new york city

NEW YORK CITYCOST OF LIVING

Joe Teresi Christian Scott

General Information/1040 EZGross Income $60,000.00

Federal Income Tax $8,850.00

Social Security/ Medicare Tax $3,390.00

New York City Tax $3,894.80

New York State Tax $5,083.00

Disposable Income $38,182.20 http://www.slideshare.net/joet

eresi/f1040ez

Gross Income $55,000.00

Federal Income Tax $7,600.00

Social Security/ Medicare Tax $3,657.50

New York City Tax $3,430.05

New York State Tax $5,713.50

Disposable Income $34,598.95 http://www.slideshare.net/csco

tt3/1040ez-scott

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Housing 450 Madison Ave.

New York City, NY 100221. 2 bedroom

2. 1 bath

3. 745 square feet

$1,705.00 per month $1,705.00 x 12= $20,460.00

per year

Remaining Income Joe Teresi

Disposable Income: $38,182.20

Rent: $10,230.00

Remaining Income: $27,952.20

Christian Scott


Rent: $10,230.00


Healthcare

Empire Blue Health New York Program

Standard program without prescription drug: $310.73/month

$310.73x12= $3,728.76/year



Healthcare Cost: $3,728.76


Christian Scott


Healthcare Cost: $3,728.76


Transportation Because of the good public

transportation in New York City neither of us will own a car

We will both be saving anywhere from $5,000-$20,000 in car expenses

We will be using an EasyPay Express Metro Card to buy tickets and pay for fares.

A subway fare is $2.25 per ride and Express bus fare is $5.50 per ride.

Using the subway to work and back will cost $4.50 a day, and on weekends we will need money to go wherever we need, about $5.00

$4.50x5=$22.5+$5x2= $33.50/week $33.50x52= $1742.00/year



Cost of Transportation:

$1742.00


Christian Scott


Cost of Transportation: $1742.00


Food/Ect. Amount spent on groceries

each week: $150.00 $75.00/week eating out of the

house $150.00 per person/week $150.00x52= $7,800/year VIZIO E420VO 20’ 1080p

LCD HDTV, Black: $498.00 Furniture per person: $300.00 Apartment supplies: $200.00



Cost of Food/Etc: $8,849.00


Christian Scott


Cost of Food/Etc: $8,849.00


ExtracurricularChristian Scott

1. $1,500.00 for clothes

2. $1,344.86 for a 15 month membership to Crunch Gym

3. $500 for winter clothes

4. $2,000 for miscellaneous items/travel

Joe Teresi

5. $1,500 for clothes

6. $1,344.86 for a 15 month membership to Crunch Gym

7. $500 for winter clothes

8. $2,000 for miscellaneous items/travel

Remaining income Joe Teresi

Disposable Income-$13,632.44

Cost of Extracurricular-$5,344.86

Remaining Income-$8287.58

Christian Scott


Cost of Extracurricular-$5,344.86

Remaining Income-$4704.36

Savings

Joe Teresi Opening up an account

and depositing $5,000 Earns $50.25 over a year Deposits $416.67 a

month Income remaining after

savings $3,287.58

Christian Scott Opening up an account

and depositing $3,000 Earns 30.15 per year Has to deposit $250 a

month Income remaining after

savings $1,704.36

Open a high yield savings account with Ally Banks1-1.00% APY 2-FDIC insured3-No fees to open

Utilities(all cost shared except cell phone)

Water (shared cost)-$600 Electricity- $.139/kWh x

8,000kWh/year=$1,112 Gas- $.689/therm x 1,100

therm/year=$757.90 TV/Internet/Phone-$54.99/month

This bundle includes DirectTV, 210+ channels

High Speed Internet Verizon Landline w/ wireless router

Verizon Cell Phone-$80 per month +$200 for phone =$1,160 for first year

Remaining Income

Joe Teresi Disposable Income-

$3,287.58 Cost of Utilities-

$1,564.95 Remaining


Christian Scott Disposable Income-

$1,704.36 Cost of Utilities-

$1,564.95 Remaining

Disposable Income-$139.41

Summary of CostsJoe Teresi Starting Income-

$60,0001. Taxes-$21,817.8

2. Housing-$10,230

3. Healthcare-$3,728.76

4. Transportation-$1,742

5. Food/Ect.-$8,849

6. Extracurricular-$5,344.86

7. Utilities-$1,564.95

8. Savings-$5,000 Remaining Income-

$1,722.63

Christian Scott Starting Income-$55,000

1. Taxes-$20,401.05

2. Housing-$10,230

3. Healthcare-$3,728.76

4. Transportation-$1,742

5. Food/Ect.-$8,849

6. Extracurricular-$5,344.86

7. Utilities-$1,564.95

8. Savings-$3,000 Remaining Income-

$139.41

Works Cited

"1040ez." IRS. U.S. Government. Web. 01 June 2011. <http://www.irs.gov/pub/irs-pdf/f1040ez.pdf>.

"Amazon.com: VIZIO E420VO 42-Inch 1080p LCD HDTV, Black: Televisions & Video." Amazon.com: Online Shopping for Electronics, Apparel, Computers, Books, DVDs & More. Web. 08 June 2011. <http://www.amazon.com/VIZIO-E420VO-42-Inch-1080p-Black/dp/B003VQQVDK/ref=sr_1_24?s=tv>.

"Crunch Gym Rates." Crunch Gym. Web. 8 June 2011. <www.crunch.com>.

"EmpireBlue." Affordable Health Insurance Plans for Medical, Dental, Vision and Life from Empire BlueCross BlueShield. Blue Shield. Web. 01 June 2011. <http://www.empireblue.com/wps/portal/ehpvisitor?content_path=member/noapplication/f3/s2/t4/pw_ad067434.htm>.

"Healthy NY: Benefit Package." New York State Insurance Department - Welcome Page. New York State Governement. Web. 01 June 2011. <http://www.ins.state.ny.us/website2/hny/english/hnybp.htm>.

"High Interest Savings Account: Online Savings Accounts | Ally Financial." CDs, Money Market, Savings & Checking | Ally Financial. Web. 08 June 2011. <http://www.ally.com/bank/online-savings-account/#tabs=rates>.

"Madison Ave, New York, NY 10037 - Zillow." Zillow - Real Estate, Homes for Sale, Home Prices & Values. Web. 01 June 2011. <http://www.zillow.com/homedetails/Madison-Ave-New-York-NY-10037/2127280523_zpid/#>.

"Mta.info | Maps." Mta.info | Home Page. New York State Governement. Web. 01 June 2011. <http://www.mta.info/fares/>.

The New York State Department of Taxation and Finance. Web. 01 June 2011. <http://www.tax.ny.gov/>.

"NYC.gov - Energy & Utilities." Web. 08 June 2011. <http://www.nyc.gov/portal/site/nycgov/menuitem.e2a95046115353f6a62fa24601c789a0>.

"Set Your Location." Cell Phones - Smartphones: Cell Phone Service, Accessories - Verizon Wireless. Web. 08 June 2011. <http://www.verizonwireless.com/b2c/store/controller?>.

"Verizon | Digital TV, Broadband Internet, and Phone Packages | FiOS Bundles." Verizon | Landing. Web. 08 June 2011. <http://www22.verizon.com/residential/bundles/#standard>.