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Cost of Living in Miami, FloridaBy: Shannon Cheng & Alice Hsieh
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Location: Miami, Florida
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Total Income: Initial and Post Tax
ALICE HSIEH
Occupation: Lifeguard/BartenderInitial Income: $40,000FICA: $4,183Post-tax: $40,000Total: $35,817
SHANNON CHENG
Occupation: Free-lance tattoo artistInitial Income: $40,000FICA: $4,183Post-tax: $40,000Total: $35,817
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SAVINGS (10% of Adjusted Income)
ALICE HSIEH
$ 3,581Saving's Account at Bank of America: $ 2,581Checking Account at Bank of America: $ 1,000
Remaining Income: $35,817-$2,581 (Savings) = $33,236
SHANNON CHENG
$ 3,581Saving's Account at Bank of America: $ 2,581Checking Account at Bank of America: $ 1,000
Remaining Income: $35,817-$2,581 (Savings) = $33,236
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HOUSING
Address: 1756 North Bayshore Drive
City: Miami,FL Zip Code: 33132Apartment Number: 140 Falstaff
Lease Term: 1 yearDeposit:$750Living Cost: $20,100Renter's Insurance: $263Size: 1,246 Square Feet
1 Story Apartment Ammenities: 2 Bathrooms 2 Bedrooms 2 Baths Walk-in Closests Air-Conditioning Completely furnished
Remaining Income: $33,236 - $375 (Deposit) - $10,050 (Annual Cost) - $131 (Insurance) = $22,680
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HEALTHCARE
ALICE HSIEH$1,332 annually$111/month/per personTraditional Insurance HSA-Compatible Plan 660High Deductible Health Plan%20 Coinsurance for in-network servicesIndividual Coverage
Remaining Income: $22,680 - $1,332 (Healthcare) = $21,348
SHANNON CHENG $1,332 annually
$111/month/per personTraditional Insurance HSA-Compatible Plan 660High Deductible Health Plan%20 Coinsurance for in-network servicesIndividual Coverage
Remaining Income: $22,680 - $1,332 (Healthcare) = $21,348
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TRANSPORATION
Lease for 1 Year per person: $654Car Lease: 2010 Toyota Corolla LE $109/monthCar Insurance: $2,948/yearPrice of Gas per Gallon: $3.57Roughly Estimated 10 gallon usage: $36$1,728 a year for gas per person
Remaining Income: $21,348 - $654 (Lease Payment) - $2,948 (Insurance) - $1,728 (Gas) = $16,018
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UTILITIES
Electricity: included in rentWater: included in rentGas: included in rentPhone: AT&T $26/monthInternet: $14.95/month
Shannon Cheng
Remaining Income: $16,018 - $312 (Phone) - $179.40 (Internet) = $15,526.60
Alice Hsieh
Remaining Income: $16,018 - $312 (Phone) - $179.40 (Internet) = $15,526.60
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FOOD
ALICE HSIEH
$20.00/day$7,300 per year
Remaining Income: $15,526.60 - 7,300(Food) = $8,226.60
SHANNON CHENG
$ 20.00/day$7,300 per day
Remaining Income: $15,526.60 - 7,300(Food) = $8,226.60
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EXTRACURRICULAR ACTIVITIES
ALICE HSIEH
$20.00/day Kayak Rental$7,300 per year
Remaining Income: $8,226.60 - $7,300(Kayak Rental) = $926.60
SHANNON CHENG
$ 20.00/day Karaoke Bar$7,300 per year
Remaining Income: $8,226.60 - $7,300(Karaoke) = $926.60
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Summary
ALICE HSIEH Savings: $2,581 Housing: $10,556 Healthcare: $1,332 Transportation:
$5,330 Utilities: $491.40 Food/Furniture:
$7,300 Extracurricular:
$7,300 Remaining: $926.60
SHANNON CHENG Savings: $2,581 Housing: $10,556 Healthcare: $1,332 Transportation: $5,330 Utilities: $491.40 Food/Furniture: $7,300 Extracurricular: $7,300 Remaining: $926.60
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