To solve this problem, let's break down the given information and perform the necessary calculations step-by-step.
### Step 1: Identify Given Values
We are provided with the following information about income and expenses:
- Wages: [tex]$2700
- Food: $[/tex]210
- Rent: [tex]$975
- Transportation: $[/tex]120
- Clothing: [tex]$90
- Medical Insurance: $[/tex]60
- Car Insurance: [tex]$50
### Step 2: Calculate Total Expenses
To find the total expenses, we add up all the individual expense amounts:
\[
\text{Total Expenses} = \text{Food} + \text{Rent} + \text{Transportation} + \text{Clothing} + \text{Medical Insurance} + \text{Car Insurance}
\]
Substituting the values:
\[
\text{Total Expenses} = 210 + 975 + 120 + 90 + 60 + 50
\]
According to the provided solution, the total expenses amount to $[/tex]1505.
### Step 3: Calculate Net Income
The net income is the difference between the total income (wages) and the total expenses:
[tex]\[
\text{Net Income} = \text{Wages} - \text{Total Expenses}
\][/tex]
Substituting the values:
[tex]\[
\text{Net Income} = 2700 - 1505
\][/tex]
According to the provided solution, the net income is [tex]$1195.
### Step 4: Summarize the Findings
We can now summarize the calculation results:
- Total Expenses: $[/tex]1505
- Net Income: [tex]$1195
Let’s fill in the missing values in the provided table:
\[
\begin{tabular}{|c|c|c|c|}
\hline \text{} & \text{Income after taxes} & \text{Total income} & \text{} \\
\hline \text{Wages} & \$[/tex]2700 & & \\
\hline \text{Expenses} & & & \\
\hline \text{Food} & \[tex]$210 & \text{Clothing} & \$[/tex]90 \\
\text{Rent} & \[tex]$975 & \text{Medical Insurance} & \$[/tex]60 \\
\text{Transportation} & \[tex]$120 & \text{Car Insurance} & \$[/tex]50 \\
\hline \text{Total expenses} & & & \[tex]$1505 \\
\hline \text{Net income (income - expenses)} & & & \$[/tex]1195 \\
\hline
\end{tabular}
\]
And there you have it! We have successfully detailed the calculation of total expenses and net income based on the provided information.
