My Dream Career

My Dream Career
Cells in Green to be Filled out and completed by student
Now that you have a better idea of what your expected finances may be while you are in college, here’s an opportunity for you to look ahead to what your finances may be when you start your first job out of college.
The Money Sense presentation introduced FICA and his friends. You might reconsider your plans to spend your entire salary on new clothes, furniture, and a car. If you’re curious as to what your take-home pay will be, here’s an easy way to estimate your net or spendable income.
Step 1: Determine or estimate your annual gross salary for a starting position in your expected career field.  You can look this up at www.bls.gov/oco   $              120,000.00
FICA Rate 7.65%
Estimated FICA withholding  $                  9,180.00
Projected Tax Bracket 28%
Withholding as a percentage of Income 22.76%
Federal withholding  $                27,309.25
Step 2: Input your annual state withholding tax. Because state income tax rates vary, you will need to research the rate for your state. A 5% tax is used here as a default. Replace the 5% with the amount for your state. (If you live in a state with no income tax, replace the 5% with 0%). 5.00%
State tax withholding  $                  6,000.00
Estimated net annual income after taxes  $                77,510.75
Estimated net monthly income.  $                  6,459.23
Step 3: Total student loan amount I will be responsible for repaying upon leaving DeVry university.  This is the total amount of loan aid you are expecting to receive (Cell G62, My Estimated Costs), multiplied by the number of years you plan to attend (Dropdown, My Estimated Costs).  $                               -
Repayment Plan Standard Extended Graduated Income Sensitive Income Based
Total Paid AGI: $120,000
Interest Paid
Step 4: Estimated Monthly Payment
Step 5: Total Monthly Expenditures  (Sum of your expenses in My Budget less Standard Payment Plan payment) ($2,710.00) ($2,710.00) ($2,710.00) ($2,710.00) ($2,710.00)
Step 6*:  $           3,749.23  N/A  $                   3,749.23  $                    3,749.23  $                  3,749.23
*If your Ending Balance is highlighted yellow, you need to reevaluate you’re My Budget to identify areas where unnecessary spending can be reduced.

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