Write a research paper on Budgeting. Budget Project Directions Background:Congratulations! You have been hired by a well known company in your field of study and will start immediately upon your graduation from Neumann University. The job will require you to relocate to a new area where you will be living on your own for the first time. You will be starting with an annual gross salary of $45,000 per year with the potential for advancement after one full year of employment. The company provides a full suite of benefits which include full medical, dental, and a 401K retirement plan where your employer will match your contributions up to 5% of your annual salary.Requirements:1.Create a monthly budget of all your income and expenses (Examples: Take home pay, rent, utilities, car payment, food, leisure, etc.). Assume 25% of your gross salary will be taken through taxation. You choose the location of your new job and where you plan to live. You need to document where you came up with your larger expense figures (Example: Average rent for a one bedroom apartment in Philadelphia). Your expenses should NOT exceed your income.2.Assume after working for six months, you are offered another job that is the ‘Job of your Dreams’. The catch is, the starting salary is 10% less than what you are currently making at your current job. All other benefits are the same. Revisit your previous budget and make adjustments to see if it is possible to except the new job. If you cannot maintain monthly positive cash flow, you’ll have to pass on the ‘Opportunity of a lifetime’.3.Write a paper of no more than explaining how you arrived at your first budget (Income & Expenses) and your rationale behind the budget cuts you made so you can accept the new job with lower pay. Don’t forget to disclose where it is you’ll be residing. Spelling, grammar, sentence and paragraph structure will be part of your grade.