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Sam graduated from college with a degree in Chemical Engineering. He got a job at Bama Pie Company. He was doing very well at his job and felt he had job security, since Bama Pie makes all the pies for the McDonaldís fast food chain and had recently landed a new, very big contract with Pizza Hut Corp. to make their pizza dough. Samís salary is $38,000 per year, paid on the first and the fifteenth of the month.

Janet also graduated from college with a degree in accounting and got a job with Williams Companies. She passed her Certified Public Accountant exam, which allowed her to get an immediate increase in salary. Janet is making $35,000 per year and also gets paid on the first and fifteenth of the month.

Samís Income: Janetís Income:

Gross: $3,166.67 Gross: $2,916.67

(Soc. Sec. Tax) 242.25 (Soc. Sec. Tax) 223.13

(Fed. Tax) 886.67 (Fed. Tax) 816.67

(State Tax) 221.67 (State Tax) 204.17

(Health Ins.) 100.00 (Health Ins.) 100.00

(Profit Sharing) 150.00 (Profit Sharing) 150.00

Net Salary $1,566.08 Net Salary $1,572.70

Samís Mo. Net $1,566.08

Janetís Mo. Net $1,572.70

TOTAL MO. NET $3,138.78

Monthly Expenses:

Apartment Rent $ 500.00 All utilities paid

Food 600.00

Car Insurance 125.00 1-car/liab. Only

1-car/full coverage

Clothing 200.00

Auto 250.00 maintenance/repairs

Phone 100.00 both parents live away

Entertainment 200.00

Gasoline 150.00

Medical 50.00 medicine

Cash 200.00

Credit Cards 300.00 $2,000 balance for household needs

Loan Payment 150.00 $15,000 balance college loan

Total Expenses: $2,825.00

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