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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] \$41,000 [/tex]?

Tax Table:
\begin{tabular}{|l|r|}
\hline \multicolumn{1}{|c|}{ Expenses } & Amount Taxed \\
\hline FICA & [tex] \$3,100.00 [/tex] \\
\hline State Income Tax & [tex] \$1,900.00 [/tex] \\
\hline Federal Income Tax & [tex] \$3,300.00 [/tex] \\
\hline Medical Insurance & [tex] \$1,000.00 [/tex] \\
\hline
\end{tabular}

Calculate the net pay 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]$41,000 and given expenses, follow these steps: 1. Identify the gross income: The gross income provided is $[/tex]41,000.

2. List all the expenses:
- FICA: [tex]$3,100.00 - State Income Tax: $[/tex]1,900.00
- Federal Income Tax: [tex]$3,300.00 - Medical Insurance: $[/tex]1,000.00

3. Calculate the total expenses:
- First, sum up all the expenses:
[tex]\[ 3100.00 + 1900.00 + 3300.00 + 1000.00 = 9300.00 \][/tex]

4. Determine the net income:
- Subtract the total expenses from the gross income:
[tex]\[ 41000 - 9300.00 = 31700.00 \][/tex]

5. Round to the nearest whole dollar:
- In this case, the net income is already a whole number, so no further rounding is necessary.

Therefore, the net (take-home) pay for the individual after accounting for the given expenses is $31,700.

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