To determine the net (take-home) pay for an individual with a gross income of [tex]$41,000 and given expenses, follow these steps:
1. Identify the gross income: The gross income provided is $[/tex]41,000.
2. List all the expenses:
- FICA: [tex]$3,100.00
- State Income Tax: $[/tex]1,900.00
- Federal Income Tax: [tex]$3,300.00
- Medical Insurance: $[/tex]1,000.00
3. Calculate the total expenses:
- First, sum up all the expenses:
[tex]\[
3100.00 + 1900.00 + 3300.00 + 1000.00 = 9300.00
\][/tex]
4. Determine the net income:
- Subtract the total expenses from the gross income:
[tex]\[
41000 - 9300.00 = 31700.00
\][/tex]
5. Round to the nearest whole dollar:
- In this case, the net income is already a whole number, so no further rounding is necessary.
Therefore, the net (take-home) pay for the individual after accounting for the given expenses is $31,700.
