cost of living powerpoint
DESCRIPTION
powerpoint for econTRANSCRIPT
A Lin and Siddiqui Production
MINNEAPO SIL
The Cost of Living in Minneapolis
Wayne Lin & Hasan Siddiqui
Period 1
Bio
Wayne Lin Hasan Siddiqui
Occupation: AttorneySalary: $45,000
Occupation: AttorneySalary: $45,000
Because both of us have the same income, we owe the same amount in taxes…
Initial Income: $45,000
After Federal Taxes: 36,087.50
FICA: 3,106
After FICA: 32,981.50
NO STATE INCOME TAXES IN MINNESOTA
Taxation
Wayne’s SavingsMoney After Taxes and FICA: $32,981.50
Net Income Per Month: $2,748.46
Monthly Saving: $500
Total Savings per Year: $6,000
Bank of America Savings Account: $2,000
APY: 0.15
Chase Checking Account: $4,000
Hasan’s SavingsMoney After Taxes and FICA: $32,981.50
Net Income Per Month: $2,748.46
Monthly Saving: $250
Total Savings per Year: $3,000
Bank of America Savings Account: $1,000
APY: 0.15
Chase Checking Account: $2,000
HousingWe will be sharing an apartment in Minneapolis and sharing the cost of rent equally.
Apartment Description: 2 Bed, 2 Bath, 1000 Square Feet, furnished
Adrress: 111 83rd Ave. NE Fridley, MN 55432
Total Cost of Renting: $1,000/month with a $250 initial deposit (down payment).
Hasan:
Initial Deposit Payment: $250/2 = $125 Down Payment
Rent Cost Per Month: $1,000/2 = $500/Month
Total Rent Cost Per Year: $500/Month * 12 = $6,000/year ($6,125 for first year because of down payment)
Wayne:
Initial Deposit Payment: $250/2 = $125 Down Payment
Rent Cost Per Month: $1,000/2 = $500/Month
Total Rent Cost Per Year: $500/Month * 12 = $6,000/year ($6,125 for first year because of down payment)
Healthcare
Purchasing a plan from United Health Care in Minneapolis, Minnesotta.Deductable: $3,000
Monthly Cost: $100/month
Total Yearly Cost for 1st Year: $3,000 + $100/month * 12 = $4,200
Total Yearly Cost after 1st Year: $100/month * 12 = $1,200
THERE IS NO COPAY FOR THIS INDIVIDUAL PLAN!!
Transportation
The public transportation system in Minneapolis is quite efficient so we will not be needing a car.
In Minneapolis it costs $150/month (5 dollars a day) for the Metro per person.
A bus pass in Minneapolis costs $20/month per person.
Metro Cost: $150/month
Yearly Metro Cost: $150/month * 12 = $1,800/year
Bus Cost: $20/month
Yearly Bus Cost: $20/moth * 12 = $240/year
Total Monthly Transportation Cost: $150/month + $20/month = $170/month
Total Yearly Transportation Cost: $1,800/year + $240/year = $2,040/year
Utilities, Part 1We will each be paying half of the total costs of utilities.
Price of Electricity in Minneapolis: 4.5 cents/kWh
Approximate kWh to be utilized: 769.23 kWh
Monthly Electricity Cost: 769.23*.045 = $35/Month
Total Electricity Cost Per Year: $50/Month * 12 = $600/year
Average Monthly Water Cost in Minneapolis: $40/Month
Total Water Cost Per Year: $60/Month * 12 = $720/year
Average Monthly Gas Cost In Minneapolis: $20/Month
Total Cost of Gas: $20/Month * 12 = $240/year
Utilities, Part 2
Average Monthly Cost of T-Mobile Cellphone Plan: $20/month
Total Cost of T-Mobile Cellphone Plan: $20 * 12 = $240/year
Average Monthly Cost of Internet Plan: $15/Month
Total Yearly Cost of Internet Plan: $15/Month * 12 = $180/year.Total Monthly Cost of Utilities: $35/Month + $40/Month + $20/Month + $20/Month + $15/Month = $130/Month.Total Yearly Cost of Utilities: $130/Month * 12 = $1,560/year
Hasan:
Monthly Utilities Cost: $130/2 = $65/Month
Yearly Utilities Cost: $1,560/2 = $780/year
Wayne:
Monthly Utilities Cost: $130/2 = $65/Month
Yearly Utilities Cost: $1,560/2 = $780/year
Food, Part 1Each of us will be budgeting food expenses by wisely mixing groceries and at-home cooking with eating out.
Hasan:
Total Monthly Cost: $400/month Groceries + $120/month Eating Out = $520/month
Total Yearly Cost: $520/month * 12 = $6,240/year
Wayne:
Total Monthly Cost: $400/month Groceries + $120/month Eating Out = $520/month
Total Yearly Cost: $520/month * 12 = $6,240/year
Food, Part 2
Meal by Meal Breakdown
Breakfast: Cup of Coffee, tea, or orange juiceBowl of Cereal, Oatmeal, or eggs
Lunch: Sack Lunch: Piece of Fruit, Sandwich, CookieEat Outside: $10 Maximum Meal Per Person. So $20 Total
Dinner: Hamburger (Freshly Grilled), Pizza (homemade), PastaEat Outside: $15 Maximum Meal Per Person. So $30 Total
Budget for Eating Outside is not the same as the Budget for Groceries. Eating outside is more costly, as evidenced by the approximate meal prices for lunch and dinner.
We can either eat outside six times for lunch, 8 times for dinner, or 6 times for lunch and 4 times for dinner
Extra Curriculars
Wayne:
Monthly Cost of Clothing Shopping: $200
Monthly Cost of Electronics (shared with Hasan): $600/2 = $300
Monthly Cost of Theater Movies: $33
Monthly Cost of Concerts: (we will only go to one a month) $100
Monthly Money Spent: $633/month
Total Yearly Cost: $633/month * 12 = $7,596
Hasan:
Monthly Cost of Clothing Shopping: $300
Monthly Cost of Basketball Games (one per month): $100
Monthly Cost of Electronics (shared with Hasan): $600/2 = $300
Monthly Cost of Theater Movies: $33
Monthly Cost of Concerts: (we will only go to one a month): $100
Monthly Money Spent: $883/month
Total Yearly Cost: $883/month * 12 = $10,596
The figures listed here come from our extracurricular interests and the respective amounts of money we had remaining after we paid the cost of all other previously mentioned obligations.
Works CitedWorks Cited "Cell Phone Plan Prices." T-Mobile. T-Mobile Corporation, 08 June 2011. Web. 08 June 2011. <http://www.t-mobile.com/>. "Consumer Price Index Minneapolis-St. Paul, MN-WI CPI." U.S. Bureau of Labor Statistics. U.S. Deapartment of Labor, 2 Feb. 2011. Web. 08 June 2011. <http://www.bls.gov/ro5/cpimpls.htm>. "Heating a Home in Minneapolis - Heating a Home in St. Paul - Heating Costs in Minneapolis and St. Paul." Minneapolis / St. Paul - Guide to Minneapolis and St. Paul, Minnesota. About.com. Web. 08 June 2011. <http://minneapolis.about.com/od/househome/a/heating.htm>. "Metro Minneapolis." Home - Metro Transit. Minneapolis Transportation Agency. Web. 08 June 2011. <http://www.metrotransit.org/>. "Minnesotta Health Information." Minnesota Health Information. 10 Mar. 2011. Web. 08 June 2011. <http://www.minnesotahealthinfo.org/>. "Springfield Apartments." Apartments.com. Belgrade Property Services, 25 May 2011. Web. 6 June 2011. <http://www.apartments.com/cvcommunity.aspx?page=cvcommunity&view=1&property=104559.6&SearchCriteria=3OqW1zUgyCXACV06ujH0o0pFa1UYbzAfEOaN5EHWmzdeaLhCGut2eY-%7cAGzoQqal3ltRGQdFzg14Cb6gH30spQa4THW1D0t8cdN68bgmpKhTc3uBh9GJPNcjghVE0-%7cKEmAishVYfGxoWrAyrVGbGerpwgCr6ERZ1KwFQMoMjzSaTMKwp60CcrbGU1MaiUlLVl&prvpg=8&sid=49116dae-8680-42e5-9c65-bd6d37d79925&productId=BA2110&Hidebackresults=T#Amenities>.