To determine the net (take-home) pay for an individual with a gross income of \[tex]$70,000 and the specified expenses, follow these steps:
### Step 1: Identify the given expenses
From the tax table provided, we have the following expenses:
- FICA: \$[/tex]5,300.00
- State Income Tax: \[tex]$3,300.00
- Federal Income Tax: \$[/tex]8,600.00
- Medical Insurance: \[tex]$1,000.00
### Step 2: Calculate the total expenses
Add all the expenses together to find the total:
\[
\text{Total Expenses} = \$[/tex]5,300.00 + \[tex]$3,300.00 + \$[/tex]8,600.00 + \[tex]$1,000.00 = \$[/tex]18,200.00
\]
### Step 3: Calculate the net income
Subtract the total expenses from the gross income to find the net income:
[tex]\[
\text{Net Income} = \$70,000.00 - \$18,200.00 = \$51,800.00
\][/tex]
### Step 4: Round the net income
The final net income needs to be rounded to the nearest whole dollar. In this case, the net income is already a whole number, so no further rounding is necessary.
### Final Result
The net (take-home) pay, rounded to the nearest whole dollar, is:
[tex]\[
\$51,800
\][/tex]
Therefore, the net (take-home) pay for an individual with the given expenses and a gross income of \[tex]$70,000 is \$[/tex]51,800.
