.Need on Excel with steps shown clearly
You will need to obtain data about the starting salary you would earn. For purposes of this problem you are to assume that you graduate at the end of this school year and that you will be starting a job in May of 2023. To ensure that you have a realistic number you will be required to have supporting data for your starting salary in June. This may be found online or as a hard copy.
You should get some data on food costs. Describe how you arrived at your estimate and/or show any supporting data.
You need transportation to get back and forth between your job and your apartment. Your documentation for the amount of transportation expense must be a schedule of fares, if you are using public transportation. If you are taking an automobile back and forth, your automobile cost should be based on the leasing cost of the vehicle you plan to use. If you are not using public transportation, you need to factor (and disclose) in any additional costs associated with your transportation. You should obtain documentation for much of this and list these individual items separately.
You will need to live someplace, other than at your parents, when you start your job. You can choose to rent an apartment as an individual or share an apartment with others. You will need to have documentation from the area you plan to live in to support your apartment rental expense number. You should include twice the rent amount during the first month since you need to leave a security deposit (you will be reimbursed this amount at the end of the lease assuming no damage to the apartment).
There will be deductions for federal and state income taxes (if applicable), FICA, and you will probably spend some of your paycheck on medical coverage. Assume that FICA will be 7.65 % of your gross pay. Most employers pay some but not all of these insurance costs and you should have some idea of what you will need to pay. You do not have the option of declining medical insurance costs for purposes of this budgeting problem.