Question

Congratulations! You just finished up your MHA. You are now making the big bucks!! You are pulling down $75,000 a year. Your estimated payroll taxes are 20%. You also have a small healthcare consultancy and you make $100 a month for your wonderful advice. You have a lot of expenses: You bought a new car - the car note is $350 a month. Gas for your car is $50 a month You have a mortgage of $850. Health insurance is $400 You love to eat out and you spent $300 a month in food. You have a student loan payment of $300 You have a credit card monthly statement of $1,100 How much do you have left at the end of this month?

Answer 1

Answer:

Balance available on hand at month-end is $1,750

Explanation:

Monthly gross salary=                        $6,250   ($75,000 / 12 month)

Less: Payroll Taxes                             $1,250    ($6,250 * 20%)

Net Monthly salary                             $5,000

Add: Monthly Consultancy Income    $100

Monthly income available on hand  $5,150     $5,150

Less: Monthly Car note            $350

Monthly Car gas                       $50

Monthly mortgage                    $850

Monthly Health insurance        $400

Monthly food spending            $300

Monthly student loan payment $300

Monthly credit card payable     $1,100

Total deductions                        $3,350             $3,350

Balance available on hand at month-end            $1,750