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Budgeting for an anticipated income helps an individual to work within his or her pocket potential. The budget shown above is prepared by a nurse earning $50,000 annual gross income. The budget breakdown shows federal and state taxes charged at 12% and 3.34%, respectively, and other compulsory deductions relative to the annual income. The National Social security fund is charged at 6.2% to every employee to be paid back as a retirement benefit at the retirement age or as stipulated by the governing labor laws in America. To keep a healthy nation, the US provides universal health services that all employees pay to facilitate the scheme. Medicare fees are deducted from workers taxable income for universal health insurance to cover their families against medication. After federal and state taxes, social security, and Medicare, the worker takes home $25,191.70 to spend according to his household needs.
The worker pays annual rent and Mortgage interests of $10,200, IRA contributions of $1,000. School fees amounting to $1,500 are paid to respective schools where the children learn annually. The annual cost of food, clothing, commuting, lunches away from home amounts to $8,100. Out-of-home leisure and vocations will cost the worker $500 in the year 2020. The worker plans an annual saving of $2,082.70. The remaining figure ($809) will take care of any emergencies that the family will face during the year.
In conclusion, the budget is planned well for middle or low-income earners. The basic human needs are taken care of, and, above all, the worker is a responsible citizen carrying out their obligations as required by the federal labor laws. The worker has planned well for the childrens education, giving them the best medication, and planned for any eventualities that may come to interfere with the budget. Though the saving propensity lags, the budget seems great to project a better living standard in the future.
Reference
Salary pay-check calculator (2020). Web.
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