SOCIOLOGY 1010 RESEARCH PROJECT-3
- demonstrate an understanding of the structures of society (including statuses, roles, groups, formal organizations and social institutions such as family, politics and the economy) and their influence on human behavior
- -demonstrate an understanding of social differentiation and social stratification as they relate to inequality between individuals and groups in society
For this project you will prepare 3 family budgets for three families that are identical demographically, but differ in after-tax annual income.
To gather information you may use personal knowledge, newspaper ads,
Example budget explanation paragraph:
The Middleton family lives in a two story 3 bedroom, 1 ½ bath rented home which includes lawn care. Their rent is $10200 a year Both parents have a car and pay $3600 a year in payments, which also required full coverage car insurance. Using American family, they were able to get their insurance for $1560 including both cars and renters insurance. Because of his work, the family put aside more for entertainment to travel over the summers when the entire family is at home. His kids also like to go to the movies and museums with their mother, so they put aside 20000 a year for entertainment. Because of the size of the family and the fact they make enough to eat healthy, their groceries cost about $11000 a year given their ages and the fact that the father and kids would eat away from home due to work and school once a day. They also have to set aside $1800 per year for electric and $1000 a year for their gas bill. The family also sets aside $5000 a year for clothing needs, especially with both children still growing. The family also thinks its important to be musical, so both kids are in piano lessons. This costs $1710 a year. The son is also in baseball, which only costs about $100 a year as its through the city. In total, this adds up to $55,970 leaving the family with $14030 in savings for extra needs that may arise for maintenance on the cars and for the family to save.
Work cited for Middleton family:
Rent: http://limaohio.craigslist.org/apa/4511555344.html Links to an external site.
Car payment calculator: http://www.edmunds.com/calculators/ Links to an external site.
American Family quote: http://www.amfam.com/get-a-quote/ Links to an external site.
Cost of food: http://www.extension.iastate.edu/foodsavings/page/what-you-should-spend Links to an external site.
Gas and Electric bill: Average bill for my parent’s home
Clothes: my cost per year multiplied by four
Piano lessons: http://limamusicfactory.org/private-lessons Links to an external site.
Baseball: http://www.cityhall.lima.oh.us/index.aspx?nid=199 Links to an external site.
Sample paragraph for the analysis paper (analyzing the mortgages) :
Although the mortgages for Smith and Middleton are the same, this is not because it is what their incomes provide. Middleton’s income is closer to Hill family, which has a higher mortgage. Middleton’s job occupation give them the summer off, so that would mean the entire family is off, unlike Smith who’s job wouldn’t be as secure and would require the lower mortgage. Having the lower mortgage for Middleton family to match that of Smith family means that more money can go for vacations for Middleton’s, unlike Smiths which must put their additional money into the savings in case their job isn’t bringing in as much money. This is completely different than Hill family, whose income allows for a higher mortgage, entertainment budget and savings.