Question

George and Betty, a middle-aged couple, have watched their savings account dwindle over the years. They both make good incomes and can't understand why they aren't saving more each month. Below is their financial information to complete an income statement. Gross monthly income: $8,000 Income taxes withheld monthly: $2,300 Monthly interest income from investments: $100 Monthly insurance payments: $700 Monthly housing expenses: $4,500 Monthly food expenses: $800 Miscellaneous expenses: $400 What is George and Betty's net income

Answer 1

The net income of George and Betty has been calculated to be $600.

What is net income?

This is the term that is used to describe a person's gross income minus all other expenses which are to be accounted for.

In other to solve for the net income, we have to first determine the pay that Betty and George have.

revenue = Gross income + interest income

= 8000 + 100

= 8100

Next we solve for the expenses

taxes withheld + insurance payments + housing + food + miscellaneous

= 2300 + 700 + 4500 + 800 + 400

= 8700

Net income = 8700 - 8100

= $600

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