A Lin and Siddiqui Production

MINNEAPO SIL

The Cost of Living in Minneapolis

Wayne Lin & Hasan Siddiqui

Period 1

Bio

Wayne Lin Hasan Siddiqui

Occupation: AttorneySalary: $45,000

Occupation: AttorneySalary: $45,000

Because both of us have the same income, we owe the same amount in taxes…

Initial Income: $45,000

After Federal Taxes: 36,087.50

FICA: 3,106

After FICA: 32,981.50

NO STATE INCOME TAXES IN MINNESOTA

Taxation

Wayne’s SavingsMoney After Taxes and FICA: $32,981.50

Net Income Per Month: $2,748.46

Monthly Saving: $500

Total Savings per Year: $6,000

Bank of America Savings Account: $2,000

APY: 0.15

Chase Checking Account: $4,000

Hasan’s SavingsMoney After Taxes and FICA: $32,981.50

Net Income Per Month: $2,748.46

Monthly Saving: $250

Total Savings per Year: $3,000

Bank of America Savings Account: $1,000

APY: 0.15

Chase Checking Account: $2,000

HousingWe will be sharing an apartment in Minneapolis and sharing the cost of rent equally.

Apartment Description: 2 Bed, 2 Bath, 1000 Square Feet, furnished

Adrress: 111 83rd Ave. NE Fridley, MN 55432

Total Cost of Renting: $1,000/month with a $250 initial deposit (down payment).

Hasan:

Initial Deposit Payment: $250/2 = $125 Down Payment

Rent Cost Per Month: $1,000/2 = $500/Month

Total Rent Cost Per Year: $500/Month * 12 = $6,000/year ($6,125 for first year because of down payment)

Wayne:

Initial Deposit Payment: $250/2 = $125 Down Payment

Rent Cost Per Month: $1,000/2 = $500/Month

Total Rent Cost Per Year: $500/Month * 12 = $6,000/year ($6,125 for first year because of down payment)

Healthcare

Purchasing a plan from United Health Care in Minneapolis, Minnesotta.Deductable: $3,000

Monthly Cost: $100/month

Total Yearly Cost for 1st Year: $3,000 + $100/month * 12 = $4,200

Total Yearly Cost after 1st Year: $100/month * 12 = $1,200

THERE IS NO COPAY FOR THIS INDIVIDUAL PLAN!!

Transportation

The public transportation system in Minneapolis is quite efficient so we will not be needing a car.

In Minneapolis it costs $150/month (5 dollars a day) for the Metro per person.

A bus pass in Minneapolis costs $20/month per person.

Metro Cost: $150/month

Yearly Metro Cost: $150/month * 12 = $1,800/year

Bus Cost: $20/month

Yearly Bus Cost: $20/moth * 12 = $240/year

Total Monthly Transportation Cost: $150/month + $20/month = $170/month

Total Yearly Transportation Cost: $1,800/year + $240/year = $2,040/year

Utilities, Part 1We will each be paying half of the total costs of utilities.

Price of Electricity in Minneapolis: 4.5 cents/kWh

Approximate kWh to be utilized: 769.23 kWh

Monthly Electricity Cost: 769.23*.045 = $35/Month

Total Electricity Cost Per Year: $50/Month * 12 = $600/year

Average Monthly Water Cost in Minneapolis: $40/Month

Total Water Cost Per Year: $60/Month * 12 = $720/year

Average Monthly Gas Cost In Minneapolis: $20/Month

Total Cost of Gas: $20/Month * 12 = $240/year

Utilities, Part 2

Average Monthly Cost of T-Mobile Cellphone Plan: $20/month

Total Cost of T-Mobile Cellphone Plan: $20 * 12 = $240/year

Average Monthly Cost of Internet Plan: $15/Month

Total Yearly Cost of Internet Plan: $15/Month * 12 = $180/year.Total Monthly Cost of Utilities: $35/Month + $40/Month + $20/Month + $20/Month + $15/Month = $130/Month.Total Yearly Cost of Utilities: $130/Month * 12 = $1,560/year

Hasan:

Monthly Utilities Cost: $130/2 = $65/Month

Yearly Utilities Cost: $1,560/2 = $780/year

Wayne:

Monthly Utilities Cost: $130/2 = $65/Month

Yearly Utilities Cost: $1,560/2 = $780/year

Food, Part 1Each of us will be budgeting food expenses by wisely mixing groceries and at-home cooking with eating out.

Hasan:

Total Monthly Cost: $400/month Groceries + $120/month Eating Out = $520/month

Total Yearly Cost: $520/month * 12 = $6,240/year

Wayne:

Total Monthly Cost: $400/month Groceries + $120/month Eating Out = $520/month

Total Yearly Cost: $520/month * 12 = $6,240/year

Food, Part 2

Meal by Meal Breakdown

Breakfast: Cup of Coffee, tea, or orange juiceBowl of Cereal, Oatmeal, or eggs

Lunch: Sack Lunch: Piece of Fruit, Sandwich, CookieEat Outside: $10 Maximum Meal Per Person. So $20 Total

Dinner: Hamburger (Freshly Grilled), Pizza (homemade), PastaEat Outside: $15 Maximum Meal Per Person. So $30 Total

Budget for Eating Outside is not the same as the Budget for Groceries. Eating outside is more costly, as evidenced by the approximate meal prices for lunch and dinner.

We can either eat outside six times for lunch, 8 times for dinner, or 6 times for lunch and 4 times for dinner

Extra Curriculars

Wayne:

Monthly Cost of Clothing Shopping: $200

Monthly Cost of Electronics (shared with Hasan): $600/2 = $300

Monthly Cost of Theater Movies: $33

Monthly Cost of Concerts: (we will only go to one a month) $100

Monthly Money Spent: $633/month

Total Yearly Cost: $633/month * 12 = $7,596

Hasan:

Monthly Cost of Clothing Shopping: $300

Monthly Cost of Basketball Games (one per month): $100

Monthly Cost of Electronics (shared with Hasan): $600/2 = $300

Monthly Cost of Theater Movies: $33

Monthly Cost of Concerts: (we will only go to one a month): $100

Monthly Money Spent: $883/month

Total Yearly Cost: $883/month * 12 = $10,596

The figures listed here come from our extracurricular interests and the respective amounts of money we had remaining after we paid the cost of all other previously mentioned obligations.

Works CitedWorks Cited "Cell Phone Plan Prices." T-Mobile. T-Mobile Corporation, 08 June 2011. Web. 08 June 2011. <http://www.t-mobile.com/>. "Consumer Price Index Minneapolis-St. Paul, MN-WI CPI." U.S. Bureau of Labor Statistics. U.S. Deapartment of Labor, 2 Feb. 2011. Web. 08 June 2011. <http://www.bls.gov/ro5/cpimpls.htm>. "Heating a Home in Minneapolis - Heating a Home in St. Paul - Heating Costs in Minneapolis and St. Paul." Minneapolis / St. Paul - Guide to Minneapolis and St. Paul, Minnesota. About.com. Web. 08 June 2011. <http://minneapolis.about.com/od/househome/a/heating.htm>. "Metro Minneapolis." Home - Metro Transit. Minneapolis Transportation Agency. Web. 08 June 2011. <http://www.metrotransit.org/>. "Minnesotta Health Information." Minnesota Health Information. 10 Mar. 2011. Web. 08 June 2011. <http://www.minnesotahealthinfo.org/>. "Springfield Apartments." Apartments.com. Belgrade Property Services, 25 May 2011. Web. 6 June 2011. <http://www.apartments.com/cvcommunity.aspx?page=cvcommunity&view=1&property=104559.6&SearchCriteria=3OqW1zUgyCXACV06ujH0o0pFa1UYbzAfEOaN5EHWmzdeaLhCGut2eY-%7cAGzoQqal3ltRGQdFzg14Cb6gH30spQa4THW1D0t8cdN68bgmpKhTc3uBh9GJPNcjghVE0-%7cKEmAishVYfGxoWrAyrVGbGerpwgCr6ERZ1KwFQMoMjzSaTMKwp60CcrbGU1MaiUlLVl&prvpg=8&sid=49116dae-8680-42e5-9c65-bd6d37d79925&productId=BA2110&Hidebackresults=T#Amenities>.