Managing a Million-Dollar Project: Taxes, Donations, and Expenses Breakdown
In managing a million-dollar project, I faced several significant financial responsibilities. I paid $200,000 in taxes, donated $100,000 to the Special Olympics, and set plans for my education at the University of Alabama with a total college cost of $147,000. Additionally, I purchased a 2010 Jeep Wrangler and built a $210,000 home. I also bought gifts for my family, planned an exciting trip to Paris, and invested in hobbies like Wave Runners. This detailed financial journey highlights the importance of planning and budgeting for life’s essential expenses and dreams.
Managing a Million-Dollar Project: Taxes, Donations, and Expenses Breakdown
E N D
Presentation Transcript
MILLION DOLLAR PROJECT Peyton Bass
Taxes 20% • I paid $200,000 in taxes so my new balance is $800,000.
Charity 10% • I donated $100,000 to the Special Olympics. The Special Olympics allows individuals with intellectual disabilities to compete in Olympic-type sports. • After my donation, my new total is $700,000.
College I would like to attend the University of Alabama for college. • Tuition is $11,475 per semester x 8 semesters = $91,800 • Fees per semester are $375.00 x 8 semesters = $3,000 • Meal plan per semester is $1,525 x 8 semesters = $12,200 • Books per semester are $600 x 8 semesters = $4,800 • Housing/Dorm per semester is $4,400 x 8 semesters = $35,200 • Grand Total for four years of college at UA = $147,000 • My new total is $700,000 - $147,000 = $553,000
Vehicle • I wanted to buy a used vehicle in excellent condition in order to save a little money, so I decided to buy a 2010 Jeep Wrangler. • 2010 Jeep Wrangler Rubicon 2D Sport 4WD/AWD • Cost - $25,998 • New Total - $621,112 - $25,998 = $595,114
House • I decided to build a house in the Waterford Bluff Subdivision in Suwannee. It is close to where I live now. My new house has 5 bedrooms and 4 baths. • My new home cost $210,000. • My new total is $595,114 - $210,000 = $385,114
Family Gifts • I decided to buy my brother Parker an Xbox 360 so he can play Mine craft with me. • The Xbox 360 costs $300. • My new total is $385,114 - $300 = $384,814
Family Gifts • I decided to buy a Mac Book Air for my Mom. She really needs a new laptop! The Mac Book Air costs $1,199. • My new total is $384,814 - $1,199 = $383,615
Family Gifts • My Dad is a grill master. He loves to cook out on the grill a lot, so I am going to buy him a Big Green Egg. The cost of the Big Green Egg is $750.00. • My new total is $383,615 - $750 = $382,865
Family Gifts • My stepdad likes to go golfing. He is teaching me how to golf. I am buying him a new set of titleist golf clubs. The cost of the set of clubs is $800. • My new total is $382,865 - $800 = $382,065.
Family Gifts • For my baby brother Lenzy, I am buying a Jeep to match mine. The cost of Lenzy’s Jeep is $280.00. • My new total is $382,065 - $280 = $381,785.
Family Gifts • For my stepmom, I am buying a pair of diamond earrings. The cost of her earrings is $783.00. • My new total is $381,785 - $783 = $381,002.
Vacation • For vacation, I am taking my Mom to Paris, France. It is somewhere we have both always wanted to go! • Airfare - $1237 x 2 = $2,474 • Hotel - $207 x 7 nights = $1,449 • Spending Money - $2,500 • Total cost of our trip is $6,423.00 • My new total is $381,002 - $6,423 = $374,579.
Hobbies • My stepmom’s parents have a house on Lake Murray, South Carolina. I rode a Wave Runner there and loved it! I am going to buy two Wave Runners to use at the lake. • The Wave Runners cost $8,399 x 2 = $16,798 • My new total is $374,579 - $16,798 = $357,781.
Gift for Mrs. Simmons • Mrs. Simmons needs a break! I am going to send her and Mr. Simmons on a cruise to the Caribbean! • Flight to Orlando - $156 x 2 = $312.00 • 7-day Cruise for 2 on Royal Caribbean - $869 x 2 = $1,738.00 • Total for airfare & cruise - $2,050 • My new total is $357,781- $2,050 = $355,731.
Epal Visit I am flying my epal from Germany to Atlanta so we can have two weeks of fun during Summer Break! • Flight from Germany to Atlanta -$733 • My new total is $355,731 - $733 = $354,998.
Epal Visit • Our first stop will be Six Flags over Georgia to ride roller coasters. • Tickets to Six Flags - $56.99 x 2 = $113.98 • Spending money for the day - $100 • Total price for the day $213.98. • My new total is $354,998 - $213.98 = $354,784.02
Epal Visit • The next place we will visit is Lanierworld water park. • Tickets are $34.99 x 2 = $69.98 • Spending Money for the Day - $100 • Total for the day - $169.98 • My new total is $354,784.02 - $169.98 = $354,614.04.
Epal Visit • Our third and fourth stops will be to the Georgia Aquarium and the World of Coke. • Aquarium Tickets cost $28.95 x 2 = $57.90 • World of Coke Tickets cost $11 x 2 = $22.00 • Spending Money - $100.00 • Total cost for the day – $179.90. • My new total is $354,614.04 - $179.90 = $354,434.14
Epal Visit • Our last excursion will be to the Phillies vs. Braves game. I have seats behind home plate first row. • The cost for tickets are $274.00 x 2 = $548 • Spending Money - $100 • Total for the day - $648 • My new total is $354,434.14 - $648 = $353,786.14
Home Furnishings • To furnish my house, I first need to buy appliances. • Refrigerator - $2,519.10 • Stovetop - $1,169.10 • Ovens - $3,294.00 • Microwave - $499.99 • Dishwasher - $989.00 • Total for all kitchen appliances - $8,471.19 • My new total is $ $353,786.14 - $8,471.19 = $345,314.95
Home Furnishings • I have 5 bedrooms, a living room, den and dining room to furnish. • 5 Bedroom Suites - $15,000 • Living Room Furniture - $7,000 • Den Furniture - $5,000 • 55” Plasma 3DTV for Den - $2,500 • Dining Room - $4,000 • Total for all furniture - $33,500 • My new total is $345,314.95 - $33,500 = $311,814.95.
Home Furnishings • To finish off the inside of my house, I am installing a state-of-the-art home theater system. • BOSE Surround Sound System - $5,500 • 92” Mitsubishi Diamond TV - $5,500 • Theater Seating - $1,079 per seat x 8 seats = $8,632 • Popcorn Machine - $320.24 • Total for Theater Room - $8,635.24 • My new total is $303,179.71
Home Furnishings • On the outside of my house, I am installing a pool, hot tub and outdoor kitchen. • Custom pool and hardscaping – $55,000 • Hot tub - $15,000 • Outdoor Kitchen - $12,500 • Total for Outdoor Living Space - $82,500 • My new total is $303,179.71 - $82,500 = $220,679.71
Vacation Home • Since I still have some money left and love to visit the beach, I am going to buy a vacation home. • I found a house in Santa Rosa Beach, Florida for $220,000. • My new total is $220,679.71 - $220,000 = $679.71
Vacation Home • I figured since gas is so high, I will use the rest of my money to get back and forth from my house to the beach! Also, when I get there I will need some spending money so that is what I will use my remaining $679.71 on. • My new total is $679.91 - $679.91 = 0! • I am broke!
