James has a yearly salary of $34,200. His employer withholds $3773 in state and federal taxes and $3293 in FICA taxes throughout the year. He has the following monthly costs: transportation is $190, cell phone bill is $65, student loans require $240 in repayment, and rent is $400. He is using the average monthly costs for each of the following in order to gain an idea of other monthly expenses: utilities are $260, internet is $100, health insurance is $336, and groceries are $200. How much money is left each month for discretionary spending after all necessities are accounted for? Round your answer to the nearest cent, if necessary.
First, let's calculate James's total annual taxes withheld:
$3773 + $3293 = $7066
Now, let's calculate James's total annual costs for transportation, cell phone bill, student loans, and rent:
$190 + $65 + $240 + $400 = $895 per month
$895 * 12 = $10,740
Now, let's calculate James's total annual costs for utilities, internet, health insurance, and groceries:
$260 + $100 + $336 + $200 = $896 per month
$896 * 12 = $10,752
Now, let's add all of James's annual costs together:
$7066 + $10,740 + $10,752 = $28,558
Now, let's subtract James's total costs from his yearly salary to find out how much money is left each month for discretionary spending:
$34,200 - $28,558 = $5,642
Finally, let's divide the remaining amount by 12 to find out how much is left each month for discretionary spending:
$5,642 / 12 = $470.17
Therefore, James has approximately $470.17 left each month for discretionary spending after all necessities are accounted for.