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.