Calculate the expenses you believe a family of 3 needs to live. A single mother or father with 2 children (one is 3 years old and one is 7 years old). The single parent is not receiving child support as the spouse died in a car accident. Make sure you account for all the basic categories (shelter & bills, transportation, communication, food, child care, clothing, and entertainment) This may require you asking other people about their expenses and making calls to providers about the costs of various services. You cannot assume that the person can live with parents or have grandma watch the children. You also cannot assume that they will receive government assistance of any kind. I want you to estimate what it would take for them to live comfortably and have their expenses met with out relying on others. You should not assign them a job or an income. We only want to look at expenses. What each of you should put in your Dropbox is a table that breaks out expenses in several basic categories Food Rent Utilities (Gas, Electric, Cable, Internet, Cell Phone Medical Transportation (Car Payment, insurance, gas repairs) Childcare Entertainment Taxes other expenses? I would like to see it calculated on a monthly basis and then extrapolate the results to an annual cost of living. Be specific about the types of things you are including in each category. Make sure to detail what expenses you put in each category and how much those expenses are each month. Explain fully. A table or spreadsheet with explanations is necessary to complete this assignment correctly. After you complete the estimated expenses, calculate the hourly wage someone needs to earn to make ends meet. Then find the median wage in Texas for all wage earners. Remember the median is the middle wage, 1/2 of people who work earn more and 1/2 earn less. How different is the estimate you came up with and the median wage? Discuss how someone earning the median wage would make ends meet? Where should they cut expenses. Your analysis should be at least 500 words in addition to the calculations and explanations above.