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  • Shopping Challange

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    Gross income was $130,534. Total taxes were $25,134.66 for federal and $9,059.77 for provincial. Net income was $91,619.14. Annual housing costs were $27,420. Annual vehicle costs were $10,123.92. Total annual expenses were $54,323.81, leaving disposable income of $37,295.19.

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    shopping challange

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    Gross income was $130,534. Total taxes were $25,134.66 for federal and $9,059.77 for provincial. Net income was $91,619.14. Annual housing costs were $27,420. Annual vehicle costs were $10,123.92. Total annual expenses were $54,323.81, leaving disposable income of $37,295.19.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    48 views23 pages

    Shopping Challange

    Uploaded by

    api-690037210
    Gross income was $130,534. Total taxes were $25,134.66 for federal and $9,059.77 for provincial. Net income was $91,619.14. Annual housing costs were $27,420. Annual vehicle costs were $10,123.92. Total annual expenses were $54,323.81, leaving disposable income of $37,295.19.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 23

    Gross Income $130, 534 .

    00
    Federal Tax: Provincial Tax: BC
    15% 0 – 53359 = $8003.85 5.06% 0 – 45654 = $2310.10
    7.7% 45654 – 91310: 45656 × 0.077 = $3515.51
    20.5% 53359 – 106717: 53358 ×0.205 = $10938.39
    10.5% 91310 – 104853: 13543 × 0.105 = $1422.00
    26% 106717 – 130534: 23817 ×0.26 = $6192.42 12.29% 104853 – 127299: 22446 × 0.1229 =
    Total tax: $25134.66 $2758.61
    14.7% 127199 – 130534: 3235 × 0.147 = $475.55
    CPP: (66000 – 3500) × 0.0595 = $3718.75 Total tax: $9059.77
    IE: 61500 × 0.0163 = $1002.45

    Net Income = $91,619.14


    Housing
    Monthly rent: $2200, Annual rental cost: $26400

    Annual Electricity
    $85 x 12 = $1020

    Total Annual Cost


    For Housing:
    $27420
    Vehicle: (Auto Trader)
    Vehicle Cost = $26619.80. Car Loan Payment: 443.66 x 12 = $5323.92
    Insurance: 200 x 12 = $2400. Fuel: 200 x 12 = $2400
    Total Annual Cost: $10,123.92
    Sofa
    Total Cost: 599.95 x 1.12 = $671.94
    Coffee Table
    Total Cost: 249.97 x 1.12 = $280.00
    Dining table & chairs
    Total Cost: 699.95 x 1.12 = $783.94
    Bed
    Total Cost: 399.95 x 1.12 = $447.94
    Mattress
    Total Cost: 249.95 x 1.12 = $279.94
    Dresser
    Total Cost: 399 x 1.12 = $446.88
    Desk
    Total Cost: 409.95 x 1.12 = $450.94
    Bedding Set
    Total Cost: 69.95 x 1.12 = $78.34
    Television
    Total Cost: 894.98 x 1.12 = $1002.38
    Computer
    Total Cost: 1499.97 x 1.12 = $1679.97
    Microwave Oven
    Total Cost: 349.99 x 1.12 = $391.99
    Dishes
    Total Cost: 49.97 x 1.12 = $55.97
    Cutlery
    Total Cost: 19.96 x 1.12 = $22.36
    Cup
    Total Cost: 3.97 x 1.12 = $4.45
    Glass
    Total Cost: 14.97 x 1.12 = $16.77
    Blender
    Total Cost: 42.98 x 1.12 = $48.14
    Coffee Machine
    Total Cost: 149.97 x 1.12 = $167.97
    Pots and pans
    Total Cost: 149.97 x 1.12 = $167.97
    Total Cost

    • Total Annual Expenses:


    $54,323.81
    • Net income - Total Annual
    Expenses = Disposable
    Income
    • 91,619.00 – 54,323.81 =
    $37,295.19

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