Gross Monthly Income ($72,000 yearly income 12) $6,000 Federal Income Tax (22% based on yearly income) $1,276 State Income Tax (6% in Georgia) $348 FICA (Medicare) (1.45%) $84 Social Security (6.2% in Georgia) $360 Insurance (Health, Dental, Vision, etc.) $200 Net Monthly $3,732 Income Part III: Plan for Future Spending (Long Term Saving) Future spending is for purchases you will make sometime in the future, typically a year or more later. The costs tend to be higher than regular spending and thus require saving for it. This is often referred to as long term saving. Examples of this can include investing, saving for a car or home purchase or even a new cell phone. A. Identify a long term goal you wish to save towards (try to be specific): In a year I want to save for Prius B. How long do you plan to save for? 1 C. How much do you need to save each year to reach your goal? D. How much do you need to save each month to reach your goal? Put at least $250 of my paycheck in a savings account year

Gross Monthly Income ($72,000 yearly income 12) $6,000 Federal Income Tax (22% based on yearly income) $1,276 State Income Tax (6% in Georgia) $348 FICA (Medicare) (1.45%) $84 Social Security (6.2% in Georgia) $360 Insurance (Health, Dental, Vision, etc.) $200 Net Monthly $3,732 Income Part III: Plan for Future Spending (Long Term Saving) Future spending is for purchases you will make sometime in the future, typically a year or more later. The costs tend to be higher than regular spending and thus require saving for it. This is often referred to as long term saving. Examples of this can include investing, saving for a car or home purchase or even a new cell phone. A. Identify a long term goal you wish to save towards (try to be specific): In a year I want to save for Prius B. How long do you plan to save for? 1 C. How much do you need to save each year to reach your goal? D. How much do you need to save each month to reach your goal? Put at least $250 of my paycheck in a savings account year

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 4.9C

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