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

Question

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 can follow these steps:

Step 1: Calculate Monthly Gross Income

Hourly Wage: $10
Hours Worked per Day: 8
Days Worked per Week: 5
Weeks in a Month (approx): 4.33

Calculate Weekly Income: \[ \text{Weekly Income} = \text{Hourly Wage} \times \text{Hours Worked per Day} \times \text{Days Worked per Week} \] \[ \text{Weekly Income} = 10 \times 8 \times 5 = 400 \text{ dollars} \]

Calculate Monthly Gross Income: \[ \text{Monthly Gross Income} = \text{Weekly Income} \times 4.33 \] \[ \text{Monthly Gross Income} = 400 \times 4.33 \approx 1732 \text{ dollars} \]

Step 2: Calculate Monthly Expenses

Phone Bill: $75
Food/Snacks: $300
Transportation/Entertainment: $225
Clothes Bill: $200

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

Step 3: Calculate Monthly Net Income

Net Income is calculated as Gross Income minus Expenses: \[ \text{Net Income} = \text{Monthly Gross Income} - \text{Total Monthly Expenses} \] \[ \text{Net Income} = 1732 - 800 = 932 \text{ dollars} \]

Summary of Financial Projection

1. Monthly Gross Income: $1732
2. Monthly Total Expenses: $800
3. Monthly Net Income: $932

Conclusion

Based on your projected finances for one month, you can expect to earn a gross income of approximately $1732, with total monthly expenses of $800, resulting in a net income of about $932.