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What is the net (take-home) pay for an individual with the expenses shown who has a gross income of [tex]$\$42,000$[/tex]?

Tax Table

\begin{tabular}{|l|r|}
\hline \multicolumn{1}{|c|}{Expenses} & \multicolumn{1}{|c|}{Amount Taxed} \\
\hline FICA & [tex]$\[tex]$3,200.00$[/tex][/tex] \\
\hline State Income Tax & [tex]$\$1,900.00$[/tex] \\
\hline Federal Income Tax & [tex]$\[tex]$3,400.00$[/tex][/tex] \\
\hline Medical Insurance & [tex]$\$2,000.00$[/tex] \\
\hline
\end{tabular}

Calculate the net pay and round to the nearest whole dollar.

Sagot :

GinnyAnswer
To determine the net (take-home) pay for an individual with a gross income of [tex]$42,000 and the specified expenses, we need to follow these steps: 1. Identify the expenses: - FICA: $[/tex]3,200
- State Income Tax: [tex]$1,900 - Federal Income Tax: $[/tex]3,400
- Medical Insurance: [tex]$2,000 2. Calculate the total expenses: To find the total expenses, we sum the amounts for all the individual expenses: \[ 3200 + 1900 + 3400 + 2000 = 10500 \] So, the total expenses are $[/tex]10,500.

3. Calculate the net income:
The net income is calculated by subtracting the total expenses from the gross income. Therefore:
[tex]\[ 42000 - 10500 = 31500 \][/tex]
So, the net income is [tex]$31,500. 4. Round to the nearest whole dollar: In this case, the net income is already a whole number, so no rounding is needed. In conclusion, with a gross income of \( \$[/tex]42,000 \) and the listed expenses, the individual's net (take-home) pay is [tex]\( \$31,500 \)[/tex].
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