INCOME OF BROWNS FAMILY

INCOME OF BROWNS FAMILY
Family member Salary Overtime Bonus Total Earning
Mr Brown 34403.2 8270 2000 44673.2
Salary Hourly Work income Commision of Sales Total Earning
Mrs Browns earning 26000 3900 2500 32400
Joe- Teenaged Son Part time income
6760 6760
Other Income
Interest Income ( Mrs Brown) 390 ( Assuming the money is put into account this year)
Total Family Annual Income 84223.2
Tax of Mr Brown 11168.3 ( Tax on Mr Brown Salary calculated)
Tax of Mrs Brown 8100
Total Disposal Income for family 53904.9 Total disposable income
EXPENSES OF BROWNS FAMILY
Fixed Expenses Column1 Weekly Monthly($) Annually($)
Mortgage payment 992 11904
Maintenance for Home 200 2400
Medical Insurance 150 1800
Co-payment of health check ups 35 280 (Assuming half yearly visit by 4 family members)
Mr Browns prescription co-payment 15 180
Sandy’s pocket money 10 520
Total 17084
36820.9
Variable
Groceries + Meals 150 600 7800
Entertainment 200 2400
Family Trip 400
Credit Card 75 900 ( assuming minimum amount paid of 75$, this is variable expense)
Bills + fines 100 1200
Clothings 1000
Service ( cleaning, repairs) 200
Transportation 60 3120
Total 17020
Total Expense ( Fixed+Variable) 34104
Savings for Retirement (5%) 4950.225
Net Income (after fixed expense, variable expense and savings for retirement) 14850.68
Credit Card It will take 110 months to pay off the card dues, by paying 75$ a month. The calculator used is here http://www.bankrate.com/calculators/credit-cards/credit-card-payoff-calculator.aspx
If we have to pay off the credit card due in 5 years, we must pay $111.22 per month. The calculator is http://www.bankrate.com/free-content/credit-cards/calculators/free-credit-card-payoff-calculator/
Column1 Column2 Column3 Column4
Joe’s Budget
Income 6760
Expenditure Monthly Quarterly
Education 10 20
Tuition 100 1200
Entertainment 100 1200
Clothing 250
Transportation 150 1800
Others 200
Total 4670
Savings 2090