Elayzha Wilkins
Prof Mayell
Financial Literacy
4/24/2019
My Personal Financial Plan
My name is Elayzha Wilkins, I am currently a dorm student at New Jersey City
University. This is my third year at the University, and I am expected to graduate in the fall of
2020. When I first started at NJCU my major was Mathematics, but before I got to my second
year I was ready for a change. In the beginning of my 2nd year, I changed my major to
marketing with the intentions of learning how to exploit myself as the plus size model I aspired
to be. From then to now, my experience at NJCU has forced me to grow and get to know myself
and my skills, and I just recently have been putting my all into being a MUA (makeup artist).
I’ve always been good at doing my own makeup, but I wasn’t aware I’d be good at doing others
until I recently I tried it a couple of weeks ago, and since then I’ve already started earning more
money back then I have from modeling. So currently, my after college plans are to take up
cosmetology school after I graduate with my Bachelors in Marketing. I also would like to get
Lash Tech certified in addition to an Esthetician certification. My main goal after school is to get
certified and licensed in specific trades so that I always have the knowledge to work for myself,
in addition to my Marketing degree that can be used to work in big money making corporations
as well.
Tax Calculations
For this project, my annual salary is 50,000. After my 401 k deduction of 2000, imp left
with 48000. After m 401k deduction my standard deduction has to come out (12000) which
leaves me with 36000 in taxable income. The first $10,000 of my taxable income would get
federally taxed 10%. The next $10,001 will get federally taxed 12%, and the last $15999 will get
federally taxed 15%. The total after federal taxes will be 31400.03. Alter I get taxed federally, I’ll
get taxed by the state for 5% of my total taxable income, which will make $1800 in state taxes.
$31400.03-$1800=$29600.3, which will be are taxable income after taxes. Then by adding the
12000 standard contribution back to the taxable income I will get my after tax salary, which is
41600.03.
My Budget
My budget will consist of many fixed and variable expenses. By dividing $41600.03 by
