Description

Assignment Directions:

1. In this assignment, you will compare the financial stress of two families with children; one a single parent with a graduate degree and the other a pair of parents working with bachelor’s degrees.
2. The first table below is an example of a completed table, comparing the budget one individual to a married couple.
3. Using data gathered from https://www.onetonline.org/, find data on the median wage in your state for the individuals listed on the second table below.
4. Use https://www.irs.gov/pub/irs-pdf/i1040tt.pdf to determine the tax liability of each family.
5. Subtract the tax liability from the family
6. Divide the annual post-tax income by 12 to determine monthly income.
7. Find housing costs in your area to find a residence for the single parent family and for the dual parent family. These costs do not have to be the same.
8. Find child care costs in your area for taking care of two children under 5-yars-old.
9. Subtract all listed expenses from the income to determine how much money a family could take home at the end of the month.
10. Identify what percentage of post-tax income is spent specifically on child care.
11. After you have completed your table, answer the questions below the tables.