career: architect ii in austin, tx annual salary of $43,047 in the 25% federal income tax bracket ...
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![Page 1: Career: Architect II in Austin, TX Annual Salary of $43,047 in the 25% federal income tax bracket Monthly Net Salary = $2,416.01](https://reader034.vdocuments.us/reader034/viewer/2022052606/5a4d1b097f8b9ab059989655/html5/thumbnails/1.jpg)
Mrs. Banks’s Budget Project
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Career: Architect II in Austin, TX Annual Salary of $43,047 in the 25% federal
income tax bracket
Monthly Net Salary = $2,416.01
Mrs. Banks’s Information
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Mrs. Banks’s House
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Nice tile flooring throughout main living area Spacious eat in kitchen with lots of cabinet and
counter space Outside boasts a nice privacy back yard with
large deck.
3 bedrooms, 2 bath, 1364 sq ft, built in 2007, 2-car garage
Mrs. Banks’s House
TVM Solver ValueN 30*12I% 5.5PV 154900*.90PMT -791.55FV 0P/Y 12C/Y 12
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Property taxes (2.5% of price) = $322.71 Homeowners insurance = $93.17 Base mortgage = $791.55 TOTAL Monthly cost = $1207.43
But I pay half since I have a roommate…
My monthly housing cost = $603.72!
More about my home…
![Page 6: Career: Architect II in Austin, TX Annual Salary of $43,047 in the 25% federal income tax bracket Monthly Net Salary = $2,416.01](https://reader034.vdocuments.us/reader034/viewer/2022052606/5a4d1b097f8b9ab059989655/html5/thumbnails/6.jpg)
Mrs. Banks’s Car
![Page 7: Career: Architect II in Austin, TX Annual Salary of $43,047 in the 25% federal income tax bracket Monthly Net Salary = $2,416.01](https://reader034.vdocuments.us/reader034/viewer/2022052606/5a4d1b097f8b9ab059989655/html5/thumbnails/7.jpg)
2010 Ford Mustang GT Premium for $22,780
Has a back-up camera, heated front seats, and it is a 1 CARFAX owner!
19k miles, automatic, Sterling Grey Metallic exterior, Stone color leather interior
V8, 4.6L engine, EPA mileage 17/23
Mrs. Banks’s Vehicle
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Roughly $172.86 in gas each month Insurance for $128.75 per month Monthly payment of $377.31
TOTAL Monthly cost of $678.92!
More about my car…
TVM Solver ValueN 6*12I% 7.5PV 21288.12PMT -377.31FV 0P/Y 12C/Y 12
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Water/Power: $177.32/2 = $88.66 per roomie Gas: $54.56/2 = $27.28 per roomie Cell phone: $80 Cable/Internet = $129.99/2 = $64.99 per roomie
or $32.50 for each service
Mrs. Banks’s Other Expenses
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Groceries = $95 per week so $411.67 per month or $205.84 per roomie
Restaurants = $30 per week so $130 per month Credit card debt of $3553 will be paid off in 5
years at $87.79 per month Medical emergency fund = $100 Savings should be almost $200 but I cannot afford
that so I will save $95 per month
TOTAL monthly expenses = $2,162.21
More expenses…
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Income Liabilities (expenses)You* $43,047.00 Home
Monthly cost* $603.72Gross Income $43,047.00 Tax Bracket 25% UtilitiesTaxes $10,761.75 Water/Power* $88.66SSN 6.2% $2,668.91 Gas* $27.28Medicare 1.45% $624.18 Cell Phone* $80.00
Home Phone $0.00After-Tax Income $28,992.15 Internet $32.50
Cable/Satellite $32.50Total $260.94
Net Monthly $2,416.01 Car
Monthly cost* $678.92
FoodGroceries* $205.84
Restaurants $130.00Total $335.84
DebtCredit Card* $87.79
Total $87.79
Money for FutureMedical* $100.00Savings* $95.00
Total $195.00
Total Expenses $2,162.21
Balance $253.80
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This project was a worthwhile learning experience because …
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Budget Wrap-Up