Economics Project A presentation by Amy Ganz, David Fishman, and Kieu Vo Honors US History - per. 3.
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Transcript of Economics Project A presentation by Amy Ganz, David Fishman, and Kieu Vo Honors US History - per. 3.
Economics Project
A presentation by Amy Ganz, David Fishman, and Kieu Vo
Honors US History - per. 3
The Jahovas• Ricky (father)• Scarlet (mother)• Taylor (11 years old) • Austin (5 years old)• Lucy (2 years old)
• Ricky and Scarlet both work full-
time at Wal-Mart. Ricky works part-time at McDonalds, and Scarlet works part-time at Starbucks.
Taxes
• Gross Income = $52,525• Income Tax = $3,623.75• Federal Social Security Tax(4.2% of income) =
$2,206.05• Federal Medicare (1.45% of income) = $761.61• MA State Income Tax (5.3% of income) = $2,783.83• Child Tax Credits ($1,000/child) = $3,000• Net Income = $46,149.76
Food
• Grocery = $120.69/week• Take-out meal (once a month) = $100• Fast food/Snacks (twice a week)= $30
Annual cost = $9,035.88
Transportation
• Gas = $1,900/year• Car Insurance = $920/year• Car Inspection = $29/year• Bus Fare (31-day bus pass) = $48/month
Annual Cost = $3,425
Housing
• Rent = $877/month• Renter's Insurance = $30/month• Internet, Cable, Phone (with tax) =
$120/month• Electricity = $120/month• Heat (for 4 months) = $275/month• Additional Household Expense = $662.64• Furniture = $500
Annual Cost = $16,026.64
Health care
Basic Health care - $743.39/monthCo-pays- $30/visit (25 times a year)
Annual Cost= $9,670.68
Clothing
Clothes from Walmart = $128.88 Walmart discount = $12.88 (10%)
Annual Cost = $115.99
Daycare
Jaime Lynn Daycare - $150/week
Annual Cost = $7,800
Personal Expenses
Toys/Leisure Activities/Hobbies/Electronics/Anything non-essential - The remaining $ 75.57
Overall
Personal expenses- 0.18%Clothing- 0.25%
To sum it up...
• sadly, $0 left of income• therefore, none is left for savings or
investments• unrealistic to expect the average person
to achieve success---not to say impossible but it would be extremely rare and difficult
• $19,979.76 above property line
Works Cited:
• www.peapod.com (groceries)
• www.rent.com• www.mbta.com• www.progressive.com• www.walmart.com