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Expense
Rent
(monthly)
Telephone (monthly)
Groceries (weekly)
Clothing (monthly with 1/2 job related)
Water & Electric (monthly)
Weekly Dinner & Movie
Amount
$657.00
$56.34
$56.00
$106.00
$98.87
$40.00
You are paid $11.75/hr. You work 40 hr/wk. Your deductions are FICA (7.65%), Federal tax
withholding (10.75%), and state tax withholding (7.5%)
1) Assuming you budget a month as 4 weeks, how much is your total realized income, fixed
expenses, and discretionary expenses.
2) If you are able to work 20 hours of overtime the next month and are paid 1.5 times your
regular rate, how does this change your budget for that month?
3) How much can you put towards savings each month if you eliminated your discretionary
expenses?
Ok
