William Sullivan just graduated with a bachelor's degree in engineering and landed a new job in Lafayette, IN with a sta

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William Sullivan just graduated with a bachelor's degree inengineering and landed a new job inLafayette, IN with a starting annual salary of $76,000. There are anumber of things that hewould like to do with his newfound "wealth." For starters, he needsto begin repaying hisstudent loans (totaling $32,000) and he'd like to reduce someoutstanding balances on creditcards (totaling $4,000). William also needs to purchase a car toget to work and would like toput money aside to purchase a house in the future. Last, but notleast, his current job doesn'tprovide any retirement benefits, therefore, William wants to putsome money aside for hiseventual retirement.
William needs to do some financial planning for which he hasselected a 5-year time frame. Atthe end of 5 years, he'd like to have paid off his current studentloan and credit card debt.Luckily, William received $10,000 as a signing bonus from hisemployer that he used to pay offthe credit card debt. William saved the remaining $6000 to make adown payment on thepurchase of a new vehicle. William also wants to accumulate $60,000for a down payment on ahouse. In addition, William would like to put aside 10% of histake-home salary for retirement.
Calculate William's monthly take-homepay. You should consider all applicablefederal,state, and local income tax deductions