You graduated from college and you found your dream job. CONGRATULATIONS!
In this activity you will get a chance to budget your monthly net income based on the earnings from the career you chose. For this you must actually know what your net income (spending money) is.
Net income = Gross income - Withholdings
Gross income is the amount of earnings you make before "withholdings".
Withholdings are monies that are taken out of your earnings.
Commonly withheld monies include income tax and FICA (social security payments). Withholdings may also include monies paid into other retirement accounts. On average, 28% of your gross income is withheld.
Monthly After-College Budget