To determine the net (take-home) pay for an individual with a gross income of [tex]$60,000 and specific expenses, follow these steps:
1. List all the given expenses:
- FICA: $[/tex]4,690
- State Income Tax: [tex]$1,860
- Federal Income Tax: $[/tex]6,300
- Medical Insurance: [tex]$1,000
2. Calculate the total expenses by adding up all the individual expenses:
\[
\text{Total Expenses} = \$[/tex]4,690 + \[tex]$1,860 + \$[/tex]6,300 + \[tex]$1,000
\]
3. Sum the amounts to find the total expenses:
\[
\text{Total Expenses} = \$[/tex]4,690 + \[tex]$1,860 + \$[/tex]6,300 + \[tex]$1,000 = \$[/tex]13,850
\]
4. Subtract the total expenses from the gross income to find the net (take-home) pay:
[tex]\[
\text{Net Pay} = \$60,000 - \$13,850
\][/tex]
5. Perform the subtraction:
[tex]\[
\text{Net Pay} = \$60,000 - \$13,850 = \$46,150
\][/tex]
Therefore, the net (take-home) pay for the individual, rounded to the nearest whole dollar, is \$46,150.
