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

To calculate how much money is left at the end of the month, subtract the total expenses from the total income.

Step-by-step explanation:

To calculate how much money is left at the end of the month, we need to subtract the total expenses from the total income. Let's calculate it step by step:

Total income: $75,000 per year = $6,250 per month (divided by 12)

Total expenses: Car note ($350) + Gas ($50) + Mortgage ($850) + Health insurance ($400) + Food ($300) + Student loan ($300) + Credit card statement ($1,100) = $3,350 per month

Subtracting the total expenses from the total income: $6,250 - $3,350 = $2,900

Therefore, you would have approximately $2,900 left at the end of the month.

Answer 2

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

Step-by-step 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