Question

1. scenario: sydney the car mechanic

income: sydney is in her mid twenties and has a gross annual income of $55,000 as a car mechanic in the midwest. the tax rate on her income is 22%.
savings and investments: sydney saves $800 monthly towards her 401k and towards a down payment on her future home.
debt repayments: sydney pays $100 a month for her trade school loan.
living expenses: sydney lives with her father and pays him $400 towards the mortgage, $50 to utilities, and $50 to property taxes. she pays $500 for groceries to prepare vegan meals. her health insurance is $250 a month. her cell phone bill is $50 a month.
transportation: sydney pays $52 for minimum car insurance and $100 for gas each month. she budgets for car maintenance and repairs because for fun she works on vintage cars and spends $8,000 a year on car parts and paint.
entertainment and travel: sydney and her friends travel by hiking, so she pays $1200 annually for camping trips (travel). sydney spends $30 a month on streaming (tv) services.
apparel and personal services: sydney rarely buys new clothes. she pays $125 monthly for martial arts classes.

a. how much is sydneys monthly income after expenses are deducted?

Explanation:

Calculate net monthly income after taxes

$$
LATEXBLOCK0
$$

Sum all monthly expenses and allocations

$$
LATEXBLOCK1
$$

Calculate remaining monthly income after deductions

$$
LATEXBLOCK2
$$

Answer:

\(s = \$301.33\) per month