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## If My Life Started
Today
A Web Quest for 6th,
7 Designed by: Anthony Gillespey |
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## IntroductionHave you ever wondered what the future holds? The choices you make today are shaping your tomorrow's. You will be exploring your earning potential and creating a budget that might represent your real life. Are you on the right road to in your education to meet the goals you have for your future? ## TaskBased on your GPA (Grade Point Average) you will be given a yearly salary. Better grades equals better pay. Based on this yearly salary you will calculate your taxes, housing cost, automobile costs, and many other things that go along with living in the real world. So often we do not understand the struggles that our parent's have gone through to keep food on our tables. This web quest has been thoroughly research to reflect the cost of living in today's world. You will research and calculate budgets, learn the limitations of your income, and begin to appreciate the power of good budgeting. Many times you will need to manipulate your budget in order to afford the necessities and luxuries you would like to have. As you cut your budget to fit your salary, you will begin to experience the struggles of real life.
## ProcessAny time you start to create a budget you need to know what your expenses are each month. You will be given a copy of a budget worksheet to be used throughout the web quest. When you finish your entire worksheet you will make a final copy by typing it on the computer. Monthly Expenses Worksheeta) It pays to do well in school! Based on your GPA you will have a salary range per year. Use this chart to determine your potential yearly salary, based upon your GPA then record your data on 1a Potential Salary Based on Your GPAb) Determine the range of your Monthly Salary by dividing each number in box 1a by 12. You should have 2 numbers. These two numbers become the low and high end of your monthly salary.
Do this again using the high end of your yearly income. Use $27,999 instead of $22,000.
c.) Determine the range of your hourly wage by dividing the 2 numbers in box 1a by 52weeks and then 40 hours. These two numbers become the range for your hourly wage.
Do this again using the high end of your yearly income. Use $27,999 instead of $22,000. d) Now you will determine
what type of job you can do based on the amount you are capable of
making per year. Each year the United States Government surveys
millions of Americans and determine how much different
jobs pay per year, per month, or per hour. You will research and choose a
career based upon your yearly or hourly wage range. On this
web site there is a list of over 2000 jobs along with their Median wage.
Web site: http://www.bls.gov/ooh/ For each job on the web site their is a Tab called Earnings.
Here they list the
Web
site:
http://www.bls.gov/ooh/
Every American must pay taxes and
other expenses to help support the running of our government. Next
you will find how much money you must pay per month in taxes, social
security, and Medicare. a) First you must find out what percent of your
income is taxed and deducted per year. The more money you make the
more the government taxes. Also, the more you pay in Social Security
and Medicare.
Using this Web page find out what percent of your
income is taxed. Don't forget about the 5% of your income that goes
to Social Security and Medicare. Everyone must pay this.
b) Next Subtract your Yearly taxes from your
Median Yearly Income (box 1e) record the results in 2b. c) Divide the results in 2b by 12 to determine your monthly salary after taxes, record in 2c. You will explore some websites to
find a place to live. Whether an apartment or house, you will need
to calculate monthly payments. Living in a house or apartment is your
choice. Each one has their own expenses. Keep in mind that
homes cost more and have other costs associated with them, but you own it.
Buying a home should be a goal of yours, but they can be very
expensive. Apartments versus Homes
You may also go to this website and read what other people think of the apartment you are thinking of renting.
Record the monthly rent or monthly mortgage amount the first box, the type is either house or the type of apartment Studio, Flat, or Town home, and #rooms is the number of bedrooms in the home. Record all 3 results in box 3a
b) Skip this step if renting an apartment. If you buy a home you must determine the yearly property taxes, apartments do not have taxes. Take the price of the home and find 3% of the total value of the home. Remember turn 3% into a decimal and multiply by the total cost of the home. This is your yearly property taxes. Divide this number by 12 to find your monthly property taxes. Record both results in 3b
If you want apartment insurance it will cost you $20.00 per month or $240.00 a year. Record your results in 3c. For homes: You must also have home owners insurance which is 1% of the value of the home. Find 1% of the total value of the home. Next divide that by 12 to determine the monthly insurance payment. Record your results in 3c.
Research web sites (
Autotrader.com
Cars.com)
a) To find a vehicle, use these web
sites Record the model and type of vehicle along with the cost in box 4a
b) Just like everything else in the world you must pay tax on a car purchase. To find the taxes for the vehicle find 8.25% of the cost of the vehicle in box 4a. Remember 8.25% as a decimal x the cost of the car. Record this number in box 4b. Next add the Cost of the vehicle to the tax. Record this in the second box in 4b. This is the total cost of the vehicle.
c) Just like
homes you must borrow money from a bank to buy a vehicle. New cars
and used cars have different rates and number years. Use the Car Payment Calculator to figure out the car payment for
your vehicle. You must
pay interest on a vehicle that you are buying. New and used vehicles
have different interest rates. Take the total cost of the car box 4b and use the information above to calculate the monthly cost of your car.
Record
this in the highlighted box 4c
d) and e) Next you
must determine how much gas and how much insurance costs for
your vehicle. Based on the size of the vehicle use the chart to
record your
information for box d) and e). If
you do not know how many cylinders the vehicle has please ask your teacher
or read the description of the vehicle on the website. Website : Gas and Car Insurance Chart
f) Now add the total in the 3 yellow highlighted boxes this is your total monthly vehicle expenses. Record this amount in box 4f.
Website: Utilities Chart
b) Now add the totals in box a) together and record your total in box b) this is your Total Monthly Living Expenses.
a) Record once again the total from box 2c (Monthly Salary after Taxes) , so that you can easily reference it during this last section. Remember this is the total amount of money you have to spend each month on all your bills. You can not go over this amount per month.
b) Add
the totals of boxes 3d, 4f, 5b, and 6b together. Record in box
7b.
If you make any money from being an accountant for someone else list that income in 7b. This is extra money you have each month for being someone else's accountant.
c) Any money left over should be put into your
savings account box 7c and used for any
emergencies of life, such as car repairs, doctors visits, or
psychiatric counseling. It is always recommended to save about 20%
to 30% of your income each month, but the choice is up to
you.
Final copy and Essay
Next write a 1 pg. typed essay on this prompt. Use this page to type your essay (Essay Page) Do not change the font or the line spacing. Prompt:
After using the Job web site I want you to | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||