Accounting homework help
BUDGET PROJECT
DUE DATE:
TOTAL POINTS: 225 Points
You need to choose an occupation with a salary. Over the next week, you will develop a budget based on your income and expenditures for all money spent and saved in one month.
NO late projects accepted after Friday October 2- this will result in 0/225.
Grading Rubric:
Overall Budget 70 pts
Title Page 15 pts
Pay Check Calculator Result 15 pts
Housing Information 15 pts
Car Payment Calculation 25 pts
Grocery List 45 pts
Proof of Purchases 40 pts
TOTAL= 225 pts
Steps in the Budget Project
Your budget project will be submitted electronically in the form of a Google Doc on Schoology. You will create a Google Doc and title it with your last name- Budget Project (Ex: Smith-Budget Project). All of the sections below need to be included in the Google Doc. You will also use two templates, the Grocery List and the Budget Worksheet, and insert them into your Google Doc in the appropriate places listed below. These templates are available in Google Classroom. To show “proof of purchases” for items, you will screenshot the online ad and paste it in your Google Doc under the correct section.
TITLE PAGE
Your Name
Period
Date
Occupation
Salary
PAYCHECK/TAXES
You will be “paid” your salary the first of each month and must budget your annual salary to have income for the entire month. List your gross annual salary, monthly gross pay, and monthly net pay.
Go to www.paycheckcity.com and use the “Salary calculator.” Enter the following information:
State for Withholding= Alabama
Gross Pay= Salary given on occupation slip
Gross Pay Type= Annually
Pay frequency= Monthly
Federal filing status= Single
Once you get the Paycheck Calculator Results, screenshot this, and paste it in your Google Doc.
Monthly Net Pay will be the most important number for this project- this is what you will budget from for a month.
HOUSING
Find an apartment, using ApartmentFinder.com or Google. You must find an apartment in the Huntsville/ Madison area.
In this section be sure to list your apartment complex and include a link to the website with pricing information or a screenshot. Be sure to include all of the following information in your budget:
Living Expenses:
Roommate/No Roommate-
If living with a roommate, you must select a two bedroom apartment.
When calculating the budget for housing, you will split the rent and all utilities except for the cell phone bill.
Monthly Rent –You will find this from apartment website
Renters Insurance – $35 a month
Laundry
Wash clothes at a laundry mat ($1 wash/$1 to dry. Average of 10 loads per month- $20.00 total)
If apartment has a washer/dryer included then your laundry budget is $10 for detergent
Dry Cleaning – Check your occupation slip for amount.
Utilities –Check Apartment Guide to see if all or part of utilities are included in the rent or not. If utilities are not included, budget the following set prices:
Water – $50 (Huntsville Utilities)
Electricity – $90 (Huntsville Utilities)
Alagasco – $60 (Alagasco Gas Company)
Entertainment Utilities
Cell Phone – $100 (Verizon, AT&T, T-Mobile, Sprint, etc.)
Cable – $60 (Charter)- Optional
Fast Access DSL Internet Service – $50 – Optional
4. CAR
Find a Car- Choose a car you want on Cars.com. Include model/make and year, as well as a picture and price. Must be between 2011- 2019
Because you have just gotten a job, you have no money for a down payment. You must get a loan. The bank agrees to loan you the amount for the car, but you must pay them back with interest. For this project, the interest rate is 6%.
Use a payment calculator on Cars.com to calculate your monthly payment. List zero for the down payment as well as trade in value, 6% for interest rate and 5% for sales tax.
You will choose how long to pay back the loan based on your personal needs. (36months for 2011-2014, 60 months for 2015-2019 ).
Record the Estimated Payment: Include price per month for how many months (You may screenshot from website)
Gasoline – Use these set prices to calculate how much money you will spend on gas. You will fill up 3 times a month.
Car- $40.00 per fill up (times 3)
SUV/Truck- $55 per fill up (times 3)
Insurance – Use the table below to figure your insurance payment per month.
CAR MODEL MALES FEMALES
5. FOOD
Using the grocery list provided, you will need to buy at least 35 items per week. If there is something you would like to purchase that is not on the list, you may add it to the proper category. You may buy more than the suggested amounts in each category, but you must buy at least that number.
Go to the grocery store website of your choice and price the items you have decided to buy. Take a screenshot of the items that you selected.
Include list, picture, as well as the grocery name and location to your Google Doc.
Due to time constraints, you will multiply this weekly grocery bill by 4 to get your monthly grocery bill total.
6. ENTERTAINMENT
Eating Out – 5 times for the month. Make a list of 5 meals you would typically eat out in a month. You must include the restaurant, meal, and price. You can repeat restaurants if you eat there multiple times, but you must have 5 meals. You can get actual prices from menus or websites.
Sporting Event –1 sporting event for the month.
Cultural Event – 1 cultural event a month. (Examples: concert, band, plays, museums, art shows, etc.)
Extra Entertainment- At least one other fun activities that you may want to participate in with proof of price
*For these events, you do not have to actually attend or purchase the tickets, but you must show proof of cost through advertisements, ticket stubs, internet, etc.
7. CLOTHING
You must buy at least 2 clothing items this month.
Include proof of the price and where the item was purchased.
An ad out of a catalog, sale paper, or website with a picture and price will work as proof.
8. MISCELLANEOUS
Gifts – For the required gifts below, insert screenshots of items with prices from websites.
Haircut- Show proof of cost from internet ad or business card from salon or barber shop.
Health & Beauty – 2 additional items per month NOT on your grocery list
(Examples: massage, pedicure, hair products, cologne, make-up, curling iron, razor, etc.)
Show proof of purchase with item, price, and place purchased. No minimum price.
Gym- Check and see if your apartment has a gym or weight room you can use free. If not, choose a gym that best fits you with a price you like. Include proof of purchase through internet ad or flyer.
SAVINGS AND SPENDABLE INCOME
You must save 10% of your monthly net income. This goes under your monthly expenses on your budget worksheet.
You may save more if you would like. Include any extra savings in the Spendable Income section on your budget.
Other items that can be included in Spendable Income: Charitable donations, tithing to church, spending cash, etc.
DEBT
School Loans or Fees- This is included on your occupation slip. You will enter this amount on your Budget Worksheet under “Loans”. If your occupation did not have an amount on it, you are exempt from this cost.
Accountant $41,250 $150 a month for College Loan/Private Univ.
Health Insurance: $150 monthly premium;
Dry Cleaning: $50 per month
Marketing Consultant $38,295 $100 a month for College Loan/State Univ.
Health Insurance: $150 monthly premium;
Dry Cleaning: $50 per month
Broadcast Journalist $33,475 $100 a month for College Loan/State Univ.
Health Insurance: $175 monthly premium;
Dry Cleaning: $30 per month
Probation Officer $38,580 $150 College Loan/State Univ.
Health Insurance: $125 monthly premium;
Dry Cleaning: $30 per month
Teacher $38,850 $100 a month for College Loan/State Univ.
Health Insurance: $114 monthly premium;
Dry Cleaning: $30 per month
Physical Therapist $41,175 $200 a month for College Loan/State Univ.
Health Insurance: $150 monthly premium;
Dry Cleaning: $20 per month
FBI Agent $40,275 $100 a month for College Loan/State Univ.
Health Insurance: $100 monthly premium;
Dry Cleaning: $50 per month
Flight Attendant $29,375 Health Insurance: $100 monthly premium;
Dry Cleaning: $30 per month
Electrical Engineer $42,275 $350 a month for College Loan/Private Univ.
Health Insurance: $150 monthly premium;
Dry Cleaning: $30 per month
Social Worker $33,375 $100 a month for College Loan/State Univ.
Health Insurance: $75 monthly premium;
Dry Cleaning: $30 per month
Architect $41,195 $200 a month for College Loan/State Univ.
Health Insurance: $50 monthly premium;
Dry Cleaning: $40 per month
Registered Nurse $40,750 $250 a month for College Loan/Private Univ.
Health Insurance: $100 monthly premium;
Dry Cleaning: $20 per month
Psychologist $40,350 $150 a month for College Loan/State Univ.
Health Insurance: $75 monthly premium;
Dry Cleaning: $40 per month
Postal Worker $39,095 Health Insurance: $55 monthly premium;
Dry Cleaning: $20 per month
Firefighter $38,275 $50 a month for Fire Training Program
Health Insurance: $125 monthly premium;
Dry Cleaning: $20 per month
Electrician $34,750 $125 for equipment loan
Health Insurance: $100 monthly premium;
Dry Cleaning: $20 per month
Truck Driver $31,750 $50 a month to Trucking Institute
Health Insurance: $85 monthly premium;
Dry Cleaning: $20 per month
Secretary $29,995 Health Insurance: $110 monthly premium;
Dry Cleaning: $40 per month
Bank Teller $27,950 Health Insurance: $65 monthly premium;
Dry Cleaning: $40 per month
Newspaper Reporter $31,675 $100 a month for College Loan/State Univ.
Health Insurance: $85 monthly premium;
Dry Cleaning: $20 per month
Lawyer $42,450 $350 a month for Law School Loan
Health Insurance: $150 monthly premium;
Dry Cleaning: $50 per month
Mechanic $32,585 $35 a month for technical school loan
Health Insurance: $120 monthly premium;
Dry Cleaning: $20 per month
Used Car Sales Worker $29,899 Health Insurance: $145 monthly premium;
Dry Cleaning: $40 per month
Personal Trainer $33,670 $30 per month Community College Loan
Health Insurance $195 monthly premium
Dry Cleaning: $20 per month
Insurance Claims Adjuster $40,450 $80 a month State University loan
Health Insurance: $100 monthly premium;
Dry Cleaning: $50 per month
Garbage Truck Driver $28,975 Health Insurance: $120 monthly premium;
Dry Cleaning: $20 per month
Photographer $35,355 Health Insurance: $185 monthly premium;
Dry Cleaning: $30 per month
Retail Sales $28,480 Health Insurance: $120 monthly premium
Dry Cleaning: $20
Dental Hygienist $39,895 $75 Hygienist School Loan
Health Insurance: $175 per month
Dry Cleaning: $20 per month
Dental Assistant $29,599 $50 School Loan
Health Insurance: $175 per month
Dry Cleaning: $20 per month
Utility Meter Reader $29,299 Health Insurance: $120 per month
Dry Cleaning: $20 per month
Welder $29,999 $60 Welding School Loan
Health Insurance: $150 per month
Dry Cleaning: $20 per month
Private Detective $39,899 $100 a month State University Loan
Health Insurance: $50 per month
Dry Cleaning: $50 per month
BUDGET PROJECT CHECKLIST
DUE DATE: Friday, October 2, 2020
TOTAL POINTS: 225 Points
Grading Rubric:
Overall Budget 70 pts
Title Page 15 pts
Pay Check Calculator Result 15 pts
Housing Information 15 pts
Car Payment Calculation 25 pts
Grocery List 45 pts
Proof of all Purchases 40 pts
TOTAL= 225 pts
TITLE PAGE
Name, Period, Date, Occupation, Salary
PAYCHECK/TAXES
Show the screenshot from paycheckcity.com
HOUSING
Show proof of your housing. List all fees.
CAR
Show proof of your car. List all calculations for insurance and fees.
FOOD
Priced Grocery list, Name/Location of Grocery and Picture proof
ENTERTAINMENT
Show proof of prices for eating out, sporting event, cultural event, and extra event
CLOTHING
Show proof of purchase for two clothing items including price and where it was purchased
MISCELLANEOUS
Show proof of purchase for gifts, haircut, health/beauty (2 items), and gym
SAVINGS AND SPENDABLE INCOME
5% of your monthly net income goes here. Tithe, donations, or any other spending is listed here as well.
DEBT
School Loans or Fees- If applicable, record amount listed on occupation slip.
BUDGET WORKSHEET
Completed balanced budget list
Budget Project Grocery List
You must price at least 35 food items in each of the categories below. You can always get more in each category, but you must get at least the minimum amount required.
BUDGET WORKSHEET
NAME:_______________________________ PERIOD:_______
Monthly Net Income ____________
Expenses
Rent ____________
Renter’s Insurance ____________
Laundry ____________
Dry Cleaning ____________
Water ____________
Electricity ____________
Alagasco ____________
Cell Phone ____________
Cable/Internet (Optional) ____________
Car Payment ____________
Gasoline ____________
Car Insurance ____________
Groceries ____________
Eating Out ____________
Sporting Event ____________
Cultural Event ____________
Extra Entertainment ____________
Clothing ____________
Gifts ____________
Haircut ____________
Health & Beauty ____________
Gym ____________
Savings (10%) ____________
Loans/Fees ____________
Total Expenses ____________
Monthly Net Income ____________
Less Total Expenses ____________
= Spendable Income ____________
Spendable Income Plan: Show how you will spend or save your spendable income.
1.____________________ _____________
2. ____________________ _____________
3. ____________________ _____________
4. ____________________ _____________
Balance _____-0-____
FINAL GRADE: /225
15/15 Title Page
15/15 Pay Check
10/10 Calculation
5/5 Picture
15/15 Apartment
10/10 Calculation
5/5 Picture
25/25 Car
15/15 Calculation
10/10 Pictures
45/45 Food
15/15 Picture
20/20 Grocery List
10/10 Calculation
40/40 Proof of Purchases
10/10 Events
10/10 Clothing
20/20 Gifts/Health
70/70 Overall Budget
50/50 Budget Sheet
20/20 Savings
Late –