Pretend that you are grown up and on your own, starting your life in your chosen career. create a personal budget for your new, independent life.

find a typical starting salary for a career that interests you from an online source. (you can use the salary you located earlier in the discussion about cost of living adjustments.)

chosen career: veterinarian

typical starting salary:

calculate the taxes you would have to pay on this salary. be sure to show your calculations.

first, find your annual income tax based on this rate schedule:

2013 u. s. federal income tax rates for single adults

10% on taxable income from $0 to $8,925, plus

15% on taxable income over $8,925 to $36,250, plus

25% on taxable income over $36,250 to $87,850, plus

28% on taxable income over $87,850 to $183,250, plus

33% on taxable income over $183,250 to $398,350, plus

35% on taxable income over $398,350 to $400,000, plus

39.6% on taxable income over $400,000.

then, find your annual social security tax (6.2 percent of total income):

next, find your annual medicare tax (1.45 percent of total income):

now find your net annual income after taxes (subtract your federal income tax, social security tax, and medicare tax, from your annual salary:

now that you’ve found your net annual income, divide this number by 12 to find your net monthly income: