Challenge Question: If you have the following expenses, what gross salary do you think you will need to be "okay" and able to afford your lifestyle? (HINT, gross is before deductions, so assume you lose 30% to deductions. You need a new income in order to see if you can afford your basic belief below) $ 810 Net income needed: $ add 30% deductions (tax): $ Rent, utilities, home repairs: Groceries, toiletries, transportation: $ 345 Entertainment and savings: Total minimum expenses: $260 Gross annual salary needed: $ 24 divide by 12 months = $ ??? per month %3D available
Challenge Question: If you have the following expenses, what gross salary do you think you will need to be "okay" and able to afford your lifestyle? (HINT, gross is before deductions, so assume you lose 30% to deductions. You need a new income in order to see if you can afford your basic belief below) $ 810 Net income needed: $ add 30% deductions (tax): $ Rent, utilities, home repairs: Groceries, toiletries, transportation: $ 345 Entertainment and savings: Total minimum expenses: $260 Gross annual salary needed: $ 24 divide by 12 months = $ ??? per month %3D available
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter19: Earnings And Discrimination
Section: Chapter Questions
Problem 8PA
Related questions
Question
100%
Salary Employee
Salaried employees are employees that are paid a fixed or set amount of money each
year. They may be paid weekly, bi-weekly or monthly. Salary employees are often referred
to as
"exempt employees!
For example, their compensation plan may read as '$45,000 per year'. It means that
if they work extra hours, they are not paid for it. So overtime is not a "thing". It is
just part of their job.
Teachers are paid to work from September through to the end of June, and are only
paid for 6.5 hours a day, according to their contract. However, most teachers spend
8-12 hours a day working, and they work through the March break and Christmas
break getting caught up with marking. In the summer they take training courses.
They still only get paid for the 6.5 hours a day, at the annual salary. This is a salary
job. The benefit is stability and consistency. You know your income, you know if
things get busy, you need to work extra, and if it slows down, you still get paid.
Challenge Question:
If you have the following expenses, what gross salary do you think you will need to be
"okay" and able to afford your lifestyle? (HINT, gross is before deductions, so assume you
lose 30% to deductions. You need a new income in order to see if you can afford your basic
beliefbelow)
Rent, utilities, home repairs:
$ 810
Groceries, toiletries, transportation: $ 345
Entertainment and savings:
$ 260
Total minimum expenses:
$
Net income needed: $
add 30% deductions (tax): $
Gross annual salary needed: $
divide by 12 months =$ ??? per month
available
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