Annual salary: \(\$ 40,000.00\). Monthly take home: \(\$ 2,564\)

The Federal Paycheck Calculator (https://openstax.org/r/smartasset) was used to estimate monthly take-home pay. The annual salary, before taxes and deductions, is provided. Then, the monthly take-home pay after taxes and deductions is given (which means the monthly take-home pay is not just the annual salary divided by 12!). In each case, apply the 50-30-20 budget philosophy to the monthly take-home income. Note: These are based on living in Indianapolis, Indianapolis, unmarried and with no dependents.