To determine the net (take-home) pay for an individual with a gross income of \[tex]$45,000 and the provided expenses, we need to follow a detailed step-by-step process:
1. Identify total expenses: First, we need to sum up all the given expenses. The expenses listed are as follows:
- FICA: \$[/tex]3,440.00
- State Income Tax: \[tex]$1,800.00
- Federal Income Tax: \$[/tex]3,700.00
- Medical Insurance: \[tex]$1,000.00
2. Calculate total expenses:
\[
\text{Total Expenses} = \$[/tex]3,440.00 + \[tex]$1,800.00 + \$[/tex]3,700.00 + \[tex]$1,000.00
\]
Summing these values gives:
\[
\text{Total Expenses} = \$[/tex]9,940.00
\]
3. Determine net (take-home) pay:
[tex]\[
\text{Net Pay} = \text{Gross Income} - \text{Total Expenses}
\][/tex]
Plugging in the values:
[tex]\[
\text{Net Pay} = \$45,000 - \$9,940.00
\][/tex]
This results in:
[tex]\[
\text{Net Pay} = \$35,060.00
\][/tex]
4. Round to the nearest whole dollar:
[tex]\[
\text{Net Pay (Rounded)} = \$35,060
\][/tex]
Thus, the net (take-home) pay for the individual, after rounding to the nearest whole dollar, is \$35,060.
