The major portion of a person's work year is spent earning money to pay taxes, Expense Category Federal Taxes = 79 days you have to work, State and Local Taxes = 41 days you have to work, Housing = 62 days you have to work, Health Care = 52 days you have to work, Food = 30 days you have to work, Transportation = 30 days you have to work, Recreation* = 22 days you have to work, Clothing = 13 days you have to work, Savings* = 7 days you have to work, Miscellaneous* = 29 days you have to work, and the Total time = 365 days. The items with the( * ) are the disposable income,
If you start work on January 1, 2007, and must work steady 8-hour days (no weekends off) until you have worked enough days to pay all of your taxes, on what calendar date would you have finished paying all of the taxes and started working for yourself? March 15, 2008
How much of your work year earns you your housing and food money? 4%
What percent of your year is spent earning money that would be considered "disposable" income? 5%
If you earned $52,000 per year, approximately how much disposable income would you have? 10,400
If you start work on January 1, 2007, and must work steady 8-hour days (no weekends off) until you have worked enough days to pay all of your taxes, on what calendar date would you have finished paying all of the taxes and started working for yourself? March 15, 2008
How much of your work year earns you your housing and food money? 4%
What percent of your year is spent earning money that would be considered "disposable" income? 5%
If you earned $52,000 per year, approximately how much disposable income would you have? 10,400