Project Day 2-Preliminary Budget

Ok, you just got approved for the apartment. However, you need to
pay one months rent for security. Bad news! You only have $1000 or
$2000 in your checking account, which wont be enough. That means
you need to take out a loan. You need to apply for a loan that equals
the amount of your rent + $3000 for furniture. The loan at Gilmore
International Bank has a 10% interest rate. Fill out the loan questions
below to find out how much you will have to pay each month. Your loan
needs to be paid in full by March 30, 2015 (in terms of your project life
this date is 6 months away). Now you need to decide how you are
going to get around the city. You could choose between monthly metro
cards or buying a car. Fill out the transportation questions below. If you
decide to buy a car let me know. After you are done with your loan
questions and transportation questions, fill out your preliminary
budget. Now add up the money for the groceries section. To determine
how much you make each month, take your salary and divide it by 12.
Loan
1)
Rent=$________________
2)
Furniture=$3000
3)
Add your rent and $3000. _____________________
4)
Multiply the result from step 3 by 1.10_____________________
5)
Divide the result from step 4 by 6________________________
6)
The result from step 5 is how much you need to pay each month
Transportation
Metrocard
$112 x # you are buying each month _____=$_______
Car
Purchase Price $______________
Tax on Car (Our tax is 8.87%) $_______________
Loan youll need $____________________
Interest Rate=7%
Interest youll have to pay (Loan x .07) $_____________
Total Cost (Loan + Interest) $________________
Cost per month (Total/6) $____________________
Insurance $250 per month
Gas $90 for SUV $75 for regular $60 for hybrid $____________
Parking (See your apt description otherwise $250) $_________
Total (Cost per month+Insurance+Gas+Parking) $_______________
Salary (Each partner needs to do this)
1)
Figure out which tax bracket you belong to below based on your
yearly income and if you are married or not:

Married (Filing Separate):

2009 Taxable Income Tax
Up to $8, 35010% of every dollar
$8,351$33,950$835 plus 15% of the amount over $8,350
$33,951$68,525 $4,675 plus 25% of the amount over $33,950
$68,526$104,425 $13,318.75 plus 28% of the amount over
$68,525
$104,426$186,475 $23,370.75 plus 33% of the amount over
$104,425
More than $186,475 $50,447.25 plus 35% of the amount over
$186,475
Single
2009 Taxable Income Tax
Up to $8, 35010% of every dollar
$8,351$33,950$835 plus 15% of the amount over $8,350
$33,951$82,250 $4,675 plus 25% of the amount over $33,950
$82,251$171,550 $16,750 plus 28% of the amount over
$82,250
$171,551$372,950$41,754 plus 33% of the amount over
$171,550
More than $372,950 $108,216 plus 35% of the amount over
$372,950
2)
the

On the line that corresponds to you on the tables above, locate

number that follows the phrase the amount over. Take this
number
and subtract it from your yearly salary.
3)
Multiple the result from step 2 by the percentage indicated (ex: if
it is 33% then multiply by.33)
4)

Add the result from step 3 to the amount indicated in your row of
the table before the word plus.

5)
it.

Take your yearly salary and subtract the result from step 4 from

6)

Then subtract $ from step 5s result

7)

Divide step 6s result by 12 and you has your monthly

Paycheck/salary

Budget
Salary 1 (+) $_____________
Salary 2 (+) $_____________
Rent (-)
$_____________
Utilities (-) $_____________
Groceries (-) $_____________
Transportation (-) $___________
Clothing (-) $_____________
Loan Payment (-) $_________
Miscellaneous (-) $_________
Total $_____________