In May, Jonathon earns 5957. Elise, his wife, earns 4875. Withholding taxes are
ID: 2618050 • Letter: I
Question
In May, Jonathon earns 5957. Elise, his wife, earns 4875.
Withholding taxes are 20% of their income, and they contribute 12% of their gross income to their church and charities. They budget $150 per month for health insurance and $50 per month for car insurance. Jonathon and Elise also expect the following monthly expenses: rent $550, utilities $105, gasoline $75, repairs $600 (per year), food $150, clothing $75, and entertainment $150. They plan to save 269 in May.
How much surplus will they have in their budget in May?
Express your answer without a dollar sign and in the following format: nnnn.nn
Explanation / Answer
A)Earnings
Jonathon--------5957.00
Elise--------------4875.00
B)Total Earnings 10,832.00
Expenses
Withholding taxes ------- 2,166.40
Church & Charities -------- 1,299.84
Health Insurance ---------- 150.00
Car Insurance ---------- 50.00
Rent ------------ 550.00
Utilities ----------- 105.00
Gasoline ---------- 75.00
Repairs (600/12) --------- 50.00
Food ---------- 150.00
Clothing ---------- 75.00
Entertainment --------- 150.00
Planned Savings ----------- 269.00
C) Total Expenses including
Planned Savings --------- 5090.24
D) Surplus ( B-C) ----5741.76
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