1. Carl is a student at a college. He has a part-time job with take-home pay of $525 every two weeks. He has received a scholarship of $4100 this year. This table shows his expenses. Expense Amount Tuition $3700/year Rent and $650/month utilities Food $70/week Cell phone $40/month Clothing $90/2 weeks Miscellaneous $140/2 weeks а) Use the data provided to design a monthly budget for Carl. Show your calculations and indicate whether each expense or income is fixed or variable. b) Is Carl earning enough to cover his expenses? If not, suggest how he could balance the budget.

1. Carl is a student at a college. He has a part-time job with take-home pay of $525 every two weeks. He has received a scholarship of $4100 this year. This table shows his expenses. Expense Amount Tuition $3700/year Rent and $650/month utilities Food $70/week Cell phone $40/month Clothing $90/2 weeks Miscellaneous $140/2 weeks а) Use the data provided to design a monthly budget for Carl. Show your calculations and indicate whether each expense or income is fixed or variable. b) Is Carl earning enough to cover his expenses? If not, suggest how he could balance the budget.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 79P

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