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