Personal Finance Examples using Excel Use excel to create a budget spreadsheet for each example. Upload the final sheets to Moodle. You MUST to use excel to do the calculations. For each situation, (Assume there are 4 weeks in a month). a. Calculate the total Net Monthly Income using 15% federal tax, 5% state tax, 6.2% social security tax, and 1.2% Medicare tax. b. Calculate the Total Monthly Expenses C. Determine the Net Monthly Cash Flow (Net Monthly Income - Total monthly expenses) - - Note this number can be negative Situation 1 Income: Part-time job: $1200 per month Student loan: $7000 per year (not taxed) Scholarship: $8000 per year (not taxed) Expenses: Rent: $600 per month Groceries $70 per week Tuition and fees: $3250 twice a year Health Insurance: $40 per month Entertainment: $200 per month Phone: $65 per month Situation 2 Income: Salary: $42,000 per year Pottery sales: $150 per month Expenses: House payment: $700 per month Groceries $150 per week Utilities and home expenses: $450 per month Health Insurance: $150 per month Car insurance: $500 semiannually Savings plan: $200 per month Donations: $600 per year Miscellaneous: $800 per month Situation 3 Adjust the budget for Situation 1 above with the person getting a raise of $50 per month in their job and a decrease in the entertainment budget of $25 per month.