Problem
Sam earns a salary of $47,200 per year. He files his taxes as a single male. Assuming it is 2013, determine his post-tax annual income. Besides his newly opened retirement account payments and Sofia's car payment, he also has a monthly rent of $975 for his two-bedroom apartment, budget-billed electric of $115 per month, and medical insurance of $325 per month through his work. Determine a monthly budget for Sam based on his post-tax income. How much does he have available for food and entertainment? Can you think of any other items he should include in his budget? What financial advice would you offer to Sam based on your calculations?