The Student Budget

Question

Jenna works at the grocery store and earns $9 an hour. She is busy with extracurricular activities and only works 20 hours during the week. However, she picks up an eight hour Sunday shift once a month, for which she earns time and a half. Jenna also lives at home and has health insurance under her moms plan. She is expected to pay for her own car repairs, maintenance and gas, as well as her auto insurance, which costs $1,000 a year. Jenna wants to take a trip to Mexico with her friends next year, which will cost $1,500.

*Remember to compute net pay by taking 20% out for taxes*

Somebody please help me... Im about to cry because I dont know what to do :(

Answer 1

Jenna's gross monthly income is 20*9*4 + 8*9*1.5 =

720 +108 = 828

Her annual gross is 12*828 = 9936

After 20% taxes, her NET annual salary is 80% of 9936 = 7948.8

After car insurance, she will have 6948.80

Then for her trip to Mexico, she will have 5448.80

DIviding by 12, she has 5448.80/12 = 454.06 per month

to spend on gas and maintenance of her car.