what is each one monthly budget? explain your answer

The Group portion of this lesson is all about putting together a monthly budget. You can choose one of the three individuals whose financial parameters are provided below. Choice 1: Ellen Ellen has a bachelor's degree in sociology and works for her state's department of human services. Her salary is $38,200 per year, and her payroll deductions amount to 26% of her salary. She earns an additional $125 per week tutoring at-risk students at a community center, with 10% of that amount withheld for taxes. Ellen owns a small home and pays $260 per month in property taxes and insurance. Choice 2: Martin Martin is a first-year college student taking 12 hours of classes and working 25 hours per week at a coffee shop. He makes $9.75 per hour, and payroll deductions eat up 18% of his pay. Martin lives rent-free at his parents' house, but he pays a share of the utility bill each month. His tuition and books are paid for by a combination of gifts from his parents and student loans. He makes payments on an 8-yearold used car, and he pays for auto insurance as well. Choice 3: Maribel and Mark Maribel and Mark are a young married couple with two children. Maribel makes $46,400 per year as an assistant bank manager and has 29% of her pay deducted each month. Mark is a substitute teacher and earns $22,166, with 21% deducted. The family rents a twobedroom apartment, and they must pay for day care for the kids five days a week. They have two car payments. 1. My group will be making up a budget for 2. Find the monthly take-home pay for your choice. for, and make a list of expenses that your group agrees are reasonable for a person in that financial situation. You might consider doing a little bit of Internet research to come up with typical expenses, or you can ask your instructor or other groups for input. Wouldn't this