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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]\$57,000[/tex]?

Tax Table
\begin{tabular}{|l|r|}
\hline \multicolumn{1}{|c|}{ Expenses } & Amount Taxed \\
\hline FICA & [tex]\$4,400.00[/tex] \\
\hline State Income Tax & [tex]\$3,100.00[/tex] \\
\hline Federal Income Tax & [tex]\$5,800.00[/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 find the net (take-home) pay for an individual with the given expenses, start by determining the total expenses. This is done by summing up all the individual expenses listed:

1. FICA: [tex]\( \$4,400.00 \)[/tex]
2. State Income Tax: [tex]\( \$3,100.00 \)[/tex]
3. Federal Income Tax: [tex]\( \$5,800.00 \)[/tex]
4. Medical Insurance: [tex]\( \$1,000.00 \)[/tex]

First, add all these expenses together:
[tex]\[ 4,400 + 3,100 + 5,800 + 1,000 = 14,300 \][/tex]
So, the total expenses are [tex]\( \$14,300.00 \)[/tex].

Next, subtract these total expenses from the gross income to find the net (take-home) pay. The gross income is [tex]\( \$57,000.00 \)[/tex].

Subtract the total expenses from the gross income:
[tex]\[ 57,000 - 14,300 = 42,700 \][/tex]

Therefore, the net (take-home) pay, rounded to the nearest whole dollar, is [tex]\( \$42,700 \)[/tex].

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