184k views
4 votes
Help me please with kim!

Help me please with kim!-example-1
Help me please with kim!-example-1
Help me please with kim!-example-2
Help me please with kim!-example-3
Help me please with kim!-example-4

1 Answer

3 votes

Answer: Kim - Resp after 24 months = $4,416.00

Kim - Technology Fund after 24 months = $1,120.06

Kim's Technology Fund has enough money to buy a laptop.

Kim's Savings (Resp) will last less than 6 months

Step-by-step explanation for Kim:

January - June 2019

$14.50 + 30($0.25) = $22.00/hr

$22/hr x 15 hr x 4 wks x 6 months = $7920 Gross Income

  • Resp (15%): $7920(0.15) = $1188
  • CPP(5%): $7920(0.05) = $396
  • EI(2%): $7920(0.02) = $158.40

Taxable Income is $7920 - $1188 = $6732 (Annual Income $13,464)

  • Income Tax (0% for 0-9,000 Annual): $4500(0) = $0
  • Income Tax (8% for 9-25,000 Annual): ($6732-$4500)(0.08) = $178.56

→ $7,920 -($1188 + $396 + $158.40 + $0 + $158.40) = $5,999.04 Net Income

Tech Fund (5%): $5999.04(0.05) = $299.95

Food Expense (30%): $5999.04(0.3) = $1,799.71

Clothing Expense (30%): $5999.04(0.3) = $1,799.71

Entertainment Expense (25%): $5999.04(0.25) = $1,499.76

Miscellaneous Expense (10%): $5999.04(0.1) = $599.90

Other Expenses: $5,699.08

July - December 2019 (excluding August)

$22/hr x 20 hr x 4 wks x 5 months + $200 = $6800 Gross Income

  • Resp (15%): $6800(0.15) = $1020
  • CPP(5%): $6800(0.05) = $340
  • EI(2%): $6800(0.02) = $136

Taxable Income is $6800 - $1020 = $5780 (Annual Income $12,512)

  • Income Tax (0% for 0-9,000 Annual): $4500(0) = $0
  • Income Tax (8% for 9-25,000 Annual): ($5780-$4500)(0.08) = $102.40

→ $6,800 - ($1020 + $340 + $136 + $0 + $102.40) = $5,201.60 Net Income

Tech Fund (5%): $5201.60(0.05) = $260.08

Food Expense (30%): $5201.60(0.3) = $1,560.48

Clothing Expense (30%): $5201.60(0.3) = $1,560.48

Entertainment Expense (25%): $5201.60(0.25) = $1,300.40

Miscellaneous Expense (10%): $5201.60(0.1) = $520.16

Other Expenses: $4,941.52

January - June 2020

same as January - June 2019

July - December 2020 (excluding August)

same as July - December 2019


\boxed{\begin{array}r\underline{KIM}&\underline{Jan-Jun'19}&\underline{Jul-Dec'19}&\underline{Jan-Jun'20}&\underline{Jul-Dec'20}&\underline{Totals\quad }\\Gross&\$7920.00&\$6800.00&\$7920.00&\$6800.00&\$29440.00\\Resp&\$1188.00&\$1020.00&\$1188.00&\$1020.00&\$4416.00\\Net&\$5999.04&\$5201.60&\$5999.04&\$5201.60&\$22401.28\\Other&\$5699.08&\$4941.52&\$5699.08&\$4941.52&\$21281.20\\Tech&\$299.95&\$260.08&\$299.95&\$260.08&\$1120.06\end{array}}

User RParvathi
by
9.1k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories