What is the net (take-home) pay for an individual with the expenses shown, who has a gross income of [tex]$\$[/tex]45,000[tex]$?

Tax Table:
\begin{tabular}{|l|r|}
\hline \multicolumn{1}{|c|}{Expenses} & Amount Taxed \\
\hline FICA & $[/tex]\[tex]$3,440.00$[/tex] \\
\hline State Income Tax & [tex]$\$[/tex]1,800.00[tex]$ \\
\hline Federal Income Tax & $[/tex]\[tex]$3,700.00$[/tex] \\
\hline Medical Insurance & [tex]$\$[/tex]1,000.00$ \\
\hline
\end{tabular}

Calculate the net pay and round to the nearest whole dollar.



Answer :

To determine the net (take-home) pay for an individual with a gross income of \[tex]$45,000 and the provided expenses, we need to follow a detailed step-by-step process: 1. Identify total expenses: First, we need to sum up all the given expenses. The expenses listed are as follows: - FICA: \$[/tex]3,440.00
- State Income Tax: \[tex]$1,800.00 - Federal Income Tax: \$[/tex]3,700.00
- Medical Insurance: \[tex]$1,000.00 2. Calculate total expenses: \[ \text{Total Expenses} = \$[/tex]3,440.00 + \[tex]$1,800.00 + \$[/tex]3,700.00 + \[tex]$1,000.00 \] Summing these values gives: \[ \text{Total Expenses} = \$[/tex]9,940.00
\]

3. Determine net (take-home) pay:
[tex]\[ \text{Net Pay} = \text{Gross Income} - \text{Total Expenses} \][/tex]
Plugging in the values:
[tex]\[ \text{Net Pay} = \$45,000 - \$9,940.00 \][/tex]
This results in:
[tex]\[ \text{Net Pay} = \$35,060.00 \][/tex]

4. Round to the nearest whole dollar:
[tex]\[ \text{Net Pay (Rounded)} = \$35,060 \][/tex]

Thus, the net (take-home) pay for the individual, after rounding to the nearest whole dollar, is \$35,060.