To determine the net (take-home) pay for an individual with a gross income of [tex]$42,000 and the specified expenses, we need to follow these steps:
1. Identify the expenses:
- FICA: $[/tex]3,200
- State Income Tax: [tex]$1,900
- Federal Income Tax: $[/tex]3,400
- Medical Insurance: [tex]$2,000
2. Calculate the total expenses:
To find the total expenses, we sum the amounts for all the individual expenses:
\[
3200 + 1900 + 3400 + 2000 = 10500
\]
So, the total expenses are $[/tex]10,500.
3. Calculate the net income:
The net income is calculated by subtracting the total expenses from the gross income. Therefore:
[tex]\[
42000 - 10500 = 31500
\][/tex]
So, the net income is [tex]$31,500.
4. Round to the nearest whole dollar:
In this case, the net income is already a whole number, so no rounding is needed.
In conclusion, with a gross income of \( \$[/tex]42,000 \) and the listed expenses, the individual's net (take-home) pay is [tex]\( \$31,500 \)[/tex].
