In this assignment you will be creating a monthly budget for yourself based on your new salary, $50,000. Part One: Research and input all of the following expenses on your budget handout. Some expenses you will need to research and some of the budget information is given. First, calculate your TAKE HOME/NET PAY: Firstly, you will deduct your 401K contributions. You must contribute 3%. Next you will calculate your FICA and federal income tax from your salary, - You will use a federal income worksheet first \& then a separate worksheet to deduct your FICA taxes. Next you will calculate your state tax. - If you plan to live in NYC there is also a city tax! Then, deduct $150/ month for health insurance, dental insurance and any other employee sponsored fund or insurance. You now have your monthly net income What will your expenses be? Do not give me dollar values only the expense item name. In this assignment you will be creating a monthly budget for yourself based on your new salary, $50,000. Part One: Research and input all of the following expenses on your budget handout. Some expenses you will need to research and some of the budget information is given. First, calculate your TAKE HOME/NET PAY: Firstly, you will deduct your 401K contributions. You must contribute 3%. Next you will calculate your FICA and federal income tax from your salary, - You will use a federal income worksheet first \& then a separate worksheet to deduct your FICA taxes. Next you will calculate your state tax. - If you plan to live in NYC there is also a city tax! Then, deduct $150/ month for health insurance, dental insurance and any other employee sponsored fund or insurance. You now have your monthly net income What will your expenses be? Do not give me dollar values only the expense item name