Economics Please Help 100 Points + Brainlest Step One: Choose a profession you are interested in (median salary for listed career has been provided).

Teacher- $44, 679
Physical Therapist- $66, 560
Police Officer- $48,336
Registered Nurse- $53, 988
Mechanical Engineer- $66,995
Certified Nurse Assistant- $25, 792
Office Manager- $42,002
Social Worker- $41,662
Administrative Assistant- $36, 454
Firemen- $43, 915
Lawyer- $77,251
Mechanic- $39, 208
Doctor (general practice) - $144, 015
Waiter- $19, 665
Other: If you choose another career, research what the median salary would be for this profession in our area of Georgia (or where you plan to live as an adult).

Step Two: Take out the taxes (based on an estimation) Only use the one based on your median salary!!

For professions that range between $0 and $50,000 follow these steps for taxes.
If your salary is less than $50,000…multiply your salary x .15 = .
Subtract that number from your salary = .
Divide that number by 52 weeks = your take home pay per week

For professions that range between $50,001 and $100,000 follow these steps for taxes.

If your salary is more than 50,000 but less than 100,000…multiply your salary x .25 = .
Subtract that number from your salary = .
Divide that number by 52 weeks = your take home pay per week

For professions that range between $100,001 and higher follow these steps for taxes.
If your salary is more than 100,000…multiply your salary x .35 = .
Subtract that number from your salary = .
Divide that number by 52 weeks = your take home pay per week.

What type of tax system is this?

Step Three: Expenses (national average have been used for one person rounded to the nearest dollar)
* Remember, you may not be able to have everything listed below. You might have to pick and choose what you can afford based on your salary.

Multiply your weekly income by 4:
Rent: $903
Cell phone bill: $71
Mortgage (includes homeowners’ insurance): $1029
Disability insurance: $50
Car Payment: $554 for new and $391 for used
Cable/Internet bill: $150
Groceries: $345
Water bill: $72
Electricity bill: $112
Car Insurance bill: $129
Health insurance: $403
Retirement Fund: $100
Savings Account: $100
Gas for car: $368
Pets: $75
College loans for you and your spouse: $393

Also, remember that you can’t have a professional career without a college degree(s), hence college loan debt!!! If your job does not require college, you may cross this debt off your bill list.

**Assuming your husband/wife doesn’t work how much do you have left over? $ for the month

Step Four: Life Happens
Your daughter gets sick and has to be in the hospital. You have to pay $2000 out of pocket before the health insurance company starts to pay the bill. What is this an example of?
Did you have enough left over from your pay check to cover that expense?
The following month, your wife gets into a car accident. She is out of work, but luckily you have been paying for which helps pay the bills.
The month after, your son gets into a minor car accident. You must pay $500 out of pocket before your company pays for the rest of the damages.
Your insurance goes up to $250 per month from $100. Do you have enough left over from your paycheck to cover that expense?
The government passes a new tax law that increases the tax percentage to 20% (.2) for less than $50,000, 30% (.3) for 50-99,999, and 40% (.4) for anyone making over $100,000. How much less will you be bringing home after taxes?
You get laid off from your job and find a job that only pays $25,000 a year. Your spouse finds a job that only makes $25,000 a year. You make $50,000 total but now you have to pay for daycare which is $300 a month. How much money do you have left over after you include all your other expenses?
Do you have enough money, or do you have to cut back on your expenses?
You want to go on vacation, and you charge $6,000 for a vacation to Disney. If the interest rate is 25%, how much will you have to pay IF you were able to pay it off all at once? 6,000 x .25 = + 6,000 =
You have a third child, and now your grocery bill goes up another $100. How much do you have left over?