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 Game of Life? Well, our project will be very similar to that. Before, we get started, there are some rules you need to know: You will not be able to receive any financial assistance from your parents You will be 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 be turned into me and other pieces will be uploaded to your Economics Portfolio. TBA I will be checking your progress periodically and points will be awarded to the students who have kept up with their assignments. Now, lets get down to real life. You have just graduated from college with a Bachelors Degree and, you have found a job!

Career and location: _______RN Chicago____________________ Annual Salary:_________70,120____________________________

To figure out your actual take home pay: 1. Subtract the % of federal taxes that you will be paying (consult the chart below) 52,590

What is left over?___________________________________

2. Look at http://taxfoundation.org/article_ns/state-individual-income-tax-rates-2000-2013 to find out the state tax that you will be paying and subtract that from the amount you wrote on the line above. What is left over?_________49,960 __________________

3. Now, subtract 10% from the figure in #2. This is to account for other deductions such as Medicare, Social Security, healthcare and retirement. This is your TAKE HOME PAY:_________44,964.45______________________ 3. In reality, you get paid every 2 weeks. So, divide your take home pay by 26 this is your biweekly pay the amount of your paycheck._____1729.40_________________ Monthly pay: 3458.80 Housing: 864.70