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Econ project final
- 1. San JoseWilliam Jiang, Joseph ChinPeriod 5
- 2. Total Income and TaxationJoseph ChinOccupation: Biological EngineerInitial Income: $55,000Federal Income Tax: $7600State Income Tax: $2510Social security tax: $3410Medicare Tax: $797.5Total FICA: $4207.5Total Taxes: $14,317.50Disposable Income:$55,000-$14,317.50= $40,682.50
- 3. William JiangFinancial AnalystInitial Income: $60,000Federal income tax: $8850State Income Tax: $2987Social Security Tax: $3720Medicare Tax: $870Total FICA: $4590Total taxes: $16,427Disposable Income: $60,000-$16,427= $43,573
- 4. SavingJoseph Chin20% of disposable income$8136.50$6000 will go into a CD with Ally Bank1.2% APY, 12 month rate$2136.50 will go into a checking account also with Ally BankWilliam Jiang10% of disposable income$4,400$3000 will go into a CD with Ally Bank1.2% APY, 12 month rate$1,400 will go into a checking account also with Ally Bank
- 5. Remaining IncomeJoseph Chin William Jiang$40,682.50 - $8,136.50= $32,546$43,573 - $4,400= $39,173Headquartered in San Jose
- 6. HousingOne Year LeaseDel Coronado Apartments5255 Camden Avenue San Jose, CA 951242 bed, 2 bath1020 sq. ft.2 parking spaces$1495 per month$1495 x 12 = $17940Rent per person = $8970Deposit: $650Deposit per person: $325Apartment Pool
- 7. Housing (cont.)Renter's Insurance Cost: $200 annuallyPer Person: $100Total Cost of housing annually per person:$8970 + $325+$100 = $9420Where We will Live
- 8. Remaining IncomeJoseph$32,546 - $9,420= $23,126William$39,173 - $9,420= $29,753All based in Silicon Valley
- 9. HealthcareJoseph ChinWilliam JiangBlue Shield Vital Shield Plus 900 Generic RxType: PPOCost $107 per monthDeductible: $900Out of pocket maximum: $3900$30 for first 4 visits per member per year, then $0 after out-of-pocket maximumIndividual planThus $30 x 4 = $120$107 x 12 = $1284$120 + $1284 = $1404$1404 annuallyAnthem Blue Cross of California: ClearProtectionPlus 1000Type: PPOCost: $88 a month$1000 deductible40% coinsuranceindividual planWith 40% co-pay, I would have to add $400for doctor visits and examinations$1,456 annually
- 10. Remaining IncomeJosephWilliam$23,126 - $1,404 = $21,722$29,753 - $1,456= $28,297
- 11. TransportationJoseph Chin Public TransportationThe VTA is operated by the Santa Clara Valley Transportation Authority. Bus and light rail routes penetrate almost every major street and intersection in San Jose.Annual Pass: $770Public Light Rail in San Jose
- 12. William JiangCar Lease2011 Mazda 3Initial fee: $1773$179/month, $2,148 per year.36 month leaseTaxes and Fees: $200Car Maintenance: $500Gas prices per gallon in San Jose ($3.85)7,000 miles of driving in 1 year25 mpg280 gallons in 1 yearGas Costs annually: $1,078Insurance:State Farm Auto InsuranceStandard CoverageFor Mazda 3 model: $190 per month, $2280 annuallyTotal Cost of William Jiang's Transportation Per Year$1773+$2148+$700+$1078+$2280=$7,979Mazda3 4 Door
- 13. Remaining IncomeJosephWilliam$21,722 - $770= $20,952$28,297 - $7,979= $20,318
- 14. UtilitiesShared CostsComcast Internet and CableCable: $40High Speed Internet: $30$70 per month$840 annuallyElectricity and Gas$45 per month$540 annuallyWater$16.93 per month$203.16 annuallyShared Costs: ($840+$540+$203.16)/2 = $791.58
- 15. Remaining IncomeJosephWilliam$20,952 - $791.58= $20,160.42$20,318 - $791.58= $19,526.42
- 16. FoodJoseph ChinWilliam JiangThe cost of food as estimated by the USDA is $345.6 per month or $345.6 x 12 = $4147.2Eat out a moderate amount and buy high quality groceries for homeSo food: $10000Furniture $500House hold supplies $400TVDynex - 40" Class / 1080p / 60Hz / LCD HDTV$500Eat home cooked meals during the weekdays and eat out on the weekendsRoughly $120 a week, $6,240 a year Household Supplies: $300
- 17. Remaining IncomeJosephWilliam$20,160.42 - $10,000 (Food)- $500 (Furniture) - $400 (Household Supplies)- $500 (T.V.)= $8,760.42$19,526.42- $6,240 (Food)- $300 (Household Supplies)= $12,986.42
- 18. Extracurricular ActivitiesJoseph ChinWilliam JiangClothes: $1200Video games: $600Magazine Subscriptions $60Books for reading $300Money for holiday gifts for family and friends $500Miscellaneous spending $500Golf: $9,500Video Games: $120Phone: iPhone 4 $200AT&T Data Plan:$25/month, $300 a yearTotal Phone Costs: $500
- 19. Extracurricular Activities (cont.)Joseph ChinWilliam JiangiPhoneCost of phone $200Cost of data plan = $90 per monthannual cost $90 x 12 = $1080$200 + $1080 = $1280iPadCost of iPad64 GB: $829.00Cost of data plan10GB Plan $80 per month$80 x 12 = $960Total cost of iPad$829 + $960 = $1789Total Extracurricular activity spending $622924 Hour FitnessOne year limited term$300Movie Theaters: $200Golf Digest Magazine Subscription: $15Clothes: $500Holiday Gifts: $300Miscellaneous Spending: $500Total Extracurricular Costs: $11,935
- 20. Remaining IncomeJosephWilliam$8760.42 - $6,229= $2,531.42$12,986.42 - $11,935= $1,051.42
- 21. The EndJoseph FinalWilliam FinalSavings: $8,136.50Housing Costs: $9,420Healthcare: $1,404Transportation: $770Utilities: $791.58Food/Supplies: $11,400Extracurricular Activities: $6,229Remaining Income: $2,531.42Savings: $4,400Housing Costs: $9,420Healthcare: $1,456Transportation: $7,979Utilities: $791.58Food/Supplies: $6,540Extracurricular Activities: $11,935Remaining Income: $1,051.42
- 22. Josephs AnalysisMy total spending is $38151.08This $2531.42 less than my disposable income (assuming that none of the money will be spend on unlisted). Even then, I still would have at least $1750 left over.I already knew that I would not need that much money before starting on this project since I do not spend that much. For example, I do not watch movies in the movie theater since normally I cannot hear what is going on nor do I do much exercise beyond walking. This goes hand in with my usage of public transportation. I will get my exercise by walking to where ever the public transportation will not go to directly, rather than get a gym membership. Most of the time spent on this project was finding ways to spend my money and to find housing. Things that I added to spend my money are the iPad and iPhone. I could have said that I would continue to use my old laptop from college. Personally, I do not need that much money to spend since I do not go out that much and I would prefer to play video games or surf the internet rather than take a vacation elsewhere. This is why I did not try to budget in a car or vacation and why I decided on using an iPhone and iPad to take care of my internet surfing.
- 23. Williams AnalysisTotal spending: $42521.58This is $1051.42 less than my disposable income, and the amount I thought I would probably have left when I first started the project. I was lucky to draw the $60,000 because of my spending on golf. Golf is about 1/4 of my disposable income, which is a huge chunk on my budget. I found that researching the information and calculating all the costs were painstaking because almost every detail has to be included in various costs. But I know doing this project will only benefit me in the future, when I really need to budget. $1000 left over is not much at all. If I have a girlfriend, I am pretty sure this extra would be wiped off. A few more doctor visits and rounds of golf would also negate the extra left. I would most likely keep my college computer and T.V., so that is why I did not factor these costs. But most likely extraneous fees and costs are hidden somewhere that are unable to be calculated through internet only. Finally I am not a vacation person because I feel that every time I am on the golf course, I am on vacation. Overall I found out a lot about San Jose, more so than I could have imagined before I began the project.
- 24. Works CitedAlly Bank. "High Yield CD: Great Rate CDs | Ally Financial." CDs, Money Market, Savings & Checking | Ally Financial. Ally Bank, 2011. Web. 08 June 2011. <https://www.ally.com/bank/high-yield-cd/index.html?CP=ppc110124>. Ally Bank. "Online Checking Account: High Interest Checking Accounts | Ally Financial." CDs, Money Market, Savings & Checking | Ally Financial. Ally Bank, 2011. Web. 08 June 2011. <https://www.ally.com/bank/interest-checking- account/>. Apple. "Apple IPad 2 - Buy IPad 2 Wi-Fi & IPad Wi-Fi 3G - Black or White, Two Cameras, HD Recording, A5 Chip - Apple Store (U.S.)." Welcome to the Apple Store - Apple Store (U.S.). Apple, 2011. Web. 08 June 2011. <http://store.apple.com/us/browse/home/shop_ipad/family/ipad/select?mco=MjE0OTI0MDI>. Best Buy. "Dynex - 40" Class / 1080p / 60Hz / LCD HDTV." Dynex - 40" Class / 1080p / 60Hz / LCD HDTV. Best Buy, June 2011. Web. 7 June 2011. <http://www.bestbuy.com/site/Dynex%26%23153%3B+- +40%22+Class+/+1080p+/+60Hz+/+LCD+HDTV/1894176.p?id=1218315559764&skuId=1894176>. Blue Shield. "Health Insurance Coverage." FInd Health Insurance Coverage in California. Blue Shield, 7 June 2011. Web. 7 June 2011. <https://bscapply.com/phx/action/quoteSetValues?action=initialize&pageName=homepage>. Comcast. "Comcast-Step 1." Comcast. Comcast, 07 June 2011. Web. 07 June 2011. <https://secure.bridgevine.com/buyflow43/index.php>. Department of the TreasuryInternal Revenue Service. "1040ez." F1040ez.pdf. Department of the TreasuryInternal Revenue Service, 2010. Web. 7 June 2011. Ebay. "Del Coronado Apartments in San Jose, CA." Apartments for Rent & Homes for Rent - Rent.com速 Apartment Finder. Ebay. Web. 07 June 2011. <http://www.rent.com/rentals/california/san-jose-south-bay-and-peninsula/san-jose/del- coronado-apartments/481678/?sp=1>. EHealthInsurance Services, Inc. "Health Insurance." Health Insurance- Find Affordable Health Insurance. EHealthInsurance Services, Inc, 7 June 2011. Web. 7 June 2011. <https://www.ehealthinsurance.com/ehi/ifp/best- sellers?sortOption=PRICE>. Game Stop. "Search GameStop." Games for Xbox 360, PS3, Wii, DS, 3DS, PS2, PSP, Used & PC Consoles | GameStop. Game Stop, 7 June 2011. Web. 7 June 2011. <http://www.gamestop.com/browse?nav=16k-x+box+360+games>. Game Stop. "Xbox 360 Live 12 Month Gold Card for Xbox 360 | GameStop." Games for Xbox 360, PS3, Wii, DS, 3DS, PS2, PSP, Used & PC Consoles | GameStop. Game Stop, 08 June 2011. Web. 08 June 2011. <http://www.gamestop.com/xbox- 360/accessories/xbox-360-live-12-month-gold-card/40944>. Gamestop. "Search | GameStop." Games for Xbox 360, PS3, Wii, DS, 3DS, PS2, PSP, Used & PC Consoles | GameStop. Gamestop, 0 8 June 2011. Web. 08 June 2011. <http://www.gamestop.com/browse/games/nintendo-ds?nav=1386-177>.
- 25. Works Cited (cont.)Gasbuddy.com. "San Jose Gas Prices - Find Cheap Gas Prices in California." San Jose Gas Prices - Find Cheap Gas Prices in California. Gasbuddy.com, 08 June 2011. Web. 08 June 2011. <http://www.sanjosegasprices.com/>. Mazda. "Mazda Shopping Tools." Mazda. Mazda, 2011. Web. 7 June 2011. <http://www.mazdausa.com/MusaWeb/displayRegionalIncentives.action?vehicleCode=&zip=95124&submit.x=15&sub mit.y=9>. Pacific Gas and Electric. "Understand Your Electric Charges." Pacific Gas and Electric Company. Pacific Gas and Electric, 1 Mar. 2011. Web. 07 June 2011. <http://www.pge.com/myhome/myaccount/charges/>. San Jose Water Company. "San Jose Water Company." Sjwater. San Jose Water Company, 27 Dec. 2010. Web. 7 June 2011. <http://www.sjwater.com/content/rates/tariff_book/schedule1_20110126.pdf>. Santa Clara Valley Transportation Authority. "VTA Fares." Santa Clara Valley Transportation Authority. Santa Clara Valley Transportation Authority, 2011. Web. 08 June 2011. <http://www.vta.org/schedules/fares/vta_fares.html>. Santa Teresa Golf Club. "Santa Teresa Golf Club." Santa Teresa Golf Club. Santa Teresa Golf Club, 2011. Web. 08 June 2011. <http://www.santateresagolf.com/page.php?page_id=330>. State Farm. "Http://online2.statefarm.com/apps/fastestimate/default.aspx?lob=Auto&product=PRIVATE_PASSENGER&stateProv =CA&zipPost=95124&city=San%20Jose&wt.mc_id=FE." State Farm FastEstimate. State Farm, 7 June 2011. Web. 7 June 2011. <http://online2.statefarm.com/apps/fastestimate/default.aspx?lob=Auto&product=PRIVATE_PASSENGER&stateProv =CA&zipPost=95124&city=San%20Jose&wt.mc_id=FE>. State of California Franchise Tax Board. "California Resident Income Tax Return 2010." 10_5402ezm.pdf. State of California Franchise Tax Board, 2010. Web. 7 June 2011. USA Social Security Administration. "FICA & SECA Tax Rates." The United States Social Security Administration. USA Social Security Administration, 29 Dec. 2010. Web. 08 June 2011. <http://www.ssa.gov/OACT/ProgData/taxRates.html>. USDA. "Cost of Food April 2011." CostofFoodApr2011.pdf. USDA, May 2011. Web. 7 June 2011. <http://www.cnpp.usda.gov/Publications/FoodPlans/2011/CostofFoodApr2011.pdf>. Verizon. "Nationwide Talk Calling Plans." Cell Phones - Smartphones: Cell Phone Service, Accessories - Verizon Wireless. Verizon, 2011. Web. 08 June 2011. <http://www.verizonwireless.com/b2c/store/controller?sortOption=priceSort>. Verizon. "Verizon Wireless - Mobile Broadband - Plans." Cell Phones - Smartphones: Cell Phone Service, Accessories - Verizon Wireless. Verizon, 2011. Web. 08 June 2011. <http://www.verizonwireless.com/b2c/mobilebroadband/?page=plans>.