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The Econ Project

The Econ Project. by Fawzi Melhem, Peter Nguyen, and Steven Peyton. OUR LOVELY COUPLE <3. - gay couple, john and jon. - john is a teacher making $60,000 - jon is a lawyer making $250, 000 - they live happily. Taxes. - jointly for state, separately for federal government. -john- $60,000

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The Econ Project

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  1. The Econ Project by Fawzi Melhem, Peter Nguyen, and Steven Peyton

  2. OUR LOVELY COUPLE <3 • - gay couple, john and jon. • - john is a teacher making $60,000 • - jon is a lawyer making $250, 000 • - they live happily.

  3. Taxes • - jointly for state, separately for federal government. • -john- $60,000 • -jon- (post 401k) $240,000 • -child deductable $3,700 from jon • fed total john- $13,065 • fed total jon- $67, 847.60 • state jointly- $15,900 • total tax expense: $96.812.60

  4. retirement and final after tax number • jon- 250,000 a year puts $10,000 dollars into a 401(k) • john mooches of his spouse. • total left over after tax and 401(k): $203,187.40

  5. house life • - $500,000 house in Sharon, Massachusetts • mortgage rate 4.160%= $20,800 per year • $1,733.34 per month • property tax= $7,500

  6. inside house life total on utilities: $7,571

  7. appliances • Appliances Quantity Costs Washer 1 $200 • Refrigerator 1 $2000 Air Conditioner 2 $300 • Microwave 1 $80 Hot Tub 1 $2500 • Dishwasher 1 $400 Computer 2 $4000 • Oven 1 $600 DVD/Blue Ray Player 1 $300 • Coffee Maker 1 $100 Dryer 1 $200 • Stereo 2 $2000 65" TV 1 $2400 • 26" TV 3 $600 • Total $16680

  8. food and clothes • - regular food shopping, no eating out- keep healthy. • total food cost: $13,000 • -spend money on clothes along with season and fashion- spend on child who is a stylish baby. • total clothing cost: $7000

  9. Cars • 2 cars- • car 1: Paid • car 2: $200/month • gas expense: $1000 on each car • insurance cost: car 1) 1200 • car 2) 1500 • Total Car Expenses: $7,100

  10. Car Number 1

  11. Car Number 2

  12. health insurance and student loans • HMO- $4380 per year. • Student loans- $2000 per year

  13. extra leisure • vacations in the summer, gym, going to the movies, MFA yearly pass, etc. • total cost: $12,000

  14. leftover left over amount $103,156.40

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