you could use to buy a house and a car based (using the same directions given above) for your current income,
    1. How much could you afford to spend on a house? (use your yearly GROSS annual income from problem 27, multiply it by 8 and then find 1/3 of it)
    2. Amount for a house = ______________________

    3. How much could you spend on a car? (use your yearly GROSS income from problem 27, and find 35% of it)

Amount for a car = _______________________

  1. Write at least five sentences about what you learned in this project about buying a house, buying a car, or earning/budgeting money. (You can earn up to 25 extra credit points if you give more information about the project here!)
buy a house buy a car explore your income

 

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