Kool Essay

743 Words Feb 28th, 2014 3 Pages
Have you ever wanted two things at once, but had to choose one? Well then you’ve dealt with tradeoffs and opportunity costs. Tradeoffs consist of everything you give up when you make a decision. For example, if you want a cellphone and a laptop but only have money for one you would pick the opportunity cost, which is otherwise known as the next best thing. If you were to pick the cellphone, the laptop would be the tradeoff and the cellphone would be the opportunity cost. The different levels of government encounter tradeoffs in decisions specifically regarding Montgomery County public schools. The Board of Education asked the County Council to provide $1.6 billion to fund the school budget for the 2005 fiscal year for a higher quality …show more content…
I was a mechanic that made an annual salary of $41,328, so I fell under the 25% federal tax bracket rate. I paid about $10,332 every year to the federal government. The state income tax rate was two percent so I paid $826.56 for that and for the social security taxes I paid about $3,161.59 every year. The total amount of taxes paid per year was $14,320 so my total net annual salary was approximately $27,008 that also resulted in my monthly net salary equaling to $2,250.67. Ant time someone receives a paycheck from job, taxes have to be paid whether they already be cut when the paycheck is given or paid personally. Since I had to pay taxes out of my income, my net worth was less than how much was originally supposed to be given. Even though everyone’s income is different, we all need the same basic necessities to survive. One of those necessities include shelter, whether it be a single family home or a shared apartment. I decided to live in a one bedroom apartment in White Oak which only cost about $575 a month with utilities included. Another thing that’s considered is transportation, but because of my tight budget I decided to take public transportation which cost $65 dollars instead of paying for a car and gas. Even with paying for transportation and shelter, food is also a major necessity for living. In my budget I spent about $421.87 dollars a month for just food. A mandatory monthly payment is for health insurance which

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