Economics Project Guidelines-


The purpose of this project is for you and your group to understand the processes of income and expenditures as an adult in American society. By doing this project, you will understand the financial considerations of a modern American family, and understand the integration of basic government services and taxation in American life. You will be using all available tools to gather information, including the Internet, newspapers, and human resources. You will use Microsoft Excel or iWorks Numbers to organize and calculate your income and expenditures; Microsoft Word, your blog, or your wiki to create a diary of thoughts and responses; and Microsoft PowerPoint or iMovie to create a final presentation. You may use digital cameras, scanners, and digital camcorders for your final presentation. In addition, you will be occasionally defining new words, and these definitions can be done wherever you keep your journal.

1) Family Guidelines

a) At least one working adult; all adults must be of the immediate family
b) At least one dependent child
c) Any adult children not in school must pay rent.
(It is critical for you to organize your information for the next sections. Dedicate a part of your spreadsheet to general income and costs. We will break down the monthly income and expenditures as we progress.)

2) Employment Guidelines

a) The job must be obtained through the classified ad network or job postings. You may use newspapers, or online resources such as www.monster.com or www.jobs.com
b) The job must meet your skill.
c) Any child between the ages of 14-16 can work only 10 hours a week.
d) Any child between the ages of 16-18 may work only 20 hours per week.

3) Income Taxes

a) Income taxes will be paid, along with Social Security and Medicare.
i) http://www.dinkytown.net/java/Tax1040.html has an income tax estimator to assist with the income tax calculations. http://turbotax.intuit.com/tax_help/tax_calculators/tax_estimator.jhtml<span is the TurboTax website with a tax schedule
ii) http://www.mgcpa.com/calculators/payroll/payroll.php<span has information on the general nature of payroll taxes.
iii) http://www.irs.ustreas.gov/prod/forms_pubs/pubs/p8008.htm has information on how to deduct Social Security and Medicare
b) State Income taxes will be paid where they apply.
i) http://www.quicken.com/taxes/information/states/ will assist you. Or you may use http://www.dinkytown.net/java/Payroll.html for total tax calculations.

4) Automobile guidelines

a) Automobiles may be obtained through newspaper sales ads or online resources.
i) http://www.autotrader.com/ is an excellent starting point, though many local dealers have web sites, such as http://www.heiserford.com
b) Every automobile must have insurance.
i) http://finance.lycos.com/home/perfin/insurance.asp allows you to shop and compare insurance costs. http://www.autotradercom/also allows you to shop for insurance.
c) Auto gas must be included. Find out MPG of car bough t.
d) Children of driving age may own their own car.

5) Housing Guidelines

a) You may rent or own a home.
i) Any online realtor such as http://www.remax.com, http://www.shorewest.com, or http://www.realtor.com is a good place to start, though newspaper ads are also valuable.
ii) Online realtors usually will provide monthly mortgage calculators.
b) You must pay property taxes and homeowners insurance.
i) http://itmdapps.ci.mil.wi.us/MyMHome/SearchDB2_prod.jsp will allow you to find the property tax costs for any home owned in the city of Milwaukee. You will have to search property tax values for other cities on your own. Sometimes
c) Rent costs will be determined by the advertised price.
d) Shelter must be within reasonable distance to your workplace.

6) Utilities

a) Because of he variability of utility costs, you may use general information provided by any reliable source, including you mother or father. Please include:
i) Electric
ii) Water/Sewer
iii) Gas/Heat
iv) Phone
v) Optional (cable, cell phone, etc.)

7) Groceries

a) Make a grocery list for the week for your family. A class trip to the grocery store is possible, weather permitting.

8) Technology Guidelines

a) You may use any technology with which you are comfortable.
b) Internet use is essential, though other sources are highly recommended.
c) A final presentation will be delivered via PowerPoint.
d) You must incorporate an Excel spreadsheet and at least 1 multimedia technology (digital camera, camcorder, scanner, etc.).