MATH201 - Portfolio Project PART1

1 Portfolio Project MATH201 College Mathematics: Quantitative Reasoning

2 Introduction I. Completing this Portfolio Project, I will gain the skills needed to create a practical budget by analyzing quantitative information gathered from my income and expenses. Using the collected data, I will use proportional reasoning to draw conclusions and make decisions to create a rational budget that will help me invest in my future. I will meet the following course outcome: Draw conclusions and make decisions through the application and analysis of quantitative information using proportional reasoning. Part 1 - Budget Basics Budget Basics a) Monthly Net Pay I. My median annual income as a Paralegal who is employed in the state of Texas is $55,593 annually. My Gross monthly pay is $4,632.75. My monthly net pay is $3,936.00.

3 Table 1: Income Profession: Paralegal Annual Salary: $ 55,593 Gross Monthly Pay ( rounded to the cent ): Annual salary divided by 12 Show your work! $ 4, 632.75 $55,593 / 12 = 4,632.75 Monthly Net (take-home) Pay ( rounded to the cent ): Gross monthly pay minus 20% for income taxes, FICA taxes, and health insurance deductions Show your work! $3,706.20 $4,632.75 – 20 % = 3,706.20 b) Monthly Expenses

4 Table 2: Monthly Expenses Budgeted Category Category Details Total Budgeted Amount Percent of Total Take Home Pay (Rounded to Nearest Whole Percent) – Show work Housing (Need) Rent or mortgage payment = property taxes = repairs = etc. $ 937.20 25% _% Work: Food (Need) Groceries = going out to eat = small snacks (lattes, vending machine, etc.) = Formula for Child(ren) = $ 374.88 10__% Work: Insurance (Need) Life = Medical = Doctor Visits for Child(ren) = Home = Auto = $ 374.88 __10% Work: Transportati on (Need) Car payment = Fuel = Parking = Oil change = Bus Fares = $374.88 _10_% Work: Utilities (Need) Water = Electricity = Internet = Gas = Phone = $187.88 5% Work: Personal care (Want) Haircuts = Clothing = Make-up = Nails = Diapers / Clothing for Child(ren) = $374.88 10__% Work: Entertainme nt (Want) Anything fun (leisure activities) = Netflix = Hulu = HBO Max = Disney Plus = Gym Membership = Subscription Boxes = Vacation = Birthday/Holiday gifts = $374.88 10_% Work: Miscellaneo us (Want) Donations = Day Care / School Expenses = Pet Expenses = Credit Card Payment = Student Loan Payment = $187.88 5__% Work: Savings (Savings) Retirement / Savings = Emergency Fund (leftover income) = $562.32 15__% Work: TOTAL $3749.68 _100_% c) Create a Monthly Expenses Pie Chart