Sheet1
EXERCISE 2
Film Producer
Starting Salary: $66,599
Location: Atlanta, GA
Average Film/TV Producer Salary. (n.d.). Retrieved July 19, 2019, from https://www.payscale.com/research/US/Job=Film/TV_Producer/Salary
Income Taxes Breakdown
Tax Type Marginal Tax Rate Effective Tax Rate Taxes
Federal 25.00% 11.94% $7,951
FICA 7.65% 7.65% $5,095
State 6.00% 5.06% $3,368
Local 0.00% 0.00% $0
Total Income Taxes 24.65% $16,414
Income After Taxes $50,185
Federal Income Tax Plus FICA : $13,046
Monthly income: $4,182.08 Monthly Expenses
Rent $1,778
Food $500
Apartment in Atlanta Internet $90
Gas $300
$1,778 / mo Utilities $150
Health Insurance (estimated) $440
1 bed Car Insurance $125
1 bath Spending $200
783 sqft Cell Phone $80
Downpayment: $355.60 Savings $519.08
Zillow, Inc., & Zillow, Inc. (n.d.). Ayla Apartment Rentals - Atlanta, GA. Retrieved July 19, 2019, from https://www.zillow.com/b/ayla-atlanta-ga-65XDqb/
Future Condo After Apartment (Atlanta)
Condo Price $332,900
Zillow, Inc. (n.d.). 587 Virginia Ave NE APT 806, Atlanta, GA 30306. Retrieved July 20, 2019, from https://www.zillow.com/homedetails/587-Virginia-Ave-NE-APT-806-Atlanta-GA-30306/2087910320_zpid/
30 Year Fixed 15 Year Fixed
Down Payment 20% $66,850 Down Payment 20% $66,850
RATE 3.25% RATE 3.13%
APR 3.42% APR 3.15%
MO. PAYMENT $1,184 MO. PAYMENT $1,855
CREDIT $639 LENDER FEES $466
Zillow, Inc. (n.d.). Get Customized Loan Quotes From Zillow. Retrieved July 20, 2019, from https://www.zillow.com/mortgage-rates/quotes/?auto=true&loantype=purchase&zip=26201&value=332900&cscore=720-739&va=true&type=SingleFamilyHome&use=Primary&down=60000#request=ZR-QHQBSYKW
11 Years (at the very least) To Save For A Down Payment Monthly Expenses 15 Year Fixed
Savings A Month: $519.08 Monthly Payment $1,855
$519.08 x 12= $6,228.96 Food $500
Internet $90
Savings A Year: $6,228.96 Gas $300
$6,228.96 x 12= 68,518.56 Utilities $200
Fees depend on loan. For this instance, I chose a 15 year fixed loan. So, the extra fee, in addition to the down payment, would be $466. Health Insurance (estimated) $440
Car Insurance $125
*RESULTS VARY DEPENDING IF SALARY CHANGES* Spending $200
Salary, in this instance, would probably be higher after this amount of time. Cell Phone $80
HOA $250.00
Savings $100
Spending $42.08