Each month edward budgets 1860 for fixed expenses, 860 for living expenses, and 250 for annual expenses, his annual net income is 32,508. which best describes his monthly budget

First, we note that his annual net income is 32,508. This means that this is what he receives in a year. So in a month, he has:
32508/12 = 2709.
This is his monthly income.

Subtracting his monthly expenses:
2709 - (1860 + 860 + 250) = -261.

Edward's budget shows a deficit of $261.

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