Different types of taxes
Federal: Taxes that go to the US government as a whole. It could be used anywhere in the country.
State: Taxes that go to the state you reside in. Used in that state only.
Medicare: Taxes that pay for medical care. Least expensive.
Social Security: If you are under 65 you pay. It goes towards people over 65 to take care of them.
State: Taxes that go to the state you reside in. Used in that state only.
Medicare: Taxes that pay for medical care. Least expensive.
Social Security: If you are under 65 you pay. It goes towards people over 65 to take care of them.
Where does the income tax dollars go to?
Income taxes can go wherever the government chooses. Or whatever issue is most important. Last year it was mainly spent on social security, healthcare and defense spending. So those tax dollars can be used for whatever uncle Sam wants it to be used for.
Job Calculations
These are my calculations for how much money I would take home if I was a Professor!
UPDATE!!! I forgot to add Social security and Medical taxes so the total amount I pay a year in taxes is $30,178.5 a year so a total of $55,983.03 a year. That's a total of $4,844.9 a month (after taxes
Task 3
Living arrangements: Il Palazzo Apartments
Rent: $1400
Utilities covered: Gas
Deposit: $500
Location: Little Italy
Average utility bills:
Electric: $85 a month
Water: $50 a month
Internet:
Cox Preferred Internet: $30 for 6 months and $53 dollars after
Phone:
AT&T Nation 450 Roll Over: $40
Transportation: Bus Pass: $72 a month
Food: $300 a month
Taxes:
Federal: $1,465.47 a month
State: $316.84 a month
Social Security: $448.76 a month
Medical: $104.11 a month
Total: $2335.18 a month
After adding up additional expenses and subtracting it from my monthly salary after taxes ($4,844.9) I save a total of $2,664.9 dollars a month!
Rent: $1400
Utilities covered: Gas
Deposit: $500
Location: Little Italy
Average utility bills:
Electric: $85 a month
Water: $50 a month
Internet:
Cox Preferred Internet: $30 for 6 months and $53 dollars after
Phone:
AT&T Nation 450 Roll Over: $40
Transportation: Bus Pass: $72 a month
Food: $300 a month
Taxes:
Federal: $1,465.47 a month
State: $316.84 a month
Social Security: $448.76 a month
Medical: $104.11 a month
Total: $2335.18 a month
After adding up additional expenses and subtracting it from my monthly salary after taxes ($4,844.9) I save a total of $2,664.9 dollars a month!
Here's a table that has all my calculations... It's a little mixed up but you get the picture
Debt Elimination warm-up
Credit score
How is credit score determined? Your credit score is a three digit number that predicts whether or not you will pay back you loans, and on time. Scoring formulas are not easy to find out but the scale usually ranges from 300 to 850. Currently, people with scores 720 and up qualify for the lenders best loans and rates. Your score changes every time you make or fail to make a payment. So if you want good deal you need to pay on time.
Source: http://abcnews.go.com/Business/Economy/story?id=7079660&page=1
Source: http://abcnews.go.com/Business/Economy/story?id=7079660&page=1
Here's the credit score calculation: (Sorry Fran I couldn't get the Xcell to work)
calculating20your20credit20score_sheet1.pdf | |
File Size: | 42 kb |
File Type: |
Educational Tuition
UC Berkeley: $51,336 for 4 years
University of North Carolina: $113,784 (For my PhD)
Here's how long it would take to pay off the student loans
University of North Carolina: $113,784 (For my PhD)
Here's how long it would take to pay off the student loans
How to calculate interest on credit cards from eHow.com
- Your credit card statement runs in monthly cycles, although those cycles may not correspond with the beginning and ending dates of calendar months. Calculations of interest may be made using the balance at the end of your previous billing cycle, excluding all activity (such as payments, purchases and fees) during the current billing cycle.
- This method of interest calculation uses your most current ending balance at the end of your current billing cycle. All transactions, including payments, purchases and other adjustments, are included in this calculation as long as they took place during the current billing cycle.
- If you have a credit card that uses this calculation, it is the kindest math on your wallet as far as interest calculations go. Adjusted balance computation uses your previous billing cycle's balance plus whatever payments or other credits were made during the current billing cycle. It excludes purchases made during the current billing cycle. This results in a periodic interest rate that is lower than other methods of calculation.
- Average daily balance calculations may be figured with or without inclusion of purchases made during the current billing cycle; your credit card terms and conditions will spell out which method is used. Via this method, your periodic interest rate is figured by adding up the number of days in the billing cycle and dividing your balance by those days to find the average.
- With the signing of the Credit Card Accountability, Responsibility and Disclosure Act (CARD) of 2009, two-cycle average daily balances are a thing of the past as of Feb. 22, 2010. Prior to CARD, however, two-cycle average daily balance calculations worked similarly to average daily balance calculations--except they took into account the current and previous billing cycles. So if you had a month where you bought all-new appliances for your kitchen and carried that balance, you got dinged for that huge and unusual amount twice. If you have a card that had this type of calculation, compare your statements prior to Feb. 22, 2010 and now to see how much difference this type of calculation made.
- Credit cards may offer grace periods wherein you pay the most favorable interest calculation of all--none--as long as you pay your entire balance in full by the due date. Due to CARD, however, this once fairly common occurrence may be less common. Read and take time to understand your credit card terms and agreements in full so that you are intimately aware of all the details of your interest calculations.
- Your credit card statement runs in monthly cycles, although those cycles may not correspond with the beginning and ending dates of calendar months. Calculations of interest may be made using the balance at the end of your previous billing cycle, excluding all activity (such as payments, purchases and fees) during the current billing cycle.