Question

ExpensesAmountTaxed (in $)$4,900.00FICA0State Income TaxFederal IncomeTaxWhat is the net (take-home) pay for anindividual withexpenses shown whohas a gross incomeof $65,000?$7,400.00Medical Insurance$2,000.00A. $14,300B. $50,700D. $51,700C. $79,300

Answer 1

Get the sum of the expenses and subtract them to the gross income.

FICA - $4900

Federal Income Tax - $7400

Medical Insurance - $2000

Total Expenses - $4900 + $7400 + $2000 = $14300

Net Income = Gross Income - Total Expenses

Net Income = $65000 - $14300

Net Income = $50,700

Therefore, the net pay is $50,700.