To determine the net (take-home) pay for an individual with a gross income of \[tex]$68,000 and the specified expenses, we need to follow a step-by-step approach:
1. List the Given Information:
- Gross Income: \$[/tex]68,000
- FICA: \[tex]$5,200.00
- State Income Tax: \$[/tex]4,100.00
- Federal Income Tax: \[tex]$8,300.00
- Medical Insurance: \$[/tex]2,000.00
2. Calculate the Total Expenses:
To find the total expenses, add up all the individual expenses:
[tex]\[
\text{Total Expenses} = \text{FICA} + \text{State Income Tax} + \text{Federal Income Tax} + \text{Medical Insurance}
\][/tex]
Substitute the given values:
[tex]\[
\text{Total Expenses} = \$5,200.00 + \$4,100.00 + \$8,300.00 + \$2,000.00
\][/tex]
Perform the addition:
[tex]\[
\text{Total Expenses} = \$5,200.00 + \$4,100.00 = \$9,300.00
\][/tex]
[tex]\[
\$9,300.00 + \$8,300.00 = \$17,600.00
\][/tex]
[tex]\[
\$17,600.00 + \$2,000.00 = \$19,600.00
\][/tex]
3. Calculate the Net Pay:
To find the net (take-home) pay, subtract the total expenses from the gross income:
[tex]\[
\text{Net Pay} = \text{Gross Income} - \text{Total Expenses}
\][/tex]
Substitute the known values:
[tex]\[
\text{Net Pay} = \$68,000.00 - \$19,600.00
\][/tex]
Perform the subtraction:
[tex]\[
\text{Net Pay} = \$48,400.00
\][/tex]
4. Round to the Nearest Whole Dollar:
In this case, the net pay is already a whole number, so rounding is not necessary:
[tex]\[
\text{Net Pay Rounded} = \$48,400
\][/tex]
Therefore, the net (take-home) pay for the individual, after accounting for all expenses and rounding to the nearest whole dollar, is \$48,400.
