To find the net (take-home) pay for an individual with a gross income of \[tex]$68,000 and given expenses, follow these steps:
1. List the given expenses:
\[
\begin{align*}
\text{FICA} & : \$[/tex]5,200 \\
\text{State Income Tax} & : \[tex]$4,100 \\
\text{Federal Income Tax} & : \$[/tex]8,300 \\
\text{Medical Insurance} & : \[tex]$2,000 \\
\end{align*}
\]
2. Calculate the total expenses:
Add all the expenses together:
\[
\begin{align*}
\text{Total Expenses} & = \text{FICA} + \text{State Income Tax} + \text{Federal Income Tax} + \text{Medical Insurance} \\
& = \$[/tex]5,200 + \[tex]$4,100 + \$[/tex]8,300 + \[tex]$2,000 \\
& = \$[/tex]19,600
\end{align*}
\]
3. Subtract the total expenses from the gross income:
To find the net (take-home) pay, subtract the total expenses from the gross income:
[tex]\[
\begin{align*}
\text{Net Income} & = \text{Gross Income} - \text{Total Expenses} \\
& = \$68,000 - \$19,600 \\
& = \$48,400
\end{align*}
\][/tex]
Therefore, the net (take-home) pay for the individual is \$48,400.
