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Budget Test

9 Questions  I  By Kristyferran
Budget Test
We love budgets.   We love Gross vs net income.

  
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Question Excerpt

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1.  What is the difference between gross vs net pay?
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2.  Murtle is paid biweekly.  In each two-week period, she works 64 hours and earns $15.15 per hour.  She is married, and she and her husband have one child.The Social Security deduction is 6.2% and the Medicare deduction is 1.45%.  State and federal taxes are also deducted.  Help Murtle calculate the deductions from her paycheck.    State taxes : ____________$75.98________________________________    Federal taxes: __________$50.45________________________________How much is Murtles paycheck every 2 weeks after all of her taxes is taken out
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3.  1. Chad makes $150,000.00 per year salary at his job.  What is the maximum amount of money that Chad should have in a monthly debt payments (back-end)?  
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4.  Moe makes $42,000.00 per year at her job.  What is the maximum amount of money per month that Moe should have according to the (front-end)?
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5.  Molly and her husband make a combined gross salary of $210,000.00.  They have car payments of $500.00 and $320.00.  They also have a credit card payment of $200 per month.  They have $600 student loan payments.  According to the front-end ratio, how much can they pay monthly for a home loan? 
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6.  Molly and her husband make a combined gross salary of $210,000.00.  They have car payments of $500.00 and $320.00.  They also have a credit card payment of $200 per month.  They have $600 student loan payments.  According to the back-end ratio, how much of a payment could they have for a new home? 
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7.  1.    In Numbers (the spreadsheet application) you start every formula with
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8.   If the Regular Expense Total was in cell B24 and the Discretionary Expense Total was in B34 what would the formula look like for Total Expenses:
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9.  My ________________should = my ____________________ to create something that is called a balanced budget
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