How would allocate remaining income to make ends meet

Reference no: EM132863725

The official U.S. poverty line for a family of four was $24,300 in 2016. Imagine you are head of a four-person household (two parents, one 10-year-old child and one 2-year-old child) that earns 5% above the official poverty line. Your household income is $25,515, or $2,126.50 per month, which means your household is officially NOT poor. Adjust your income for taxation that you would have to pay (e.g. assuming your income is mostly from labor market earnings, you would pay Social Security and Medicare taxes, and potentially federal, state and local income taxes).

Question 1: How would you allocate your remaining income to make ends meet? Draw up a budget that covers all of your major expenses (housing, food, childcare, transportation, clothing, utilities, healthcare and health insurance, etc.), using realistic prices for your local area.

Reference no: EM132863725

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