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What is the net (take-home) pay for an individual with the expenses shown, who has a gross income of [tex]$\$60,000$[/tex]?

Tax Table:
\begin{tabular}{|l|r|}
\hline
\multicolumn{1}{|c|}{Expenses} & Amount Taxed \\
\hline
FICA & [tex]$\[tex]$4,690.00$[/tex][/tex] \\
\hline
State Income Tax & [tex]$\$1,860.00$[/tex] \\
\hline
Federal Income Tax & [tex]$\[tex]$6,300.00$[/tex][/tex] \\
\hline
Medical Insurance & [tex]$\$1,000.00$[/tex] \\
\hline
\end{tabular}

Calculate and round to the nearest whole dollar.



Answer :

GinnyAnswer
To determine the net (take-home) pay for an individual with a gross income of \[tex]$60,000 and the given expenses, we need to follow these steps: 1. Summarize the given expenses: - FICA: \$[/tex]4,690.00
- State Income Tax: \[tex]$1,860.00 - Federal Income Tax: \$[/tex]6,300.00
- Medical Insurance: \[tex]$1,000.00 2. Calculate the total expenses: Total expenses = FICA + State Income Tax + Federal Income Tax + Medical Insurance Total expenses = \$[/tex]4,690.00 + \[tex]$1,860.00 + \$[/tex]6,300.00 + \[tex]$1,000.00 Adding these amounts together: Total expenses = \$[/tex]13,850.00

3. Calculate the net (take-home) pay:
Net pay = Gross Income - Total Expenses
Net pay = \[tex]$60,000.00 - \$[/tex]13,850.00

Subtracting the total expenses from the gross income:
Net pay = \[tex]$46,150.00 4. Round the net pay to the nearest whole dollar: The net pay, when rounded to the nearest whole dollar, remains \$[/tex]46,150.00

Therefore, the net (take-home) pay for the individual is \$46,150.00.

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