Final Project
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Southern New Hampshire University *
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-140-X2476
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Mathematics
Date
Jan 9, 2024
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docx
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Uploaded by langillem
1
Final Project
Michael Langille
Southern New Hampshire University
MAT-125-H7906 Quant Reason & Prob Solving 23EW2
Instructor Elizabeth DiScala
December 10, 2023
2
7-2 Final Project
The job track I have selected is design because I am pursuing a degree in graphic design
and animation. I like to express myself creatively and look forward to assisting clients to express
themselves through creative design. The first most important characteristic in a job search for me
is finding a job that aligns with my passions, so I can stay at job long term opposed to finding a
new one every couple of months due to being unhappy with my decision. Secondly, I think it’s
important to find a job that offers security in an appropriate salary because I will have bills that
require a fixed income such as rent, student loans, my phone bill, utilities, and groceries. Lastly, I
think it’s important to understand the benefits the company is offering in terms of vision, dental
and medical care because these benefits are important in maintaining a positive wellbeing.
Overall finding a job with a good salary, benefits and company mission are what I look for when
searching for a job.
For the Web Designer position, I would have to relocate because this company is located
in New York. I currently live in South Carolina and the drive to New York is about eight hours.
Since the job offer does not include relocation costs, I am assuming I would pay for those costs
out of pocket. I would need to rent a 15’ U-Haul which would cost about $327 for a one-way trip
according to their website. I would be inclined to relocate for this position as driving to New
York in a U-Haul would not be difficult and I could accomplish that goal in one day. I have
previously lived in New York, being able to use the MTA would save me money because I would
not need to transport my car due to being able to easily access public transportation for a lower
cost-effective price. I also know my way around the city and would have no problems living
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about 1-2 hours away from work because the cost of apartments is always cheaper further away
from Manhattan.
For the Graphic Designer position, this company is in Los Angeles California. I currently
live in South Carolina and the drive to Los Angeles is about a 39-hour drive. If I include taking
breaks to sleep, eat and to get gas, realistically it would take me about 4 days to get there. A
rental for a 15’ U-Haul truck is about $1,211 for a one-way trip. The cost of relocating is not
included in my job offer. I would need to pay out of pocket to relocate myself, my belongings,
and my car. If I was to bring my car, I would need to figure out how to transport it, maybe one of
my friends or family members would be willing to help me, however, I would also need to pay
for their accommodation, meals, and the gas for the car. Due to the distance and unknown costs, I
am less inclined to relocate to California. Moving to Los Angeles would impact my day-to-day
life negatively as it is a very expensive state to live in and I’m not sure if my earnings would
offset the costs of moving, living and my day-to-day expenses.
For the Concept Design artist, they are in San Francisco, California which is a beautiful
city with many things to do. However, being that I live in South Carolina I would also have to
relocate to a further distance. The drive time to San Francisco, California is about a 41-hour dive
which is much further than relocating to Los Angeles. If I include taking breaks to sleep, eat and
to get gas, realistically it would take me about 5-6 days to get there, which is within the time
limit.
Web Designer: According to the Bureau of Labor Statistics the median 2019 salary for a
Web Designer is $73,760 annually which is $35.46 per hour. According to the job offer from
Web United I would be earning $34,770 annually, If I was to take the median salary from the
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Bureau of Labor Statistics of $73,760 and subtract $34,770, I would be making $38,990 less than
the national reasonable median salary for a web designer.
Graphic Designer: According to the Bureau of Labor Statistics website the 2019 median
salary for a Graphic designer is $52,110 annually which is $25.05 per hour. According to the Job
Offer from Fictional Marketing Firm, Inc I would be working Full Time which is about 40 hours
a week. 40 hours a week x $18.25 x 52 weeks equals $39,000 annually. If I take the Median
salary from the Bureau of Labor Statistics website which is $52,110 and subtract $39,000 this
equals to a difference of $13,110 annually. Which means I would be making $13,110 less than
the national median salary for a graphic designer.
Concept Artist: According to the Bureau of Labor Statistics the median 2019 salary for a
Fine Artist is about $49,380 annually which is 23.74 per hour According to the Job Offer from
U-Niks Productions I would be earning $37,000 annually. If I was to use the median salary from
the Bureau of Labor Statistics of $49,380 and subtract it from $37,000, I would be making
$12,380 less than the national reasonable salary.
Formula: Annual salary divided by 52 weeks subtracted by a tax rate of 30% Web
Designer: The starting income after taxes of a flat rate of 30% for this position is $24,339.00
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Graphic Designer: The starting income after taxes of a flat rate of 30% for this position is
$27,300.00 per year.
Concept Artist: The starting income after taxes of a flat rate of 30% for this
position is $25,900.00 per year. Calculate the annual income you would make at the 5-year mark
after taxes using a flat tax rate of 32%. Formula: Annual salary divided by 52 weeks subtracted
by a tax rate of 32% Web Designer: The starting income after taxes of a flat rate of 32% for this
position is $23,643.60 per year. Graphic Designer: The starting income after taxes of a flat rate of
32% for this position is $26,520.00 per year. Concept Artist: The starting income after taxes of a
flat rate of 32% for this position is $25,160.00 per year.
Benefits
Because I am generally in good condition, I have declined to pay the health insurance
deductible for each position for which I have applied. Web Designer: A weekly premium-
deductible of one hundred dollars is provided by this organization for medical insurance. In order
to determine the amount that is expected of me, I will begin by multiplying $100 per week by
four, which equals $400 per month, by twelve, which equals $4,800 annually. An annual
premium of $4,800 will be required for my medical insurance. Dental and vision insurance with
a weekly deductible of $10 is also provided by this organization. In order to determine the
amount that is expected of me, I will initially multiply $10 per week by four, which equals $40
per month, by twelve, which equals $480 annually. An annual premium of $480 will be required
for both vision and dental insurance.
Concept Artist: This company offers a supplemental health insurance stipend in the
amount of $120 per month. To calculate how much I will be expected to cover I will take
$120per month x 12 = $1440 per year. I will be expected to pay $1,440 each year.
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Graphic Designer: The weekly premium deductible offered by this organization is $150
every two weeks. In order to determine the monthly obligation, I will add the biweekly quantity
of $150 to two, which equals $300. I will then multiply $300 per month by 12 to obtain $3,600
per year. An annual premium of $3,600 will be required for my medical insurance. Additionally,
this business provides dental insurance with $20 deductible every two weeks. Before
determining the amount that will be expected of me, I will add $20 per week to $20, which
equals $40 per month. Subtracting $40 per month from 12 equals $480 annually. An annual
premium of $480 will be required for dental insurance.
Living Expenses and Debt
Budget
My monthly budget using my new income with real-life expense categories, and the
expenses associated with travel based on your selected employment opportunity are as follows.
Utilities = $100.00
Groceries = $500.00
Necessities = $150.00
Gas & Maintenance for Car = $600.00
Miscellaneous = $150.00
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Total Expenses = $1500
Monthly Income = $3083.33
Debt
Credit Card:
Minimum Monthly Payment,
$40.00 Principal Totals, $2000.00 Interest
Rates --
16.92%
Personal Loan:
Minimum Monthly Payment, $394.00 Principal Totals,
$38000.00 Interest Rates --
4.53%
Car Loan:
Minimum Monthly Payment, $363.03 Principal Totals , $19861.00 Interest Rates --
11.89%
In order to gradually repay my debt, I would accrue monthly expenses and total that
amount as my monthly working capital. I would then determine which of my credit cards and
loans carried the highest interest rates. I would make additional payments on that loan while
reducing my contributions to the bare minimum on the other two. In order to expedite the
repayment of the debt carrying the higher interest rate. This process would continue until every
single one of my debts was settled.
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In this calculation, my monthly income would be deducted from the sum of my monthly
expenses. that is $3083.33, or $1673.75 minus $1409.58. Following that, the discrepancy would
be diminished due to my automated payment: $1673.75 - $363.03 = $1310.72. Monthly, I would
retain $1310.72 to apply toward my other obligations. In order to achieve the maximum rate of
interest, credit card debt should be repaid in full first. I would use $750.00 to settle the balance
on my credit card. Placing that much on the credit card would allow me to pay it off in three
months. A monthly contribution of $450.00 would be made in support of the student loan.
Following this, $110.72 would be deposited into a savings account in preparation for future
emergencies. After completely repaid on my credit card balance, I intend to supplement the
monthly student loan payment of $450.00 with an additional $750.00. After settling my Personal
loan, I would proceed to settle my subsequent debt. By doing so, I will be able to repay my
Personal loan in slightly over two years. Upon the repayment of my Personal loan, I will
commence allocating $600.00 per month towards savings. Following this, the remaining $600
will be deducted from my automatic payment.