Answer:
Surplus/Deficit
2016 27920
January 4980.20
February 2265.55
March 2090.55
April 2005.55
May 2473.89
June-9061.11
Explanation:
Annual Budget
Scott and Mary Cash-Flow Statement
2017
2016 Jan. Feb. Mar. Apr. May June
Income
Deon'
Scott s salary 59,000 5162.5 5162.5 5162.5 5162.5 5162.5 5162.5
(59000/12*1.05)
Marys salary 53,1004557.75 4557.75 4557.75 4557.75 4557.75 4557.75
(53100/12*1.03)
Scott bonus 2016 5000 Jan 5900
Interest & Dividends 150 12.5 12.5 12.5 12.5 12.5 12.5
(150/12)
1.
Total Income 117250 15632.75 9732.75 9732.75 9732.75 9732.75 9732.75
Expenditures
Fixed expenses
Mortgage 14976 1248 1248 1248 1248 1248 1248
(14976/12)
Sott's Federal Income Tax 12800 2212.5 1032.5 1032.5 1032.5 1032.5 1032.5 [(salary+Bonus)*20%]
Scott's State Income Tax 3840 663.75 309.75 309.75 309.75 309.75 309.75 [(salary+Bonus)*6%]
Scott's Social Security Taxes4896 846.28 394.93 394.93 394.93 394.93 394.93
[(salary+Bonus)*7.65%]
Mary's Federal Income Tax 10620 911.55 911.55 911.55 911.55 911.55 911.55 (Salary*20%)
Mary's State Income Tax 3186 273.47 273.47 273.47 273.47 273.47 273.47 (Salary 6%)
Mary's Social Security Taxes 4062 348.67 348.67 348.67 348.67 348.67 348.67 (Salary*7.65%)
Property Taxes
2016 4100 June 4100
Property Insurance
2016 1200 June 1200
Medical Insurance 2400 240 240 240 300 240 300
Automobile Insurance and Registration
2016 700 May 175 June 175 (700/4)
Savings for auto purchase June500 500 500 500 500 500
2.
Total Fixed expenses 62780 7244.21 5258.86 5433.86 5318.86 5258.86 10793.86
Variable expenses
Food 1620 135 135 135 135 135 135 (1620/12)
Entertainment 3000 250 250 250 250 250 250 (3000/12)
Dining out 4700 391.67 391.67 391.67 391.67 391.67 391.67 (4700/12)
Electric 350 29.17 29.17 29.17 29.17 29.17 29.17
(350/12)
Water and sewer 2016 800 Jan 200.00 April 200.00 (800/4)
Heat 1250 208.33 208.33 208.33 208.33 - - (1250/6)
Cable TV 3000 250.00 250.00 250.00 250.00 250.00 250.00 (3000/12)
Telephone 600 50.00 50.00 50.00 50.00 50.00 50.00
(600/12)
Cell phone 900 75.00 75.00 75.00 75.00 75.00 75.00
(900/12)
Gifts 2016 2000 Jan 1000.00 (2000/2)
Personal care 600 50.00 50.00 50.00 50.00 50.00 50.00 (600/12)
Medical expenses 3700 308.33 308.33 308.33 308.33 308.33 308.33 (3700/12)
Vehicle gas and maintenance 2530 210.83 210.83 210.83 210.83 210.83 210.83 (2530/12)
Charitable contributions 1500 250 250 250 250 250 250
(3000/12)
Vacation June 6000
3.
Total Variable expenses 26550 3408.333 2208.33 2208.33 2408.33 2000 8000
4.Total expenses
(Addition of solution 2+ solution 3)
89330 10652.55 7467.2 7642.2 7727.2 7258.86 18793.86
5.SURPLUS/(DEFICIT)
(Solution1 Total Income-Solution 4 Total Expenses)
27920 4980.20 2265.55 2090.55 2005.55 2473.89 -9061.11
