To determine the net (take-home) pay for an individual with a gross income of \[tex]$60,000 and the given expenses, we need to follow these steps:
1. Summarize the given expenses:
- FICA: \$[/tex]4,690.00
- State Income Tax: \[tex]$1,860.00
- Federal Income Tax: \$[/tex]6,300.00
- Medical Insurance: \[tex]$1,000.00
2. Calculate the total expenses:
Total expenses = FICA + State Income Tax + Federal Income Tax + Medical Insurance
Total expenses = \$[/tex]4,690.00 + \[tex]$1,860.00 + \$[/tex]6,300.00 + \[tex]$1,000.00
Adding these amounts together:
Total expenses = \$[/tex]13,850.00
3. Calculate the net (take-home) pay:
Net pay = Gross Income - Total Expenses
Net pay = \[tex]$60,000.00 - \$[/tex]13,850.00
Subtracting the total expenses from the gross income:
Net pay = \[tex]$46,150.00
4. Round the net pay to the nearest whole dollar:
The net pay, when rounded to the nearest whole dollar, remains \$[/tex]46,150.00
Therefore, the net (take-home) pay for the individual is \$46,150.00.
