# Using the Household income equivalence calculator, calculate the

Pep and Jose, in their 40s and 50s, respectively, are setting up home together in the North of England, along with Joses son, Alexis, aged 13.

Joses dad helps with childcare, allowing Jose to work part-time. With his salary and child benefit, Jose has an income of £13,000 a year after tax and other deductions. Pep works full-time, earning £25,090 a year after tax and other deductions. They have no other sources of income, and do not receive any tax credits or other benefits.

They expect their expenditure in the new shared home to be as follows

Rent: £900 per month

Council tax: £1250 a year

Food and household items: £240 per week

Water: £200 every six months

Gas and electricity: £350 per quarter

Broadband, TV and phones: £85 a month

Transport: £350 a month

Gym, leisure, meals out: £200 a month

Standard annual season tickets for Pep and Jose for their local sporting team: £550 a year each

Young persons annual season ticket for Alexis for their local sporting team: £200 a year

Holidays: £2700 a year

2.1

(a) Using the Household income equivalence calculator, calculate the annual equivalised net income of Joses household when he was living as a single parent with Alexis. (2 marks)

(b) Comment on whether Joses standard of living will change when he and Pep live together. (4 marks)

2.2  Draw up an average monthly cash flow statement for Jose and Peps joint household. (4 marks)

2.3  Pep and Jose are planning ahead to purchase a standard season ticket for Alexis at their local sporting team, as Alexis will be liable to pay the standard rate next year. Comment on the financial situation of the household reflected in 2.2 and how Jose and Pep might be able to pay for the rise in Alexiss season ticket price. (5 marks)

(Total marks available for Question 2: 15 marks)

#Household #income #equivalence #calculator #calculate

Pages (275 words)
Standard price: \$0.00

### Latest Reviews

Impressed with the sample above? Wait there is more

Related Questions

### Part 1You have been assigned as a project manager for

Part 1You have been assigned as a project manager for a small construction company and have been assigned your first project. The client feels they

### Non-governmental Organizations (NGOs) are essential as they fulfill a purpose

Non-governmental Organizations (NGOs) are essential as they fulfill a purpose that is traditionally addressed by a government (Balteanu & Marcu, 2014).  In order for an

### The world has been turned upside down, economically and emotionally,

The world has been turned upside down, economically and emotionally, with the Covid-19 pandemic. Please answer the following two (2) questions marked 1 and 2

### First state the 1. Word 2, Prefix and or suffix

1. Word  2, Prefix and or suffix meanings  3. then state the disease.  What are the symptoms? How is it diagnosed? How does it affect the

### Below are the instructions for the ePortfolio project. Answer the

Below are the instructions for the ePortfolio project.Answer the first 3 questions along with what the apps estimate is your initial carbon footprint.Then I want

### Using attached file (Winequality) to build EDA, linear, logistic regression

Using attached file (Winequality) to build EDA, linear, logistic regression model, Decision tree, Random Forest, GBM/Xgboost and Neural Network  random forest model needs grid screech

### In this lesson, you will think about violence as a

In this lesson, you will think about violence as a social problem. But what about violence as the solution to a social problem? Consider, for example, that

### In preparation for writing your report to senior management next

In preparation for writing your report to senior management next week, conduct the following descriptive statistics analyses with Excel®. Answer the questions below in your

### Your initial posting should be at least 200 words (not

Your initial posting should be at least 200 words (not including the discussion prompt). You must start a thread in response to the prompt before

### Wk 1 Research Assignment Review the required reading material and

Wk 1 Research Assignment Review the required reading material and summarize one of the scholarly articles listed on the selected websites. In 2-3 paragraphs,

### 1,000 words, do the following: Describe the politics-administration dichotomy. Explain both sides

1,000 words, do the following: Describe the politics-administration dichotomy. Explain both sides of the debate on whether the politics-administration dichotomy exists in practice or only

### How do you anticipate integrating this role into your current

How do you anticipate integrating this role into your current or future career? As healthcare presents with an increased complexity it provokes an increased

New questions