Economics “Econ, Econ” Econ. Unit 1: Basic Economic Concepts.
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St. Louis, MissouriAnisha Patel and Ellen Rojc
Period 1
The Cost of Living:
LocationSt. Louis, Missouri
Total Income: Initial and Post-taxAnisha Ellen
Occupation: Principal Ballet Dancer in the St. Louis BalletInitial Income: $55,000FICA: $4207.50Missouri State Income Tax: $2,739Federal Tax: $7,600Post-Tax: $44,661TOTAL: $40,453.50
Occupation: AccountantInitial Income: $40,000FICA: $3,060.00Missouri State Income Tax: $1,839Federal Tax: $6,180Post-Tax: $31,981TOTAL: $28,921.00
SavingsAnisha$2,313.68Savings Account at
Bank of America: $1,563.68
(0.08% APY)Checking Account at
Bank of America $750
Ellen$3,236.28Savings Account at
Bank of America: $2,436.28
(0.08% APY)Checking Account at
Bank of America $800
Remaining IncomeAnisha$28,921.00-$2313.68 (Savings)=$26,607.32
Ellen$40,453.50-$3,236.28 (Savings)=$37,217.22
Housing5927 Suson PlaceApartment #2City: St. LouisZip Code: 63139
Housing CostsLease Term: 1 YearDeposit: $300Living Cost: $8,880 annuallyRenter’s Insurance Cost: $240 annuallySize: 800 square feet1 Story Apartment
- 2 bedrooms- 1 bathroom/bath
Remaining IncomeAnisha$26,607.32-$150.00 (Deposit)-$4,440 (Annual Cost)-$120.00 (Renters’
Insurance)=$21,897.32
Ellen$37,217.22-$150.00 (Deposit)-$4,400.00 (Annual
Cost)-$120.00 (Renter’s
Insurance)=$32,507.22
Healthcare: AnthemAnisha $734.52 annually $61.21/month/per
person CoreShare (0%
Coininsurance)$10,000 deductible
health plan0% Coinsurance for
in-network services Individual coverage
Ellen$734.52 annually $61.21/month/per person CoreShare (0%
Coininsurance)$10,000 deductible
health plan 0% Coinsurance for in-
network services Individual coverage
Remaining IncomeAnisha
$21897.32-$734.52 (Healthcare)=$21,162.80
Ellen$32507.22-$734.52 (Healthcare)=$31,772.70
TransportationMetro Transit –
St.Louis (For one year)
Monthly Pass $68.00 per person(68x12 = 816 x2 = $1,632 for two people per year)
Remaining IncomeAnisha
$21162.80-$816.00 (Transportation)=$20346.80
Ellen$31772.70-$816.00 (Transportation)=$30956.70
Utilities (Calculated on an Annual Basis, Shared
Cost)
Electricity: $1195.84Water: $138.36Gas: $428.00Phone: $456.00Internet: $358.80
Remaining IncomeAnisha $20346.80-$597.92 (Electricity)-$69.18 (Water)-$214.00 (Gas)-$228.00 (Phone)-$179.40 (Internet)=$19058.30
Ellen$30956.70-$597.92 (Electricity)-$69.18 (Water)-$214.00 (Gas)-$228.00 (Phone)-$179.40 (Internet)=$29668.20
Food and Furniture Anisha $5200 annually
Breakfast $20 per week (at home) Lunch $20 per week (packed
lunch for work/fast food) Dinner $35 on
weekends(restaurants) and $25 for the weekdays (at home)
Household Furniture $450 (split cost)
TV: $79.99 (Coby - 16" Class/ 720p / 60Hz / LCD HD TV DVD Combo)
Household Supplies: $450
Ellen $6240 annually
Breakfast $20 per week (at home)
Lunch $30 per week (packed lunch for work/fast food)
Dinner $40 on weekends (at restaurants) and $30 for the weekdays (at home)
Household furniture $450 (split cost)
TV: $79.99 (Coby - 16" Class/ 720p / 60Hz / LCD HD TV DVD Combo)
Household Supplies $450
Remaining IncomeAnisha$19058.38-$5200.00 (Food)-$450.oo (Furniture)-$79.99 (Television)-$450.00 (Household
Supplies)=$12878.39
Ellen$29668.20-$6240.00 (Food)-$450.00 (Furniture)-$79.99 (Television)-$450.00 (Household
Supplies)=$22448.01
Extracurricular ActivitiesAnishaClothes $1,325
(annually)Movies $250Vacation, Travel
$2500
EllenClothes $1,410
(annually)Movies $250Vacation, Travel
$2500
Remaining IncomeAnisha$12878.39-$1325.00 (Clothes)-$250.00 (Movies)-$2500.00 (Travel,
Vacation)=$8803.39
Ellen$22448.01-$1410.00 (Clothes)-$250.00 (Movies)-$2500.00 (Travel,
Vacation)=$18288.01
EndAnishaSavings: $2,313.68Apartment Costs: $4,710Healthcare: $743.52Transportation: $816Utilities: $1,288.50Food/Furniture:
$6,179.99Extracurricular
Activities: $4,075Remaining Income:
$8803.39
EllenSavings: $3,236.28Apartment Costs: $4,710Healthcare: $734.52Transportation: $816Utilities: $1,288.50Food/Furniture:
$7,219.99Extracurricular
Activities: $4,160Remaining Income:
$18288.01
Works Cited Anthem Blue Cross. "Anthem Missouri Health Insurance Plans - Anthem Blue Cross
Blue Shield." Affordable Health Insurance & Medical Insurance Plans – Anthem Blue Cross Blue Shield. Anthem Blue Cross, 2010. Web. 06 June 2011.
BestBuy. "TV/DVD: Flat Screen TV DVD Combos - Best Buy." Best Buy - Computers, Video Games, TVs, Cameras, Appliances, Phones. BBY Solutions, 2003-2011.
Web. 07 June 2011. Bi-State Development Agency. "Complete Metro Transit Fare Chart | Metro Transit
St. Louis." Metro Transit Saint Louis | MetroBus, MetroLink and Call-A-Ride Moving the Community Forward. Bi-State Development Agency, 2010. Web. 07 June 2011.
D&K Living. "Hampton Gardens." Central St. Louis Apartments, South St. Louis Apartments | Hampton Gardens Apartments. D&K Living, 2010. Web. 04 June 2011.
Dominion Enterprises. "Hampton Gardens." ForRent.com. Dominion Enterprises, 2011. Web. 4 June 2011.
IRS. "1040EZ." Internal Revenue Service. IRS, 2010. Web. 1 June 2011. <http://www.irs.gov/>.
JEA. "Quarterly Electric Rates." JEA. JEA, Apr. 2011. Web. 04 June 2011. <http://www.jea.com/services/electric/rates_quarterly.asp>.