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16 February, 12:17

Congratulations! You just finished up your MHA. You are now making the big bucks! You are pulling down $75,000 a year. Your estimated payroll taxes are 20%. You also have a small healthcare consultancy and you make $100 a month for your wonderful advice. You have a lot of expenses: You bought a new car - the car note is $350 a month. Gas for your car is $50 a month You have a mortgage of $850. Health insurance is $400 You love to eat out and you spent $300 a month in food. You have a student loan payment of $300 You have a credit card monthly statement of $1,100 How much do you have left at the end of this month?

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  1. 16 February, 12:49
    0
    Balance available on hand at month-end is $1,750

    Explanation:

    Monthly gross salary = $6,250 ($75,000 / 12 month)

    Less: Payroll Taxes $1,250 ($6,250 * 20%)

    Net Monthly salary $5,000

    Add: Monthly Consultancy Income $100

    Monthly income available on hand $5,150 $5,150

    Less: Monthly Car note $350

    Monthly Car gas $50

    Monthly mortgage $850

    Monthly Health insurance $400

    Monthly food spending $300

    Monthly student loan payment $300

    Monthly credit card payable $1,100

    Total deductions $3,350 $3,350

    Balance available on hand at month-end $1,750
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