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Creating a Hypothetical Budget Portfolio

You are paid $11.75/hr. You work 40 hr/wk. Your deductions are FICA (7.65%), Federal tax withholding (10.75%), and state tax withholding (7.5%).

1)   Assuming you budget a month as 4 weeks, how much are the following: your total realized income, fixed expenses, and discretionary expenses?

2)   If you are able to work 20 hours of overtime the next month and are paid 1.5 times your regular rate, how does this change your budget for that month?

3)   How much can you put towards savings each month if you eliminated your discretionary expenses?

Be sure to include in your response:

·         A detailed budget showing income and expenses for the two different months.

·         Answers to the original questions.

·         An explanation for how you calculated the first 40 hours of income and then the additional 20 hours of overtime.

Month 1

Month 2