Kathy Bourne is an advertising specialist for Success Advertising, Inc. Her annu

Question

Kathy Bourne is an advertising specialist for Success Advertising, Inc. Her annual salary is $42,000, of which 20% is withheld for federal income taxes, 7% for state income taxes, 7.65% for FICA taxes, and 5% for a tax-sheltered annuity. She estimates that her monthly expenses are approximately as follows: Prepare Kathy's monthly budget, assuming that the car payments will continue for about three years. Assume that Kathy would like to accumulate savings of $12,000 in order to take an extended leave from her job to travel and take advertising courses. How long will it take her to save the needed amount? (Ignore interest earnings, and assume that she has no savings at the present time.)

Explanation / Answer

1.67000 2.4.1 years

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