To determine the net (or take-home) pay for an individual with a gross income of [tex]$65,000 and given expenses, we will follow these steps:
1. List the Gross Income and Expenses:
- Gross Income: $[/tex]\[tex]$65,000$[/tex]
- FICA: [tex]$\$[/tex]4,900[tex]$
- State Income Tax: $[/tex]\[tex]$2,000$[/tex]
- Federal Income Tax: [tex]$\$[/tex]7,400[tex]$
- Medical Insurance: $[/tex]\[tex]$1,000$[/tex]
2. Calculate the Total Expenses:
We need to sum all the individual expenses to find the total amount deducted from the gross income.
[tex]\[
\text{Total Expenses} = \text{FICA} + \text{State Income Tax} + \text{Federal Income Tax} + \text{Medical Insurance}
\][/tex]
Substituting the values:
[tex]\[
\text{Total Expenses} = 4,900 + 2,000 + 7,400 + 1,000 = 15,300
\][/tex]
3. Determine the Net (Take-Home) Pay:
The net pay is calculated by subtracting the total expenses from the gross income.
[tex]\[
\text{Net Pay} = \text{Gross Income} - \text{Total Expenses}
\][/tex]
Substituting the values:
[tex]\[
\text{Net Pay} = 65,000 - 15,300 = 49,700
\][/tex]
4. Present the Results:
Based on the calculations above, the total expenses are \[tex]$15,300 and the net (take-home) pay is \$[/tex]49,700.
Therefore, the net (take-home) pay for the individual with the expenses shown and a gross income of \[tex]$65,000 is \$[/tex]49,700, rounded to the nearest whole dollar.
