Question

1. Each of you will assume that your employment is attending school at Southeast Middle for a standard week (5 days) earning 10 dollars an
hour as a pay rate. You work eight hours per day (6:45am - 2:45pm).

2. As a student you still live at home. However, you have responsibility for some of your 'extra' bills. Your phone bill is $75. Your food/snacks cost $300. Your transportation/entertainment is $225. Your clothes bill is $200.

You will project your finances for one month’s worth of income in terms of gross income (total) and net income (income with deductions).

Answer 1

To project your finances for one month’s worth of income and expenses based on the information provided, we’ll break it down step by step.

### Step 1: Calculate Gross Income

1. **Hourly Pay Rate:** $10/hour
2. **Hours Worked Per Day:** 8 hours
3. **Days Worked Per Week:** 5 days

**Weekly Earnings:**
\[
\text{Weekly Earnings} = \text{Hourly Pay} \times \text{Hours Per Day} \times \text{Days Per Week}
\]
\[
\text{Weekly Earnings} = 10 \times 8 \times 5 = 400 \,\text{dollars}
\]

**Monthly Earnings:** (Assuming 4 weeks in a month)
\[
\text{Monthly Earnings} = \text{Weekly Earnings} \times 4
\]
\[
\text{Monthly Earnings} = 400 \times 4 = 1600 \,\text{dollars}
\]

### Step 2: Calculate Monthly Expenses

1. **Phone Bill:** $75
2. **Food/Snacks:** $300
3. **Transportation/Entertainment:** $225
4. **Clothes:** $200

**Total Monthly Expenses:**
\[
\text{Total Expenses} = \text{Phone Bill} + \text{Food/Snacks} + \text{Transportation/Entertainment} + \text{Clothes}
\]
\[
\text{Total Expenses} = 75 + 300 + 225 + 200 = 800 \,\text{dollars}
\]

### Step 3: Calculate Net Income

**Net Income:**
\[
\text{Net Income} = \text{Monthly Earnings} - \text{Total Expenses}
\]
\[
\text{Net Income} = 1600 - 800 = 800 \,\text{dollars}
\]

### Summary

- **Gross Income (Total Monthly Earnings):** $1600
- **Net Income (Income After Deductions):** $800
- **Total Monthly Expenses:** $800

Your finances project that after covering your extra bills, you will have a net income of $800 left for savings or other expenses.