Thats Life!

Personal Finance Project This semester we are going to take a closer look at how a young person survives in the real world. Have you ever played the ame of Life! "ell# our project will $e very similar to that. %efore# we get started# there are some rules you need to know& ' ' ' ' (ou will not $e a$le to receive any financial assistance from your parents (ou will $e choosing your career and salary as well as the place that you would like to reside. This is the information you will use for the entire project# unless you are lucky enough to get promoted! Pieces of this project will $e turned into me and other pieces will $e uploaded to your )conomics Portfolio. T%* + will $e checking your progress periodically and points will $e awarded to the students who have kept up with their assignments.

,ow# lets get down to real life. (ou have just graduated from college with a %achelors -egree and# you have found a jo$!

.areer and location&Biological Technician, Walled Lake MI *nnual /alary& $37,180

To figure out your actual take home pay& 0. /u$tract the 1 of federal ta2es that you will $e paying 3consult the chart $elow4

"hat is left over! $27,885

5. Look at http&66ta2foundation.org6article7ns6state8individual8income8ta28rates859998590: to find out the state ta2 that you will $e paying and su$tract that from the amount you wrote on the line a$ove. "hat is left over! $26,699 :. ,ow# su$tract 091 from the figure in ;5. This is to account for other deductions such as <edicare# /ocial /ecurity# healthcare and retirement. This is your T*=) H><) P*(& $24,029 ?. +n reality# you get paid every 5 weeks. /o# divide your take home pay $y 5@ A this is your $i8 weekly pay A the amount of your paycheck B924.19 C. <onthly Pay8 1,848.38 @. 5C18$462