1. WHERE DOES THE MONEY GO? A Lesson in Adulthood

2. First, Let’s Take Out Federal Income Tax  $9, 075-$36,900  Subtract 9,075 from your income  Multiply remainder by.15  Add $907.50 to that number. This is total is your tax.  

3. First, Let’s Take Out Federal Income Tax  $39,900.01-$89,350  Subtract 36,900 from your income  Multiply remainder by.25  Add $5,081.25 to that number. This is total is your tax.  

4. First, Let’s Take Out Federal Income Tax  $89,350.01-$186,350  Subtract $89350 from your income  Multiply remainder by.28  Add $18,193.75 to that number. This is total is your tax.  

5. You’re not done. State tax!  $25,000-$49,999.99  Multiply your original income (not after federal tax amount) by.0336  Add $691.00 to that number. This is total is your state tax.  

6. You’re not done. State tax!  $50,000-$149,999.99  Multiply your original income (not after federal tax amount) by.0424  Add $1,531 to that number. This is total is your state tax.  

7. Still not done! Have to pay for the old people!  Multiply your original income by 0.062%. This is your total social security contribution  

8. Now, Lets See What You Make Per Month  Subtract federal taxes, state taxes, and social security from your income  Divide the remainder by 12  This is what you have to live on each month   x 1,000,000,000,000,000,000,000,000,000,000

9. Place to Live:  Subtract the monthly rental amount from your monthly income  Subtract about $100 for cable and internet  Subtract about $110 for electricity and water  What do you have left?  

10. What about student loans?  For every $10,000 in student loans, expect to pay about $110 per month FOR TEN YEARS  Example: $40,000 in student loans = $440 per month FOR TEN YEARS That $40,000 dollar loan will cost you about 53,000  Figure out your monthly payment and subtract it from your remaining monthly income

11. What We Didn’t Include In This:  Car maintenance/car payment  Car insurance  Gas  Renter’s insurance  Health insurance  Cell phone  Food  Toiletries and household products  Pet related costs  Entertainment Can you make it work???????