Name ______Date ______Period _____

HAVE YOU THOUGHT ABOUT THE FUTURE???

DUE DATE: ______

Have you ever wondered how much money you may make in the future? Will it be enough to support the lifestyle you would like to lead? For this project, you will research a profession of your choice and assess the viability of the profession for your needs. The requirements for this project are quite simple; however, it will encourage you to give some thought to your future plans.

REQUIREMENTS:

  1. Choose a profession that you are interested in pursuing for the future.
  2. Discuss the human capital that you think is required for your profession. [Look under the “How to Become One” Tab]
  3. Visit and determine the mean annual wage for the job.
  4. Visit anddetermine the FEDERAL taxes that you will pay for the year (under single status).
  5. Visit and determine the NEW YORK STATE taxes you will pay for the year (under single status)
  6. Determine your yearly take home (total after income taxes).
  7. Determine your income per month.
  8. Determine your income after all monthly bills are paid. You are to use the following figures for monthly bills:
  9. Rent/ mortgage -$700.00/ month
  10. Cable TV-$100.00/ month
  11. Car insurance -$120.00/ month
  12. Telephone-$ 40.00/ month
  13. Cell phone-$ 45.00/ month
  14. Heat and electric-$120.00/ month
  15. Groceries -$175.00/ month
  16. Health insurance-$175.00/ month
  17. Car payment-$215.00/ month
  18. Two (2) other expenses of your choice that you may have (student loans, savings, credit cards, recreation, etc.). Use the chosen expenses in your calculation.
  19. Repeat steps 4-8 using MINIMUM WAGE. For this calculation, use a wage rate of $______per hour for a total of 2080 hours for the year.
  20. Discuss your findings. In a few paragraphs, discuss your reactions to your findings. What other expenses might you have? Do you have enough for clothing and recreation? Are you saving for the future? Can you afford a family? Where can you reduce your expenses? Are you going without anything that is a necessity? What are your trade-offs and opportunity costs? What if you were working for minimum wage?...etc.???

All information (steps 1-10) is to be presented in your final project. Your final product should be typed and neatly organized in a professional, business-like manner. You will be given two periods in the library computer lab to work on this project. It is your responsibility to put in additional time, if needed. No late projects will be accepted no matter the excuse. If you are not in school on the due date the project should be handed in ahead of time or emailed to me ().